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Have too many accounts with high interest rates (coz i missed a payment 3 years ago on one of the accounts, which has since been closed). Now use barely 2 cards. Would like to close as many as I can and should based on expert recommendations...
I had ~20K debt at the start of this year, but has paid off almost everything and now pay in full each month. as you can see, the old accounts which i rarely use have very high interest.
Card | Date Opened | CL | APR/AF | |
Amex Costco | Mar-01 | 2000 | 15%/0 | Use this for gas on Costco 3 times a month |
Amex SPG | Sep-01 | 500 |
| (this account is closed, but still shows up as current) |
Discover | Oct-01 | 5000 | 25%/0 | Use it only when using shop discover for extra cashback |
Amex Delta Options II | Nov-01 | 500 | 15%/$0 | Not Used |
Amex Delta Options | Dec-01 | 500 | 10%$/0 | Not Used |
Citi Thank you | Apr-02 | 9740 | 27%/$0 | Not used |
Chase United | Feb-03 | 4200 | 27%$/0 | Not used |
BoA Platinum | Oct-03 | 3000 | 26%$/0 | Not used |
Chase | Dec-03 | 2100 | 27%$/0 | Not used |
Citi Dividend | Mar-04 | 1800 | 27%/$0 | Not used |
Capital one | Jun-05 | 2000 | 17%/$0 | Not used |
Banana Republic | Aug-08 | 1700 | 15%/$0 | Not Used |
BoA Alaska Air Visa Sig | Mar-11 | 10000 | 13%/$75 | Most used |
Wells Fargo | May-11 | 7000 | 17%/$0 | Use this for household bills |
Definately don't close your oldest accounts (they increase your AAoA). If you want to close some accounts, close the newer, high interest accounts (especially if any have AFs).
And another thought, closing newer accounts doesn't increase your AAoA because they keep reporting...so there really is no benefit to your CR to close any accounts and the only monetary benefit is if you close accounts with AFs.
@scientifics wrote:And another thought, closing newer accounts doesn't increase your AAoA because they keep reporting...so there really is no benefit to your CR to close any accounts and the only monetary benefit is if you close accounts with AFs.
Except once they age off; then if your older trade lines are still open you'll see a nice jump in your AAOA.
I agree, close any AF accounts unless they are your oldest, then think about whether you can generate enough rewards to offset the fee. If oyu have newer lines that have no value to you, maybe close them... That grid would be much more useful if you showed the annual fees too.
Thanks. Edited to add AFs.
I only pay for the Alaska Visa. But i do use the companion ticket i get each year and usually to fly to Hawaii (ticket is $400+, and companion ticket is $99 + taxes)