Crossed a threshold - should I cancel some cards?

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SpriteZero1017
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Crossed a threshold - should I cancel some cards?

Postby SpriteZero1017 » Tue Mar 18, 2014 12:08 pm

Hello... I would like to ask for some advice from those more in the know that me about the wisdom (or not) of canceling some cards I have. I've spent the past 14 months paying down a lot of credit card debt, raising my FICO scores in a big way (600ish to 740ish) and have recently received a slew of what I think is quality credit.

I was approved for a new car loan through DCU and with my credit high, the loan not yet reporting and a window seemingly open, I went on a bit of a spree and was approved for everything with my best limits ever, by far.

I have a handful of cards from my earlier days of low-to-middling credit which carry low limits, fees and no real benefit now that I've gained better quality cards. The benefit of keeping them would be to keep my total available credit as high as possible and the benefit to closing them would be to get rid of fees I don't have much an interest in paying.

Am I better off one way of the other? Specifically referring to the 3 CapOne cards (though one is now a Rewards card), the Credit One and the Citi Diamond. Store cards cost me nothing to carry.

Cards from my Building Phase:

Capital One - $300 (Converted from an Orchard Card)
Capital One - $500 (Recently upped to a Quicksilver Rewards but no CLI)
Capital One - $750
Credit One - $1050
Citi Diamond - $1200
JC Penney - $1600
Macy's - $200
Citgo - $550
Marathon - $930
Texaco/Chevron - $350
Firestone - $1200
Best Buy - $500

New Cards Just Approved:

Citi AAdvantage Platinum - $8500
Chase Sapphire Preferred - $8000
DCU Rewards Visa - $7500
Capital One - Venture - $5000
Barclays Arrival - $3000
American Express Blue Cash - $1000
Discover IT - (Approved online, no mention of CL, card on the way)

Thanks much for any thoughts.


haikuginger
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Postby haikuginger » Tue Mar 18, 2014 2:22 pm

The general rule of thumb is to cancel it once you no longer need it if it has an annual fee. If it doesn't have a fee, then there's no reason not to simply sock-drawer it, although you should of course keep an eye on those accounts to make sure no unauthorized charges come in.

MemberSince99
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Postby MemberSince99 » Tue Mar 18, 2014 6:44 pm

haikuginger wrote:The general rule of thumb is to cancel it once you no longer need it if it has an annual fee. If it doesn't have a fee, then there's no reason not to simply sock-drawer it, although you should of course keep an eye on those accounts to make sure no unauthorized charges come in.




In your reply, you gave the reason not to just throw it in a sock drawer.



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