Credit Card general question

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subhanrukh
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Credit Card general question

Postby subhanrukh » Sun Oct 19, 2014 4:58 pm

I want to get the Citi new 2% cash back card.. i'm in my mid 20's.

I currently have:
Bank of America: better balance = $25 quarterly (I make small purchases)
Bank of America: Cash Rewards Signature
American Express: Blue Cash Everyday
American Express: Blue from American Express (never use just sits there)
Capitalone: QuickSilver:

So the question is should I cancel any one of these cards? Or should i just apply for the other card?


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PlyrStar93
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Postby PlyrStar93 » Sun Oct 19, 2014 5:50 pm

You can cancel anything you want, there is no "should" or "shouldn't". Keep cards the way you feel comfortable.

If you no longer want to use a card (let's say Cap1 QS after getting Citi Double Cash), you may cancel it or sockdrawer it (or still use it). Except for available credit, closing the card has no impact on your credit score, so it's not necessarily a bad thing. If you just don't use it, then you still have to monitor that account for fraud.

Practically speaking, after getting the Double Cash your BoA cash will only be used in gas, BCE only be used in grocery, for which both have caps, so you might still use these two with fewer swipes.
Your Blue just gets sockdrawered already, you might close it. Or, see if there is a chance for product change to Everyday if you wish. This is for Membership Rewards rather than cash, giving you flexibility to use the points elsewhere. You probably cannot change Blue to Everyday, despite Blue earns MR points.
For Cap1 Quicksilver, you might eventually want to close the card.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
All EMV.

takeshi
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Postby takeshi » Mon Oct 20, 2014 7:36 am

subhanrukh wrote:So the question is should I cancel any one of these cards? Or should i just apply for the other card?

Impossible for us to say. That's your call to make. Do you have no use for any of them? Are you at the your limit on cards that you can manage?

If you're asking if canceling will improve your odds we can't weigh in on that matter either. As stated above, closing a card immediately impacts utilization so you can do the before-and-after math to help you in your decision making. The closed account will not affect AAoA until it falls off your reports ~10 years down the road.

hockeyplayr
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Postby hockeyplayr » Mon Oct 20, 2014 10:16 am

if you don't use and do not want to actively try to manage inactive cards then close them. No harm no foul. Do what is best for you. The stigma of never closing a card with no AF is dumb.
Credit Scores: Equifax - 736 (October Fico) | Experian 726 (October Fico) | TU - 758 (October Fico)

Credit Lines: Diners Club 20k | Citi DC 9.1k | SDFCU 5k | Penfed 7k | Amex BCE - 10.5k | Chase Marriot - 5.2k | CSP - 6.5k |Discover IT - 9k | Sallie Mae 3.8k | Citi TYP - 3.5k | BOA 123 - 4.9k | Total Rewards 3.25k|

subhanrukh
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Postby subhanrukh » Sun Oct 26, 2014 2:26 am

PlyrStar93 wrote:You can cancel anything you want, there is no "should" or "shouldn't". Keep cards the way you feel comfortable.

If you no longer want to use a card (let's say Cap1 QS after getting Citi Double Cash), you may cancel it or sockdrawer it (or still use it). Except for available credit, closing the card has no impact on your credit score, so it's not necessarily a bad thing. If you just don't use it, then you still have to monitor that account for fraud.

Practically speaking, after getting the Double Cash your BoA cash will only be used in gas, BCE only be used in grocery, for which both have caps, so you might still use these two with fewer swipes.
Your Blue just gets sockdrawered already, you might close it. Or, see if there is a chance for product change to Everyday if you wish. This is for Membership Rewards rather than cash, giving you flexibility to use the points elsewhere. You probably cannot change Blue to Everyday, despite Blue earns MR points.
For Cap1 Quicksilver, you might eventually want to close the card.


Unfortunately I realized that after I asked them to switch my blue everyday card to blue cash. The lady asked for my SS and later realized she couldn't switch the card. I'm unsure of what to do what card to apply for to be honest. I have a monthly spending of about 2k on cards and i'm sick of managing my cards and most just sit in the wallet/drawer and I use the Cap1 to make everything easier to manage.

thom02099
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Postby thom02099 » Sun Oct 26, 2014 3:36 pm

subhanrukh wrote:Unfortunately I realized that after I asked them to switch my blue everyday card to blue cash. The lady asked for my SS and later realized she couldn't switch the card. I'm unsure of what to do what card to apply for to be honest. I have a monthly spending of about 2k on cards and i'm sick of managing my cards and most just sit in the wallet/drawer and I use the Cap1 to make everything easier to manage.


I think you just answered your own question. Pick your favourite card to use, cancel the other(s). Your call for what works for you.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016



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