Which cards to close?

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2 posts
gold-rick
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Joined: Fri Sep 21, 2012 2:20 am
Location: USA

Which cards to close?

Postby gold-rick » Sat Feb 15, 2014 10:40 pm

Hey guys, I have several cards that I am not using and don't plan on using anytime soon. Would it be bad if I were to cancel them all? Or should I just keep them open since there is no AF?

Cards I'm keeping
Amex green NPSL
Barclay Arrival 5000
Discover IT 7500
Chase Sapphire 5000

Cards I'm not using/want to get rid of
Capital one MTV 750
Capital one platinum 3000
Chase freedom 1000
Amex blue cash everyday 1000
OCCU duck 3750
oCCU beaver 3750

I love my Arrival so much I don't plan on having any new cards for a while. I don't even know why I have so many cards in the first place. If it matters I am 21 and my score is roughly 700


takeshi
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Location: US

Postby takeshi » Sat Feb 15, 2014 11:07 pm

As always, major impact from closure is utilization. Do the math to determine your utilization before and after to help you in your decision making.

gold-rick wrote:Or should I just keep them open since there is no AF?

There's no universal should. You have to determine that based on your needs/wants/priorities/etc. For some people closing would make more sense. For others, keeping them open would make more sense. Some things to consider are whether you're comfortable managing that many cards and whether or not you can actively monitor them for fraud.



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