Closing recent/unused accounts, will it help or hurt?

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
6 posts
mojobones89
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Closing recent/unused accounts, will it help or hurt?

Postby mojobones89 » Wed Jan 09, 2013 9:50 pm

My total credit card limit is 14100$

i have 9 credit cards

USAA mastercard world rewards CL 7000$ BAL 0% (2012)
Militay Star Card CL 2400$ BAL 0% (2012)
GE Money CL 1400$ BAL 0% (2010)
Discover rewards CL 1000$ BAL 0% (2012)
First Premier Platinum CL 700 BAL 0% (2012)
Chase Freedom CL 500 BAL 0% (2011)
Capital one Platinum CL 500 BA L0% (2010)
Orchard Bank Platinum CL 300$ BAL 0% (2010)
Credit One Platinum CL 300$ BAL 0% (2012)

my oldest account is 3 years
and my average age is 1.4 years

i dont really use my lower limit credit cards but they are my oldest.
some of my higher limits i use but are younger.
Should i just wait the 8 months to have my average credit age boost up to 2 years?
or should i just go ahead and cancel the cards i dont really use that are newer?

i have 10 inquires and 7 of them will be falling off in march-sept 2013
leaving me with 3 inquires.

my feeling is telling me to wait till September to have a total inquires of 3 and to boost up my average credit age to 2 years and leave my current credit availability too 14100 and hope to get a 900 CLI to help boost my experian score from 730 to 747.(i do not want to risk pulling more hard inquires just to chance getting or not getting a CLI and screw my chances in September to apply for AMEX)
but if i lower my total limit anywhere from 5999$-9999$ it will also boost it up to 744.

According to USAA credit monitoring(estimate credit)there are a few different ways to boost my credit and i dont know if i should just keep doing what i am doing or take the estimations and risk it being true?

I am just trying to figure the best way to be approved for AMEX
after being declined over and over in years in between i have tried applying( 2-3 times)

Also trying to figure out what charge/credit card to apply for seeing that the zync card has been discontinued.

sorry for the long blog,i am just brainstorming/venting.

p.s is 730-747 EXPERIAN score gonna even be good enough to apply for AMEX.???WHAT AM I DOING WRONG?DO I HAVE TOO MANY CREDIT CARDS???


Robrus1
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Postby Robrus1 » Thu Jan 10, 2013 8:02 am

Definitely wait until you're down to 3 inquiries to apply for Amex. Your score is good enough to be approved, it may just come down to income, if you've burned them in the past etc. I would wait until you're down to 3 inquiries, apply for the Amex you want, and then cancel the cards you don't want. Your score may drop just a little, 5-10 points, but after a couple months of on time payments it will bounce right back. The green charge card is the "foot in the door" card these days.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

jrv
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Postby jrv » Thu Jan 10, 2013 9:16 am

I think I would wait till the end of the year & not apply for any more credit if I were in your shoes. I think the AMEX green is your best bet. I was able to get approved for it in college with no credit history. Although things have changed a bit since 1992.
Main:
AMEX Platinum NPSL, Member Since 92
AMEX Blue 15K
PenFed 11K
PNC Visa 20K
First National Bank Omaha Platinum Visa 25K
Citi Simplicity 11K
Drawer:
50K Total

Money card
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Postby Money card » Sat Jan 12, 2013 11:14 pm

I would say like other people have said here before, it's best to keep the oldest cards opened since none of your cards have an annual fee
you might want to leave them open. if you said you have a zales card or some expensive jewlery store card that you can only charge to that place then that would be a good idea, but since you don't it's best to leave the oldest open.
the Military star card is that a visa, mastercard, american express or discover card or is it just used for buying at Military sites ?
I understand you don't want 9 cards. I guess it would be a good idea to close out a few of them but leave a couple of your oldest open
if your not using them you could just put them in a souvenoir wallet. use them a couple times over the year.

mojobones89
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Postby mojobones89 » Sun Jan 13, 2013 11:22 am

The military star card is just a credit card that can be used in any military facility.i will most definitely wait till my inquires fall off,my income is 36k but of i include my financial aid from fafsa and my wifes income,it will jump to 56k.

mojobones89
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Location: fort riley

Postby mojobones89 » Sun Jan 13, 2013 11:24 am

Robrus1 wrote:Definitely wait until you're down to 3 inquiries to apply for Amex. Your score is good enough to be approved, it may just come down to income, if you've burned them in the past etc.


My income is 36k
Fafsa and wife,income will jump to 56k



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