Entering the garden

[Anonymous]

I’ve been rebuilding my credit, started with a Capital secured then Quicksilver One. Now I have way too many credit cards, I’m literally ashamed of how many I have. Lots of store cards, the other day I was approved for SW through Chase.....literally thought it was a mistake until I saw one of the boards here. Now, I would like to start closing some store cards, should I wait a year or should I close them now? Most of them acquired this year, I’ll keep the ones I use often but I don’t need all these cards. I have 13 store cards (yes, that was pretty dumb) & then I have

Capital One Secure
Capital One Quicksilver One
Discover
Credit One
Nordstrom VISA
Bank Of America
Merrick
Southwest through Chase
Delta AMEX (auth. User)

I’m new to all of this. Will closing a lot of cards at once raise some sort of red flag? I’m of course no tapping for anymore. I would like to stay in the garden for at least 2 years.

[FireMedic1]

---

@Anonymous wrote:
I’ve been rebuilding my credit, started with a Capital secured then Quicksilver One. Now I have way too many credit cards, I’m literally ashamed of how many I have. Lots of store cards, the other day I was approved for SW through Chase.....literally thought it was a mistake until I saw one of the boards here. Now, I would like to start closing some store cards, should I wait a year or should I close them now? Most of them acquired this year, I’ll keep the ones I use often but I don’t need all these cards. I have 13 store cards (yes, that was pretty dumb) & then I have

Capital One Secure
Capital One Quicksilver One
Discover
Credit One
Nordstrom VISA
Bank Of America
Merrick
Southwest through Chase
Delta AMEX (auth. User)

I’m new to all of this. Will closing a lot of cards at once raise some sort of red flag? I’m of course no tapping for anymore. I would like to stay in the garden for at least 2 years.

---

Welcome @Anonymous  If they have a fee. C-Ya! The secured cards. Get your money back. (red) You have unsecured now. Keep what you'll use in all those store cards you got. Whatever you close will still report as a positive for up to 10 yrs until it falls off. By then you may have better cards that you'll keep and make up for the fall offs down the road. Keep them open at least a year and then thin the herd.

[Girlzilla88]

Agreed you don't want to close them off to to quick so if you opened some last month for example you don't want to just close it but once they do hit that year mark I do agree to start kicking them off at that point that will show better history when your profile is reviewed down the line

[Anonymous]

Thank you so much! I’m so glad I asked, I was getting ready to start closing.

[FireMedic1]

No problem. Least keep them until the HP (if there was one) falls off FICO in a year. And slowly axe em. Dont do it all at once. Good Luck!

[Anonymous]

since you are ashamed of having so many store cards, consider that the southwest card is just as bad as a store card, it's co-branded! why didn't you just get a normal chase card?

[pinkandgrey]

Here is exactly how I would handle this: close any and all cards that you don't want anymore. Close them all at once. You may or may not take a hit to your score depending on utilization adjustments. Don't worry about "raising red flags." Just do what works best for you and trim the unnecessary cards. You will feel so much better once you do! It really is a huge relief. I did this awhile back and haven't regretted it since. I closed literally half of my cards and things are much simpler now. It may be worth noting that some of the cards I closed were only about a month old.

That's just my advice, spoken from personal experience. Many will disagree with me obviously, but I say to do what works best FOR YOU. 

Congrats on the rebuild and good luck!!

[FireMedic1]

---

@pinkandgrey wrote:

Here is exactly how I would handle this: close any and all cards that you don't want anymore. Close them all at once. You may or may not take a hit to your score depending on utilization adjustments. Don't worry about "raising red flags." Just do what works best for you and trim the unnecessary cards. You will feel so much better once you do! It really is a huge relief. I did this awhile back and haven't regretted it since. I closed literally half of my cards and things are much simpler now. It may be worth noting that some of the cards I closed were only about a month old.

That's just my advice, spoken from personal experience. Many will disagree with me obviously, but I say to do what works best FOR YOU. 

Congrats on the rebuild and good luck!!

---

Well there you go. I knew someone would have done a full out chopping block party.  Congrats @pinkandgrey 

[FinStar]

---

@Anonymous wrote:

since you are ashamed of having so many store cards, consider that the southwest card is just as bad as a store card, it's co-branded! why didn't you just get a normal chase card?

---

@Anonymous, the bolded statement is not accurate.  The Chase SWA card (or any partnership CC for that matter) is considered a bankcard.  What is the source of your statement?   Remember the 3 little groups of "credit mix" you mentioned on another thread?  So, let's ensure not to make blanket or inaccurate statements that can only create confusion for the community. 

Another example, the SAKS 5TH Ave WEMC, also considered a bankcard (not a store card) despite of it being a Capital One PLCC.  The same would apply for BOA with any of their affinity CCs.

[Anonymous]

---

@FinStar wrote:

---

@Anonymous wrote:

since you are ashamed of having so many store cards, consider that the southwest card is just as bad as a store card, it's co-branded! why didn't you just get a normal chase card?

---

@Anonymous, the bolded statement is not accurate.  The Chase SWA card (or any partnership CC for that matter) is considered a bankcard.  What is the source of your statement?   Remember the 3 little groups of "credit mix" you mentioned on another thread?  So, let's ensure not to make blanket or inaccurate statements that can only create confusion for the community. 

Another example, the SAKS 5TH Ave WEMC, also considered a bankcard (not a store card) despite of it being a Capital One PLCC.  The same would apply for BOA with any of their affinity CCs.

---

it was just my opinion, how can it not be accurate? i think if he's ashamed of holding store cards, then he should be ashamed of brand-loyalty cards too. especially if he's just getting the card because it's easy to get. he already has nearly 20 store cards. you have to ask yourself is this next card going to be truely useful or am i just feeding a compulsive habit of adding cards...