Too many credit cards, which ones to close?

[pinkxray]

I currently have 8 scared1 credit cards. I turned 18 in 2000 so over the years I have just added to them for various rewards/reasons but never closed any.

I would really like to cut it back to maybe 3? It's not the issue of charging to much, it's more of an issue of managing 8. I update quicken every two weeks which means checking 8 different websites plus others for any activity.

I pay off the balance each month and have really moved away from charging stuff besides big items like vacations or emergencies which get paid off that month anyway.

I guess my question is which ones to close? Do I keep one of the oldest for length of credit history, go by interest rate, rewards, what?

Here's the list

Capital One opened 2001- no rewards (don't really use)

Discover opened 2001- love the 5% categories for cashback, used at least a few times for big purchases

Bank of America- opened 2004 no idea why I still have this one, I think I used to use it a lot to get points for Upromise but haven't been using it in last few years due to liking others better

Disney Visa (no fee)- opened 2008? I do use this one quite a lot since we have been to Disney at least once a year since 2009.

Navy Federal Credit Card- opened 2009? Again, no idea why I have this one. I think I happened to open it when there was a promotion or when I had a car loan through them. Dont use too often but it has the lowest interest rate of all my cards. Probably be the first choice if I had an emergency and wasn't going to pay it off immediately

Southwest Visa- opened 2010/11? Opened during one of the 50,000 points promotions. I seem to use it at least once a year to buy Southwest tickets and have gotten a free flight or two out of it

Chase Freedom-opened 2011? Love the rewards, no annual fee LOVE IT, use this one the most

Chase Sapphire- opened 2012 mostly for rewards, annual fee (but did earn more than enough last year to recoup that)


Which would you keep, how many? I have read not to close any to not hurt your credit score but I'm just tired of having to keep an eye on them all. My credit score is in the high 700s and we aren't going to be making any big purchases like a car or home for at least 3/4 years so I don't mind if it drops a little.

I was thinking keep:
Discover 2001 which will keep my credit history length

Disney Visa (I really just like my Tink card and use it for everyday purchases like gas if Discover and Freedom don't have 5% at that time). Also like the 6months no interest for packages, discount at Disney store,etc

Chase Freedom- best rewards with no annual fee.

Any advice, opinions?

Thanks!

 

[TifffanyD]

I currently have 8 scared1 credit cards. I turned 18 in 2000 so over the years I have just added to them for various rewards/reasons but never closed any.

I would really like to cut it back to maybe 3? It's not the issue of charging to much, it's more of an issue of managing 8. I update quicken every two weeks which means checking 8 different websites plus others for any activity.

I pay off the balance each month and have really moved away from charging stuff besides big items like vacations or emergencies which get paid off that month anyway.

I guess my question is which ones to close? Do I keep one of the oldest for length of credit history, go by interest rate, rewards, what?

Here's the list

Capital One opened 2001- no rewards (don't really use)

Discover opened 2001- love the 5% categories for cashback, used at least a few times for big purchases

Bank of America- opened 2004 no idea why I still have this one, I think I used to use it a lot to get points for Upromise but haven't been using it in last few years due to liking others better

Disney Visa (no fee)- opened 2008? I do use this one quite a lot since we have been to Disney at least once a year since 2009.

Navy Federal Credit Card- opened 2009? Again, no idea why I have this one. I think I happened to open it when there was a promotion or when I had a car loan through them. Dont use too often but it has the lowest interest rate of all my cards. Probably be the first choice if I had an emergency and wasn't going to pay it off immediately

Southwest Visa- opened 2010/11? Opened during one of the 50,000 points promotions. I seem to use it at least once a year to buy Southwest tickets and have gotten a free flight or two out of it

Chase Freedom-opened 2011? Love the rewards, no annual fee LOVE IT, use this one the most

Chase Sapphire- opened 2012 mostly for rewards, annual fee (but did earn more than enough last year to recoup that)


Which would you keep, how many? I have read not to close any to not hurt your credit score but I'm just tired of having to keep an eye on them all. My credit score is in the high 700s and we aren't going to be making any big purchases like a car or home for at least 3/4 years so I don't mind if it drops a little.

I was thinking keep:
Discover 2001 which will keep my credit history length

Disney Visa (I really just like my Tink card and use it for everyday purchases like gas if Discover and Freedom don't have 5% at that time). Also like the 6months no interest for packages, discount at Disney store,etc

Chase Freedom- best rewards with no annual fee.

