Which Should I Close

For just about anything you want to get off your chest about credit cards.
4 posts
kscutieboy
 
Posts: 1
Joined: Sat May 02, 2009 11:50 pm
Location: los angeles

Which Should I Close

Postby kscutieboy » Sun May 03, 2009 12:03 am

So I am paying off all my cards soon. And I am considering closing a bunch of my cards, because I think I have too many. Here's a list of my cards from oldest to newest with APR's and limits

CARD / YEAR LIMIT / APR
1. BOA Visa Signature (2004) $6000 10.99% FIXED
2. Chevron Retail (2005) $1000 22%
3. Citi Bank Master Card (2005) $4700 %15.99
4. Gap Retail (2005) $1550 22%
5. Bloomingdales Retail (2007) $2500 22%(FOR SURE CLOSING)
6. Nordstrom Retail (2007) $6000 8%APR
7. Captial One Visa (2008) $4000 3.9%APR

I am for sure keeping my BOA Visa Signature. I use my Nordstrom Retail all the time and I love the APR. And I love my Capital One Visa because of the APR as well.

I am 23 years old. My FICO score is 700-710. And I really don't want too many cards anymore. I want to get it down to THREE CARDS. Any advice will help.

I really want to close my Chevron, GAP, and Citibank cards because I don't really use them and the APR on those are really high. However all three were opened in 2005. So do you think closing those cards will affect my credit score?


jeffysdad
Centurion Member
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Posts: 875
Joined: Thu Apr 30, 2009 2:32 pm
Location: Texas

Close the store cards...

Postby jeffysdad » Sun May 03, 2009 7:35 am

keep all the majors open. Pick the one that gives the most points/cashback and use it exclusively and pay it off every month. Use the other majors a couple times a year for small purchases just to keep them active. Closing accounts ends the credit history, and that can impact your score depending on the aging of your other accounts.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

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trd01
Green Member
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Joined: Wed Mar 18, 2009 4:31 am
Location: Miami, FL

Postby trd01 » Mon Jun 01, 2009 6:56 pm

I would close Gap, Bloomingdale card. They are also your highest in APR.

bikermike
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Joined: Thu Apr 24, 2008 9:17 pm
Location: Georgia

Postby bikermike » Mon Jun 08, 2009 2:28 am

3.9% APR from Capital One? Was that a promo rate or your standard APR?



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