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Which Credit Cards to Close ?? Advice

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Which Credit Cards to Close ?? Advice

whats up everyone,

 

Im ready to close some credit cards.  Well 3 cards, 2 cc's from First Premier and 1 from Orchard Bank..  Heres a little info on my situation

 

Orchard bank: CL $320.00  Have had the card now for 1yr and 1month and I am in excellent standing with them, no late payments and always pay on time and I am going to pay off the remaining balance next week.  Since ive had the card I have not had one CLI ..ive called (recently) their back door number and they said they couldnt increase it at this time.  They dont really do anything for me besides helped my score somewhat but I think im ready to cancel the card.

 

First Premier: 2 cards:  CL's of $450.00 and $350.00.  The oldest card with them is from 2008 and the other 2010.  I started off shakey with them but since for about 2 years now I have had no late payments payed before the due date aswell as used it here and there.  They have helped me improve my Credit Score and I have had 2 CLI's on both cards (not much as you can see).  Seeing that the CL's are so low on these aswell and they are almost payed off I was think of closing them aswell.

 

Does anyone think I should just close out all 3 or 2 or 1 of the cards??  Will closing them have a great impact on my CS as far as dropping points ??

My current fico score is 603 ( starte at 514)  I would really love to see myself around 650 or more in a few months.  Thanks in advance and I hope to here some opinions from people !!!


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


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Message 1 of 28
27 REPLIES 27
Frequent Contributor

Re: Which Credit Cards to Close ?? Advice

 

What other cards do you have?


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


Take the FICO Fitness Challenge
Message 2 of 28
Frequent Contributor

Re: Which Credit Cards to Close ?? Advice

Besides those 3 i have a NFCU Credit Card


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


Take the FICO Fitness Challenge
Message 3 of 28
Mega Contributor

Re: Which Credit Cards to Close ?? Advice


@frio wrote:

whats up everyone,

 

Im ready to close some credit cards.  Well 3 cards, 2 cc's from First Premier and 1 from Orchard Bank..  Heres a little info on my situation

 

Orchard bank: CL $320.00  Have had the card now for 1yr and 1month and I am in excellent standing with them, no late payments and always pay on time and I am going to pay off the remaining balance next week.  Since ive had the card I have not had one CLI ..ive called (recently) their back door number and they said they couldnt increase it at this time.  They dont really do anything for me besides helped my score somewhat but I think im ready to cancel the card.

 

First Premier: 2 cards:  CL's of $450.00 and $350.00.  The oldest card with them is from 2008 and the other 2010.  I started off shakey with them but since for about 2 years now I have had no late payments payed before the due date aswell as used it here and there.  They have helped me improve my Credit Score and I have had 2 CLI's on both cards (not much as you can see).  Seeing that the CL's are so low on these aswell and they are almost payed off I was think of closing them aswell.

 

Does anyone think I should just close out all 3 or 2 or 1 of the cards??  Will closing them have a great impact on my CS as far as dropping points ??

My current fico score is 603 ( starte at 514)  I would really love to see myself around 650 or more in a few months.  Thanks in advance and I hope to here some opinions from people !!!

 

Why would you close 3 CC's with a score of 603? Your taking 1,120 dollars of UTIL off your current level. That doesn't seem good to me.


 




EQ FICO 548 3/3/16
Message 4 of 28
Established Contributor

Re: Which Credit Cards to Close ?? Advice

Depending on which is your oldest card. But for me I had all 3 as well. 2 FP cards and 1 Orchard. I axed all 3.  First premier is loaded with fees. I just got tired of sending them money. Once you have had them to help rebuild I think when possible to axe the cards.  I still have credit one to give the boot and im done with all my sub prime cards. Basically I was sending FP within a year at least 200 + dollars in just thier fees not including interest.  Do the math and I would let go of your highest fee Highest APR card.  But that also will depend on which your oldest card is. Good Luck

Amex Delta Gold 4.5k Amex HH 2k Amex Green NPSL, AMEX Delta Blue 2k, BOA Cash Rewards 1k, Barclay Jet Blue WMC 7K, Chase Freedom 2.5k Chase Southwest Premier Plus 7K Chase United Explorer 20.5K Chase Marriott 11K , Amazon Visa 3.5k, Discover $7.5K 7.5K Venture $17K Venture One 12K Quicksilver Visa Siggy 5.5K Citi Shell MC 2k, Total Rewards Visa 5.4K CITI AA Executive WEMC 15.4 Paypal Extras MC 8K, Citi Diamond WEMC 4K Citi DC WEMC 4.5K Citi Hilton Visa Siggy 8k.
Message 5 of 28
Frequent Contributor

Re: Which Credit Cards to Close ?? Advice

The Oldest card I have my First Premier with the 450 CL ive had it since 2008.

