Which cards are best to close?

[Anonymous]

Good Morning! I hope everyone is doing well in this crazy world!

I started my credit repair journey about 2 years ago. I started in the low to mid 500s (made A LOT of mistakes in my early 20s). I am currently in the 660s across all bureaus. I have several rebuilder cards and has I have been researching on here, I realize I no longer need them. All of my cards were opened in the past 2-3 years with some of my older ones being the ones I want to get rid of. I will list them below:

Parents Amex cards- AU past 15 years- No credit Limit card

Indigo-2 years old- 300 limit

Credit One-2 years old-600 limit

Capital One Quicksilver One-2 years old-750 limit

Merrick Bank-2 years old-1200 limit

Aspire-about a year old-600 limit

Discover It Secure-about a year old-300 limit

First Savings-about a year old-700 limit

Just approved this month for:

Capital One Platinum-1000 credit limit

Paypal Cashback-2000 credit limit.

I think I am moving in the right direction, but do not want to carry all of these cards, especially the ones with no rewards and low limits. I know my average age will hurt, but i dont want to be overwhelemed with cards. Any and all help is appreciated!

[sxa001]

I would start with the AF starter cards, you can rebuild without them.  Out of the ones with the fees I might consider keeping the CapitalOne as there is a chance it will be upgrade when your scores improve a bit more (but the Platinum could become a Quicksilver later with no fee too) Give it a bit more time and the Discover should graduate to a non-secured card.   

i.e. get rid of the AF cards, and enjoy that 2% Cashback on the Paypal Card! 

[Kforce]

Parents Amex cards- AU past 15 years- No credit Limit card

Indigo-2 years old- 300 limit

Credit One-2 years old-600 limit

Capital One Quicksilver One-2 years old-750 limit

Merrick Bank-2 years old-1200 limit

Aspire-about a year old-600 limit

Discover It Secure-about a year old-300 limit

First Savings-about a year old-700 limit

Capital One Platinum-1000 credit limit

Paypal Cashback-2000 credit limit.

My 2c

[Girlzilla88]

@Anonymous        Me personally I would get rid of the Indigo and Credit One....then if you want to trim more fat maybe the Aspire and Merrick Bank but that will hurt your utilization taking those limits away just keep that in mind moving forward they years it will affect a little but since you have Cap1QS1 that is 2 years it will help not be as bad of hit      But this is just my opinion personally I would keep the DISCO, Cap1 (for now until your others age then maybe get rid of the QS1 maybe...Keep the New cards of course and I'm not sure what First Savings is?!    

[Anonymous]

Thank you so much! Im super new here, so I am still learning the acronyms! What does AF mean?

[Anonymous]

This is what I was thinking, but would my score take a hit with losing all of that available credit? or should i space the closures out.

[Anonymous]

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@Kforce wrote:

Parents Amex cards- AU past 15 years- No credit Limit card

Indigo-2 years old- 300 limit

Credit One-2 years old-600 limit

Capital One Quicksilver One-2 years old-750 limit

Merrick Bank-2 years old-1200 limit

Aspire-about a year old-600 limit

Discover It Secure-about a year old-300 limit

First Savings-about a year old-700 limit

Capital One Platinum-1000 credit limit

Paypal Cashback-2000 credit limit.

My 2c

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You chose.. wisely

[gdale6]

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@Anonymous wrote:

Thank you so much! Im super new here, so I am still learning the acronyms! What does AF mean?

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Annual fee

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

[Girlzilla88]

@Anonymous     If your UTL is not to high on your other cards atm then you can go ahead and knock them all off at once if you want (You are not looking to do a big purchase soon are you?!)       But if you have higher UTL on your other cards maybe knock them off little by little while paying down the other cards so it won't shoot your score down for Upping your UTL

[Anonymous]

That makes sense. The only one that I am over 30% on is Merrick bank, but that will be PIF by december. I recently have been able to pay most of my cards off and will have 0 CC debt by the end of the year. No big purchases coming up, but planning on moving next year, so I want my credit to be in the best shape possible before then. thank you.