Giving thought to closing a few cards

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MemberSince99
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Giving thought to closing a few cards

Postby MemberSince99 » Tue Feb 26, 2013 4:35 pm

On the chopping block (potentially):
Barclays, due to the 2k limit which will likely not go up much.
Target, it's nice to get the 5% off but if something needs to go, this would have to be one
Discover, again low limit and they are conservative so likely not much in the way of increases coming from them.

Why am I considering this? AAoA is atrocious. If I'm going to take the hit for that, at least it had better be for higher limit cards. I could see leaving the FIA and BofA cards open as they have at least respectable limits.

Another option is close EVERYTHING other than Associated Bank. That would GREATLY simplify my credit life and profile, jump my AAoA back up, and give me 6 months inquiry free in June with one card at 18 months and another at a year old. Then I'm set to get ONE more card to age.
I don't think I want to do that though as I like the BofA card and their rewards programs (just got 10% cashback on Starbucks that worked out nice) and the Fidelity card has a nice limit. So that probably won't happen.

But realistically, right now Barclays is kind of on the chopping block. I don't use it much, even though it gives 2% rewards on billpay, because I doubt it will grow much. Discover, is a lot safe, and so is Target that 5% off is kind of hard to beat even if the limit is nothing to write home about.

Not sure. Comments and suggestions welcomed, although something more constructive than "you're nuts" would be great. Tell me something I DON'T know.


Gamma
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Postby Gamma » Tue Feb 26, 2013 4:51 pm

MemberSince99 wrote:Not sure. Comments and suggestions welcomed, although something more constructive than "you're nuts" would be great. Tell me something I DON'T know.

Something you don't know...... I'll take a guess and assume what you don't know. Closing your accounts now won't impact your AAoA until it falls out of your credit report, which is 10 years. Then your AAoA will jump back up. I wouldn't consider it worth waiting 10 years just to have your AAoA jump back up. Discover card is pretty good, regardless of the limit you have. That 5% quarterly category might be convenient for you if you happen to be making a purchase that falls in that category. The Target card is great and only good if you go there often. I do and I don't see any other discount store coming out with 5% discount pre tax anytime soon. Barclay's I personally don't really care for that card but would just sock drawer it for utilization purposes.

s.jessica
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Postby s.jessica » Tue Feb 26, 2013 5:20 pm

Hummm, something you don't know.............Elephants are the only mammals in the world that can't jump. Although they are the largest land animal, they lack the ability to jump. This is because they don’t have the flexibility or spring mechanisms that are required to jump.

I'll bet you didn't know that, but I'm guessing you already know everything else....................


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Postby Moneytalks » Tue Feb 26, 2013 5:26 pm

s.jessica wrote:Hummm, something you don't know.............Elephants are the only mammals in the world that can't jump. Although they are the largest land animal, they lack the ability to jump. This is because they don’t have the flexibility or spring mechanisms that are required to jump.

I'll bet you didn't know that, but I'm guessing you already know everything else....................


ROFL, nice Jess...99, I think you should keep the Barclays and chop the Target, but don't close everything. Let us know what you decide.
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Postby rossmo » Tue Feb 26, 2013 5:46 pm

Question: Don't closed account still have a direct effect on your AAoA? I know loans and credit cards stay on your *credit history* for something like 7-10 years, but again, not sure if that has any direct relationship with your AAoA?


-I'd DEFINITELY cut the Barclays. That limit isn't going up unless you never open another Credit card again, and we all know how sensitive they are to other inquiries.

-See about rolling over your Associated Bank Signature Visa (8K Limit) INTO the Associated Bank Platinum Visa (13k)? You'd retain the slightly longer history, have a higher limit on the card (perhaps a better single card Utilization % at that point depending on how you spend). Would you be losing anything significant by not having a Visa "Signature"? (Recently, a lot of the platinums are being upgraded to Signatures, I believe).

-TargetRED is 5% off, all the time, as opposed to 5% during certain quarters (sometimes). It's a low limit, but I'm sure with use you can get it bumped. Also, Target has almost everything, including gift cards to other places.

-Discover IT has some nice benefits, but as you said, they're conservative with their limits. I'd hang onto it regardless to keep that credit profile well rounded. Also, I got my Discover IT around the same time as you and already got an auto CLI, plus you can ask for a CLI after 6 months which will likely bring you to a respectable limit.

