Which Credit Cards to Close?

[LizfromtheBronx]

Hi all,

I love coming here and reading all the posts. I'm usually more of a lurker, but am about to pay off my credit card debt. Yay me!

I have a pretty low score (617 according to Credit Karma the other day), thanks to years of a way too high utilization and late payments in the distant past (more than 4 years ago). I want to close the majority of the cards, to reduce the number of open accounts and because I don't need as many as I have (a scary amount!) I'm trying to decide which to close. Some are obvious choices (annual fees/no rewards). Others are unclear (interest rate shouldn't matter since I am no longer going to carry a balance, but I am providing it anyway).

Card - CL - Interest Rate - Annual Fee - Year Opened

Orchard - $520 - 14.9% - $79 - 2004-5?
Barclay - $750 - 29.99% - none - 2008 (iTunes/Apple rewards)
First Premier - $425 - 20.15% - $75 (I think) - 2003-4? (this is my oldest card, can't remember exactly when it was opened)
Capital One Orbitz - $1500 - 20.9% - none - 2008 (rewards, but nothing special)
Old Navy Store Card - $500 - 24.2% - none - 2009? (lots of rewards and discounts)
Credit One - $400 - 23.9% - not sure - 2011
Capital One Platinum - $2000 - 17.9% - none - 2008
First National - $350 - not sure - not sure - 2011
Capital One Platinum - $1500 - 15.9% - none - 2008
First Premier Platinum - $400 - 20.15% - $75 (I think) - 2007
Chase Slate - $1000 - 29.99% - none - 2008
Amazon Store Card - $750 - 25.99% - none - 2011

With that said, as of right now, my plan is to close the following: Orchard, both First Premier, Credit One, First National and Amazon.

I could probably also close the Barclay, as I have had the card for 3 years and haven't ever cashed in rewards.

I do get a lot of great discounts by using the Old Navy card, so I will keep that one and just make sure it's paid in full.

I chose the Capital One cards and Chase Slate to stay open mainly because they have the highest limits and no annual fees. I would probably eventually close one or two more of those as well, depending on if the issuers slash my credit limits (I know this is common).

Thoughts?

Thanks!
Liz

[BMEPhDinCO]

Welcome and great job paying off your cards! Here are my thoughts, with BOLD being keep, Underline being toss. Further, if you USE the Barclay, Old Navy, and Amazon, keep all of them - Amazon does offer 3% back on their purchases and there's not much you CAN'T buy there (I haven't done anything to these cards). I'd keep the First Premier since it gives you a long history, but call and see if you can get the fee waived, sometimes they do that instead of you canceling. Not sure why you have two Capital One Platinum cards?? But keep the one with the higher limit

Orchard - $520 - 14.9% - $79 - 2004-5?
Barclay - $750 - 29.99% - none - 2008 (iTunes/Apple rewards)
First Premier - $425 - 20.15% - $75 (I think) - 2003-4? (this is my oldest card, can't remember exactly when it was opened)
Capital One Orbitz - $1500 - 20.9% - none - 2008 (rewards, but nothing special)
Old Navy Store Card - $500 - 24.2% - none - 2009? (lots of rewards and discounts)
Credit One - $400 - 23.9% - not sure - 2011
Capital One Platinum - $2000 - 17.9% - none - 2008
First National - $350 - not sure - not sure - 2011
Capital One Platinum - $1500 - 15.9% - none - 2008
First Premier Platinum - $400 - 20.15% - $75 (I think) - 2007
Chase Slate - $1000 - 29.99% - none - 2008
Amazon Store Card - $750 - 25.99% - none - 2011

For more assistance, check out credit card specific boards (such as myfico.com).

Good luck!

[orenwach]

I would personally close every card that has an annual fee, unless when you are trying to close the account they tell you they will wave the annual fee if you don't close it.

Since you are also trying to build your credit score, I wouldn't close any of the cards that don't have any annual fees. Part of the way your credit score is calculated, as you mentioned, is credit utilization. This means that the more credit available that's not being used is better for you. Also, when you close your cards the average age of your credit goes down, which would hurt your score as well.

[JoshuaHeckathorn]

I would leave anything open that doesn't have an annual fee, even if you don't use the card regularly. Get rid of the Orchard, First Premier cards, Credit One (definitely has an annual fee), and First National (if you confirm it has an annual fee).

I like the previous poster's idea of trying to convince First Premier to waive the annual fee on your oldest card, but I doubt they'll do that. First Premier is struggling right now and probably won't be willing to waive it, but it's worth a try. If you can keep your oldest card open, that's of course ideal.

[LizfromtheBronx]

Thanks everybody! The Amazon card is just the store card, not the Visa, so it has no rewards.

I'll have to go back and look at the statements for the past year for the cards with annual fees to see what month it's charged in - maybe I will wait until the month before that to call and cancel so I can keep as much available credit as possible for a while. If they'll waive the fee, I will leave it open, but if not, I will close.

Either way, the only cards that are remaining in my possession are going to be the Capital One Platinum ($2k limit) and the Old Navy. Everything else is being hidden somewhere in my mother's house

I'm hoping to get a pretty decent boost just from the utilization dropping to 0. All the other negatives are pretty close to dropping off.

[Hector]

I would close all the cards that have annual fees.

from remaining,
I would keep my oldest card with no annual fees open.
I would keep my reward cards that I use regularly.
rest, I would close them.