Which Cards Should I Keep Or Close?

[Luis135]

Back in 11/2012 I went on a APP spree and applied for about 9 cards. 

I've got the following cards and I would like to know what you guys think, if I should close some of them or what? 

I also owe on some of these cards and trying to pay off the balances quick! 

My current score is 660 EQ Fico. I am trying to get into 700+ by Sep. (looking to buy a house soon)

Line up - 

Credit Cards 

Chase Sapphire Prefered   $5,000   November 2012 

BankAmeriCard Cash Rewards  $5,000 October 2010 

Discover It  $1,400 November 2012 

Capital One Journey $750 August 2011 

Capital One Quick Silver MC $1,500 November 2012

Citi  Thankyou $500 November 2012 

Store Cards 

Walmart  $1,400 November 2012 

Macys $2000 November 2012   

Dillards $600 November 2012  

The Home Depot $500 November 2012   

Lowe's $2000 November 2012 

[Rhaeny]

I would close exactly zero of those accounts.  Just let them age and charge a little something on each one every 6 months or so and PIF.  Those are relatively new cards and by the end of this year will be 2 years old right?  So I believe that's when FICO stops considering an account new and someone correct if I'm wrong on the amount of time, but I believe its around that amount of time.  

I have the same issue with a couple of accounts that I have and I said bunk it.  I don't want some of them anymore but when I look at the big picture, IMO it's best to just let them be.  I've taken the hit for the new accounts and inquiries so I'm gonna get something out of it longterm.

[longtimelurker]

---

@Rhaeny wrote:

I would close exactly zero of those accounts.  Just let them age and charge a little something on each one every 6 months or so and PIF.  Those are relatively new cards and by the end of this year will be 2 years old right?  So I believe that's when FICO stops considering an account new and someone correct if I'm wrong on the amount of time, but I believe its around that amount of time.  

I have the same issue with a couple of accounts that I have and I said bunk it.  I don't want some of them anymore but when I look at the big picture, IMO it's best to just let them be.  I've taken the hit for the new accounts and inquiries so I'm gonna get something out of it longterm.

---

I agree with not closing, simply because you are planning to buy a house soon, and the less changes on your account the fewer the potential questions.

Inqs stop impacting the score after 1 year (and have less effect as time goes on within that year) and are removed from the report after two years. 

So I would only close if there was a serious need, such as a card was too tempting and causing you to overspend, or if the mortgage underwriters want you to reduce outstanding credit.

But pay down!   The time your score REALLY matters is getting a mortgage as small differences can lead to thousands of dollars more in interest over the life of a loan.

[newUser0]

I would not close any accounts as others said. Just see, if these cards have an AF? CSP or Cap1 might have I guess?

If you can't justify your AF, just downgrade to no AF cards. 

[Luis135]

Thanks everyone! 

[Creditaddict]

have you asked for CLI on any of these?? some of these, especially the GE and even Cap1 these days look very low if you are requesting as regularly as you should be.

[Creditaddict]

---

@Luis135 wrote:

Back in 11/2012 I went on a APP spree and applied for about 9 cards. 

I've got the following cards and I would like to know what you guys think, if I should close some of them or what? 

I also owe on some of these cards and trying to pay off the balances quick! 

My current score is 660 EQ Fico. I am trying to get into 700+ by Sep. (looking to buy a house soon)

Line up - 

Credit Cards 

Chase Sapphire Prefered   $5,000   November 2012 

BankAmeriCard Cash Rewards  $5,000 October 2010 

Discover It  $1,400 November 2012 - Call and ask if you are eligible for a SP CLI

Capital One Journey $750 August 2011 - go CLI online... lots of success lately, I would also check under promotional something rather and see if you can product change to quick silver.

Capital One Quick Silver MC $1,500 November 2012 CLI online (it's not a hp for capital one.

Citi  Thankyou $500 November 2012 - they recently put a new form online that SAYS if you can check your account for CLI and it won't hp, if you don't see it saying that and it says by clicking you authorize us to pull, then you might not want to.

Store Cards 

Walmart  $1,400 November 2012 - GE - request every 4 months online, by phone or credit solutions - SP always

Macys $2000 November 2012 - you can do online chat, they always tell you it will be hp, but it's 95% of the time the report they have on file, ask for $5k, they instantly counter.  

Dillards $600 November 2012  - GE, Ask every 4 months

The Home Depot $500 November 2012   if you see the other threads about this... TONS of success, but only if you have a use for it... might cost you hp, but you might find it at $10-$15k, you just have to ask REALLY high online and they will get back to you usually in under an hour online and will counter if they cant go that high.... but don't waste it and ask for $2k!

Lowe's $2000 November 2012 GE - again ask every 4 statements... this is kind of like home depot if you call credit solutions and ask for $10k you might just get it... but in this case it's a sp!!

---