Just my 2 cents. Regardless of what you do, good luck!
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djrez4
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Postby djrez4 » Tue Feb 26, 2013 6:00 pm

It's a well known fact that all of the banks are out to get you, acting on orders that the President issued after reading your last thread. Close everything and move to The Citadel where you can transact business without resorting to the evil banking system. When the black helicopters come, you'll be well prepared.
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Sevenfeet
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Postby Sevenfeet » Tue Feb 26, 2013 6:47 pm

djrez4 wrote:It's a well known fact that all of the banks are out to get you, acting on orders that the President issued after reading your last thread. Close everything and move to The Citadel where you can transact business without resorting to the evil banking system. When the black helicopters come, you'll be well prepared.


LOL.

OK, seriously, my criteria has always been "Am I going to use this card as intended?" Right now, the card that will get functionally retired after my app spree will be the Bank of America Cash Rewards card. With the gain of the Penfed (gas), BCP (groceries) and Fidelity Amex (2% everything else), there isn't much need to keep it around...except I really have 20,000 reasons to keep it around. So yes, it has purpose despite the fact I probably won't spend much on it after March.

What are your priorities?
Cards:
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Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
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MemberSince99
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Postby MemberSince99 » Tue Feb 26, 2013 7:05 pm

djrez4 wrote:It's a well known fact that all of the banks are out to get you, acting on orders that the President issued after reading your last thread. Close everything and move to The Citadel where you can transact business without resorting to the evil banking system. When the black helicopters come, you'll be well prepared.


I know it's sarcasm, but you may be sorry one day when you see those little drones buzzing about, keeping you "safe". Think I'm kidding? Google it, they are already putting it in place. Phase 2 of that is probably where the drones carry weapons and can terminate any "undesirables". And all for our safety and "security purposes" of course. You may laugh but one day you may wake up to find the dream has become the nightmare reality. Let's hope not.

MemberSince99
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Postby MemberSince99 » Tue Feb 26, 2013 7:10 pm

Sevenfeet, priorites are at this point a good credit limit. Anything under 5k is potentially on the chopping block in my mind. Anything 5k and higher is safer simply on the basis it's a higher limit. No one has said anything about Barclays which is interesting.

I guess after that, rewards though those are going away. And the growth factor - can the card realistically grow over time? I don't care if the Associated Platinum grows any higher it's high enough already, and it has no rewards (which is why they gave me the higher limit on that I'm sure, to try to encourage me to use it instead of the Signature card).

And jessica I did not know that by the way. I understand they are very intelligent animals and take a mate for life, that's more than we can say for some humans (like me for example), in both the intelligence and taking a mate for life!

Thanks for the thoughtful replies guys I'm not sure which of them if any will go yet. The #1 candidate would HAVE to be Barclays if I close anything. I really had hoped to get a limit more in line with my other cards.

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djrez4
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Postby djrez4 » Wed Feb 27, 2013 12:06 pm

MemberSince99 wrote:I know it's sarcasm, but you may be sorry one day when you see those little drones buzzing about, keeping you "safe". Think I'm kidding? Google it, they are already putting it in place. Phase 2 of that is probably where the drones carry weapons and can terminate any "undesirables". And all for our safety and "security purposes" of course. You may laugh but one day you may wake up to find the dream has become the nightmare reality. Let's hope not.


I've already accepted that you're our resident conspiracy theorist. I'm also well aware of what's going on in the law enforcement community. If you're concerned about drones, you should be equally concerned about the information for-profit companies collect from your daily habits: grocery store loyalty cards, credit card receipts, internet browsing and search history, etc. Information is a commodity and its market is in conflict with the current interpretation of the 4th Amendment. With the amount of moneyed interests lobbying for the ability to collect and monetize as much information about the American public as possible, and the almost complete lack of opposition, there's little doubt that we're marching steadily along the path to a total surveillance state, both public and private.

However, I find it to be a waste of time looking over my shoulder for potential government intrusion into my life. I have better things to do than worry about rendition.

To answer your original question - If they're not costing you anything and not causing any problems, leave them alone. I think it's inappropriate to start from the assumption that none of your cards will grow. I also don't see the need to close accounts unless there is a specific reason to do so - an upcoming annual fee, for example.
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