Should I cancel these store cards?

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TheLethargicAge
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Should I cancel these store cards?

Postby TheLethargicAge » Mon Mar 04, 2013 1:07 pm

Rooms-to-Go card (issued by GE Credit) - 6K (10/2009)
Jared - 10K (2/2010)
Dell Financial Services - 3K (12/2009)

They all have 0 balances, but I just have no use for them. Would cancelling them hurt my credit score that much in the long run?
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)


cashback
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Postby cashback » Mon Mar 04, 2013 1:11 pm

In the long run, not at all. It the short run, maybe. I will effect your AAoA and your utilization rate when you cancel them.
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

FutureBillionaire
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Postby FutureBillionaire » Mon Mar 04, 2013 1:32 pm

TheLethargicAge wrote:Rooms-to-Go card (issued by GE Credit) - 6K (10/2009)
Jared - 10K (2/2010)
Dell Financial Services - 3K (12/2009)

They all have 0 balances, but I just have no use for them. Would cancelling them hurt my credit score that much in the long run?


Those cards have been around for a while. If you have other credit or wan tmore credit, maybe you can reduce the available credit on them. Those have aged for a while now, I don't think I would want to let that go.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

TheLethargicAge
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Posts: 322
Joined: Tue Oct 16, 2012 11:20 pm
Location: Miami, Cuba

Postby TheLethargicAge » Mon Mar 04, 2013 2:07 pm

I forgot to mention, another reason to get rid of them is, I just don't want to get the dreaded "You have too much available credit" response when applying for another card in the future (I got it last year when I applied for Ink Cash, although I suspect it had something to do with the 5 cards I had on a payment plan, which are now down to 2).
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)



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