Any advice, opinions?

Thanks!

My thoughts:

Capital One opened 2001- close
Discover opened 2001- keep
Bank of America- close
Disney Visa (no fee)- keep
Navy Federal Credit Card- close
Southwest Visa- keep
Chase Freedom-keep
Chase Sapphire- close

ETA: I am not sure how they compute average age of account, but if they do a straight average then this won't change much with keeping these cards, plus they are the ones you use. It will affect your debt to credit ratio tho.

 

[amcnj]

If your issue is mainly the bookeeping aspect of it all, you could just stop using certain ones and then not have to bother with them any more. Or are you talking about having to check their sites for fraud anyway? I have heard that having more cards open makes your usage seem less as a percentage of your total credit card limit and thus helps your credit score.

Overall you seem to have some favorites, and you have identified the top three. They appear to be good choices for you and your current credit card usage.

 

[TifffanyD]

I am thinking about downsizing too. We have

Disney visa (mine)
Disney visa (husband's)
Bank of America - for NCL rewards
Southwest
Dillard's

(plus my company card)

I am thinking of closing at least one of our Disney cards... they are the oldest but we don't use them both. I am worried about closing my husband's since it's the only card in HIS name so we might keep that even though it has a much lower limit. We've moved away from using that one and started using the Southwest one.

I am going to keep BoA because it links to my checking accounts and is easy to check on online banking.

Keeping Dillard's for now because it's actually an Amex and I can (and do) use it at Costco. Rewards are slim.

The only one with an annual fee is the Southwest one but you get enough points each year to cover the fee. I signed up for the 50k points too!!

 

[ICF]

I'd get rid of those with the annual fees, such as the SW card.

Then I'd review the rewards that the other cards give and decide which of those I wanted to keep.

And probably keep the 3-4 that have no fees and offer the best rewards for you.

 

[trip]

I would also get rid of those with annual fees unless you can justify them. Then I think I would go by credit limits - closing the lowest limit ones. Then by interest rate.

Are all of the cards in your name only? What works for my family is my DH has 2in his name only, I have 2 in my name only and we have 2 joint cards.

 

[Cheshire Figment]

One thing to do is just cut up the cards you do not use but do not close them. If you close a card it will lower your available credit and thus increase the utilization percentage, which is not a good thing for a credit score. After a certain point the issuer may close a card from non-use.

Also, they consider the average age of all cards in computation of a credit score; in this instance the higher the better.

 

[TheRustyScupper]

. . . Also, they consider the average age of all cards in computation of a credit score; in this instance the higher the better.

1) Yep, closing OLDER cards hurts more than closing NEWER cards.
2) Example - want to close one of two cards
. . . card started in 2001
. . . card started in 2010
. . . if the 2001 card is closed, it reduces FICO more than the 2010
. . . FICO points are influenced by how long the card has been open *
3) Keeping all the cards, but not using them is the best idea.
4) If there is no annual fee, then simply cut them up, as mentioned.
5) Also, the more NEWER cards you have can actually hurt your score.

 

[Planogirl]

I would keep Discover and one other older one. I would also keep the best Chase card.

Do use any you want to keep open occasionally. Most companies will shut down their cards due to lack of activity.

 

[MomToOne]

You also need to consider the size of the credit lines on each card when determining which one to close. You probably want to keeps the ones with the largest credit lines open - this will keep your utilization % low, which helps your credit score.

I personally would get rid of any card with an annual fee, if I wasn't receiving extra benefits each year at least equivalent to that fee (for example, I keep my UAL card open despite the annual fee, since I get free baggage benefits each year that more than make up for the annual fee).

Then I would keep everything else open, and just stop using most of them on a regular basis - pick one or two cards as your "go to" cards. Then, for the cards you are not using regularly, just make a charge or two a year on them to keep them open. You can rotate them 1 a month to keep bookkeeping to a minimum.

 

[kiki02]

Thinking same. someone told us you get a DING when you cancel credit cards (credit report).

true?

