Which to cancel, which to keep...

[Anonymous]

Hey guys, I need some help here. I'm getting ready to cancel some of my card in the next few months. Hopefully before X-mas before it gets crazy. lol.

Here are the cards I know I want to keep:
Amex Blue Sky (LOVE luv Love)
Citi PremierPass MC(will convert to div plat in a few months)
Citi Amex (15% APR, No AF, 0% BT until 7/2007)
Care Credit
Capital One (unfortunately)

Cards I don't know I want to keep:
HSBC Platinum MC (No AF, 2% cash back, 0% APR > 12% APR in Dec.)
US Bank Visa ($35 AF, 1.90% APR until 7/2007)


I canceled all my store cards because I think they're useless [even though I go shopping all the time]. But um... what do you think about my decision? I know I ask a lot of questions, but it's only because I'm ignorant. ^+^

[Anonymous]

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jizoe182 wrote:
Hey guys, I need some help here. I'm getting ready to cancel some of my card in the next few months. Hopefully before X-mas before it gets crazy. lol.

Here are the cards I know I want to keep:
Amex Blue Sky (LOVE luv Love)
Citi PremierPass MC(will convert to div plat in a few months)
Citi Amex (15% APR, No AF, 0% BT until 7/2007)
Care Credit
Capital One (unfortunately)

Cards I don't know I want to keep:
HSBC Platinum MC (No AF, 2% cash back, 0% APR > 12% APR in Dec.)
US Bank Visa ($35 AF, 1.90% APR until 7/2007)


I canceled all my store cards because I think they're useless [even though I go shopping all the time]. But um... what do you think about my decision? I know I ask a lot of questions, but it's only because I'm ignorant. ^+^

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What dont you like about the HSBC 2% card? I see the interest rate is lower than your Citi Amex.    Which ever cards you cancel, you should consider how cancelling them will affect the age of your accounts and utilization.  Well, the AF card would go to the trash for me.  Some of the cards look fairly new,

For me I would dump the highest interest if I were planning on carrying a balance of any kind (even though you can wind up carrying a balance when you least expect it due to unforeseen expenses. 

[Anonymous]

I thought cancelling cards is a BIG no-no... You may just want to sock them... Your score will take a hit if you cancel them!! Watch out!

[Anonymous]

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scramblingin2007 wrote:

I thought cancelling cards is a BIG no-no... You may just want to sock them... Your score will take a hit if you cancel them!! Watch out!

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Never cancel your oldest cards.  Cards closed midrange will not effect your score as much if at all as long as utilization isn't a factor.  IT is usually best to sockdrawer except in the case of a card with an AF.

[Tuscani]

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=4402