 

Im also getting tired of paying them these crazy fee's, aswell as the 40-45 dollar fee for CLI's !  I just dont want to hurt my CS that I have worked so hard to improve


Starting Score: 589 / TU: 600
Current Score: 696 / TU: 696
Goal Score: 700 / TU: 700


Take the FICO Fitness Challenge
Message 6 of 28
Established Contributor

Re: Which Credit Cards to Close ?? Advice

Call FP and ask them to help you with the Monthly fees. They offered to pay for at least 6 months of my fees. Of course I said no but its not my oldest TL.

Amex Delta Gold 4.5k Amex HH 2k Amex Green NPSL, AMEX Delta Blue 2k, BOA Cash Rewards 1k, Barclay Jet Blue WMC 7K, Chase Freedom 2.5k Chase Southwest Premier Plus 7K Chase United Explorer 20.5K Chase Marriott 11K , Amazon Visa 3.5k, Discover $7.5K 7.5K Venture $17K Venture One 12K Quicksilver Visa Siggy 5.5K Citi Shell MC 2k, Total Rewards Visa 5.4K CITI AA Executive WEMC 15.4 Paypal Extras MC 8K, Citi Diamond WEMC 4K Citi DC WEMC 4.5K Citi Hilton Visa Siggy 8k.
Message 7 of 28
Mega Contributor

Re: Which Credit Cards to Close ?? Advice

How many cards do you have/limits?




EQ FICO 548 3/3/16
Message 8 of 28
Frequent Contributor

Re: Which Credit Cards to Close ?? Advice

If you only have one other one, I would not close all three. I would close the newer of the FP cards to start with. Keep your utilization low, then find another card in a few months to replace the second FP one. You wanna keep at least 3 cards open.


Starting Score: 596 EQ 5-22-11 / 554 TU 5-23-11
Current Score: 615 EQ 08-15-11 / 631 TU 09-27-11
Goal Score: 700+


Take the FICO Fitness Challenge
Message 9 of 28
Established Contributor

Re: Which Credit Cards to Close ?? Advice

Bank of America Power Rewards Visa           (1000.00 CL) Secured

Best Buy/HSBC                                                     (300.00$ CL)

Capital One Platinum                                         (550.00 CL) Secured

Capital One Rewards                                        ( 750.00$) Started at 500.00

Chevron Gas Card                                               ( 500.00$ CL)

Citgo Personal Gas Card                                    ( 200.00CL)

Credit One (                                                              350.00$ CL)

Exxon Personal Gas Card                                    (200.00$ CL)

Express Fashion/WFNNB                                    (2160.00$ CL)

Shell Gas Card                                                      (200.00$ CL)

Walmart                                                                   (375.00 CL)

American Eagle Outfitters                                   (150.00$ CL)

Old Navy                                                                   (200.00$ CL)

 

I started with First Premier and then Got Orchard. I ditched them last month all 3 after I got a bonus at work. After closing them out my fico score went up by 15 Points. HSBC still hasn't reported. Of course they take forever to report.

 

Amex Delta Gold 4.5k Amex HH 2k Amex Green NPSL, AMEX Delta Blue 2k, BOA Cash Rewards 1k, Barclay Jet Blue WMC 7K, Chase Freedom 2.5k Chase Southwest Premier Plus 7K Chase United Explorer 20.5K Chase Marriott 11K , Amazon Visa 3.5k, Discover $7.5K 7.5K Venture $17K Venture One 12K Quicksilver Visa Siggy 5.5K Citi Shell MC 2k, Total Rewards Visa 5.4K CITI AA Executive WEMC 15.4 Paypal Extras MC 8K, Citi Diamond WEMC 4K Citi DC WEMC 4.5K Citi Hilton Visa Siggy 8k.
Message 10 of 28
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