 

[hsmamato2]

noted in pp.... keep your oldest card open, the longer you have an open card(or 3) the higher your credit score remains, it's partly calculated on the length of time for credit history.
I also advise closing any cards that have fees *if you are not using them for the benefits*
If you are keeping certain cards open for benefits/rewards, be sure that you don't carry balances....
I think I know what OP is saying...having the open cards feels like someone could 'hack' your info and start charging on one of your accts...it does happen.
Honestly, if you have 8 cards, no fees, then you could set up each card to alert you by text/email if any activity occurs,which is usually plenty of time to call the CC company and halt the action fast.
example- I have a cc I never use....I have it set up online to alert me if any transactions are made/any payment is due. If I get an alert,I know to check it and call the company asap.
YOu have SWA and a Sapphire...both have fees, which is more benefits to you? you could close one of those.....

 

[platamama]

You could keep the Chase Sapphire and transfer UR points over to Southwest for RR points, and close the SW card since it would be redundant. The UR points are much more flexible.

 

[leebee]

Thinking same. someone told us you get a DING when you cancel credit cards (credit report).

true?

According to my lawyer, it's barely a blip. Also, the laws were changed so that if you do similar types of "things" (get mortgage quotes, for example) within a certain time period, it only shows as one inquiry and not one for every quote. If you are going to cancel cards, do them all at once... but seriously, it hardly effects your credit score at all.

 

[Karlzmom]

I saw that a PP said to close your NFCU card, but I have and love mine. No annual fee AND I get travel points on a 1:1 ratio to be used on any "regular" airline...but I seem to recall I was able to get jetblue and virgin america tickets as well. They also will give cash back...add in nice low interest specials and its a no-brainer in my book.

 

[xCourxCorex]

if managing them is your problem, have you tried Mint? It's an online site that manages all your financial stuff (savings and checking accts, credit cards, loans etc). I signed up, plugged in all my info for my 4 CCs, student loans, and banking info. I log in to mint and it all pops up. I do find that the transactions are usually a day behind (ie transferred money from my Capital One to checking.. takes an extra day or so to show up on Mint) but it categorizes every transaction, you can set up budgets, goals, etc. I love it!

 

[scrapquitler]

I currently have 8 scared1 credit cards. I turned 18 in 2000 so over the years I have just added to them for various rewards/reasons but never closed any.

I would really like to cut it back to maybe 3? It's not the issue of charging to much, it's more of an issue of managing 8. I update quicken every two weeks which means checking 8 different websites plus others for any activity.

I pay off the balance each month and have really moved away from charging stuff besides big items like vacations or emergencies which get paid off that month anyway.

I guess my question is which ones to close? Do I keep one of the oldest for length of credit history, go by interest rate, rewards, what?

Here's the list

Capital One opened 2001- no rewards (don't really use)

Discover opened 2001- love the 5% categories for cashback, used at least a few times for big purchases

Bank of America- opened 2004 no idea why I still have this one, I think I used to use it a lot to get points for Upromise but haven't been using it in last few years due to liking others better

Disney Visa (no fee)- opened 2008? I do use this one quite a lot since we have been to Disney at least once a year since 2009.

Navy Federal Credit Card- opened 2009? Again, no idea why I have this one. I think I happened to open it when there was a promotion or when I had a car loan through them. Dont use too often but it has the lowest interest rate of all my cards. Probably be the first choice if I had an emergency and wasn't going to pay it off immediately

Southwest Visa- opened 2010/11? Opened during one of the 50,000 points promotions. I seem to use it at least once a year to buy Southwest tickets and have gotten a free flight or two out of it

Chase Freedom-opened 2011? Love the rewards, no annual fee LOVE IT, use this one the most

Chase Sapphire- opened 2012 mostly for rewards, annual fee (but did earn more than enough last year to recoup that)


Which would you keep, how many? I have read not to close any to not hurt your credit score but I'm just tired of having to keep an eye on them all. My credit score is in the high 700s and we aren't going to be making any big purchases like a car or home for at least 3/4 years so I don't mind if it drops a little.

I was thinking keep:
Discover 2001 which will keep my credit history length

Disney Visa (I really just like my Tink card and use it for everyday purchases like gas if Discover and Freedom don't have 5% at that time). Also like the 6months no interest for packages, discount at Disney store,etc

Chase Freedom- best rewards with no annual fee.

Any advice, opinions?

Thanks!

I would keep them all open, and just use each one at least once every six months (just fill your car with gas or something) and then pay it off. That will keep you from getting a hit on your credit score. I wouldn't carry them around in my wallet all the time, just keep them in a safe place at home, keep one or two in your wallet for regular use.