Hello all, I am reaching to you guys for a bit of help. I have been working on my credit diligently for the past year or so and have raised my fico score into the low 700's and now I have a few choices on which cards I carry. I have acquired a disco it, bbva compass, citi simplicity, amex bce, bj's, Cap1 qs all with nice limits. But I am still carrying some garbage rebuilder cards namely 2 Credit One cards, a First Premier, and a secured Cap 1. I am wondering if I should close any or all of them. Thanks for any advice you guys may offer.
If you could list your current cards, limits, utilization and dates of openings that will give us a better picture on what to advise?
My personal philosophy is to close any card that I don’t need or want. Of course, I don’t know your exact situation, but if your other cards have good enough limits to prevent your utilization from being too high, then CLOOOOOSSSSEEEE away. Good luck!
Thanks for your input, just to give a clearer picture of my situation.
Here are what I am currently carrying all less than 1 year old.
BJ's MC $7500 limit, Citi Simplicity $2200 limit, Cap 1 QS $3000 limit, Amex BCE $2000 limit, Disco it $15000 limit, BBVA $5000 limit, Amazon prime $1500 limit
These are the ones that I am considering closing all between 2-3 years old.
Credit 1 $1850 limit, Credit 1 $1200 limit, 1st Savings $950 limit, and Cap 1 $500(secured) all of which have an annual fee with Credit 1 billed monthly.
My current utilization is 13%
I would wait until all your “good” cards hit one year then close all those predatory cards.
Or you could close them now and take a slight score hit. Honestly if you are not planning on applying for anything in the next 3 months the minor score hit will not matter.
Thanks for DPs. I would probably wait til cards hit one year mark you plan on keeping then start closing those cards. They did their job with helping you rebuild, time to move on to better things.