Closing credit cards

[jrubedjmp311]

Hey all -

Started my rebuild in 2018. I was at a 524 and now I've soared into the 800s.

While building, I opened a ton of cards and was card happy. Now, I want to close some and make things more manageable.

Below are the cards and age. What would you close or keep open?

1. Cap One Quicksilver: $2,400 limit. $0 balance. 7 years 4 months.

2. Cap One Venture: $8,500 limit. $0 balance. 6 years 5 months.

3. Target Mastercard: $5,000 limit. $0 balance. 6 years 5 months.

4. Paypal Mastercard: $20,000 limit. $0 balance. 5 years 4 months.

5. Discover: $16,500 limit. $0 balance. 5 years 10 months.

6. Discover: $7,500 limit. $0 balance. 2 years 4 months.

7. Bank of America: $6,500 limit.  $0 balance. 3 years 1 month.

8. Bank of America: $4,500 limit. $0 balance. 3 years 1 month.

9. Care Credit: $15,000 limit. $0 balance. 2 years 3 months.

10. US Bank: $2,500 limit. $0 balance. 9 months.

11. Amex: $20,000 limit. $0 balance. 1 year 6 months

12. Chase: $20,000 limit. $0 balance. 1 month

[Patient957]

1) Keep any cards that get rewards and good use as part of your current cash back or points strategy, whether they have an AF or not.

2) Keep all no AF cards, especially your oldest QS.  Sock drawer any that don't fit into your rewards strategy.

3) Put all your AF fee cards that don't fit into 1 or 2 onto the chopping block.  Consider closing any or all of these.

[jrubedjmp311]

Thanks for the reply. There are none with an AF. Most just sit

[Patient957]

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@jrubedjmp311 wrote:

Thanks for the reply. There are nine with an AF. Most just sit

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Those are your chopping block cards, IMO.

[jrubedjmp311]

I meant none. Auto correct got me

[Patient957]

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@jrubedjmp311 wrote:

I meant none. Auto correct got me

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You have a Venture card with no AF?  Or do you mean it has an AF but you use it a lot?

In any event, just sock drawer the no AF cards and keep automatic minimum payments on them just in case.  Or if you really feel you need to close some, then close the youngest ones and leave your oldest ones open.  

It's really up to you.  There's no wrong answer.  I would just leave your oldest QS open for sure.

[jrubedjmp311]

Thanks. Venture has no AF. Venture One does

[Patient957]

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@jrubedjmp311 wrote:

Thanks. Venture has no AF. Venture One does

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It's the other way around.  Venture is usually $95 and Venture One is the no AF card in the family.

If you have a Venture with no AF, then keep it.  

[GreatLife]

Cards 6 and 9 thru 12.. has your purpose changed for these rather recently opened cards?

[SweetSpero]

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@Patient957 wrote:

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@jrubedjmp311 wrote:

Thanks for the reply. There are nine with an AF. Most just sit

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Those are your chopping block cards, IMO.

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A year later and I'm wondering the same questions as I tidy up my own list. Half of my credit cards just sit in the drawer and I'm trying to figure out which ones to keep and which to close.

My thought process is that if the cards are not giving benefits or getting used, there's no reason to keep them sitting in a drawer. The more money someone distributes across multiple cards (just to keep them open), the less they're spending on the top 3-4 cards that would give them the best rewards.