- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Credit Cards question---updated with more info
Posted on 4/30/15 at 1:47 pm
Posted on 4/30/15 at 1:47 pm
I currently have 4 credit cards and I'm paying them off tomorrow. My question is: Should I cancel 1 or 2 of them or keep all four? Will it hurt my credit if I cancel 1 or 2 of them? They all have similar annual %. Thanks 
ETA:
So, the four credit cards I found out about the fees..... 2 cards have no monthly or annual fees. One card has a $8.25 fee per month ($99 a year). The fourth card has a $49 annual fee and $14.50 per month fee ($223 a year). I'm thinking about canceling the card that charges the $14.50/month. Good decision or bad? What would the money talk guys do in my situation?
ETA:
So, the four credit cards I found out about the fees..... 2 cards have no monthly or annual fees. One card has a $8.25 fee per month ($99 a year). The fourth card has a $49 annual fee and $14.50 per month fee ($223 a year). I'm thinking about canceling the card that charges the $14.50/month. Good decision or bad? What would the money talk guys do in my situation?
This post was edited on 4/30/15 at 9:21 pm
6
Posted on 4/30/15 at 1:57 pm to TechDawg2007
Only thing I can offer is if you do cancel a card, don't cancel your oldest credit card. It will shorten your average length/age of credit card history which will affect your credit score.
Posted on 4/30/15 at 1:58 pm to TechDawg2007
How old are the cards? My gut reaction is to just keep all four for now. If you use any of them your credit utilization % would be lower if you keep all 4 vs if you just have 2. More cards = more credit across the board.
This post was edited on 4/30/15 at 1:59 pm
Posted on 4/30/15 at 1:59 pm to JonaYolles
They are all about 2 years old
Posted on 4/30/15 at 2:14 pm to TechDawg2007
Just keep them for now. 2 years isn't even that long. I've had my longest CC for 2 years and that fricked me when I was getting a car loan. "thin" file.
Posted on 4/30/15 at 2:26 pm to TechDawg2007
Do any have annual fees? If so and you don't plan on using that one much, obviously cancel that one.
Posted on 4/30/15 at 2:26 pm to TechDawg2007
Ya its a case by case basis.
I have like 14 CCs right now. Not counting my wife
Eta: looks like she has 7
I have like 14 CCs right now. Not counting my wife
Eta: looks like she has 7
This post was edited on 4/30/15 at 2:29 pm
Posted on 4/30/15 at 2:38 pm to TechDawg2007
Would not cancel unless there are annual fees associated with a card
Posted on 4/30/15 at 3:02 pm to Teddy Ruxpin
quote:
I have like 14 CCs right now. Not counting my wife
Eta: looks like she has 7
Jesus Gawd.
I'm at one AMEX, one VISA for work and a VISA associated with my FU account.
She has a VISA debit on the household account, the twin to my AMEX and some kind of a work card.
Posted on 4/30/15 at 3:22 pm to TechDawg2007
Do not cancel. It'll lower your credit available, thus increasing the % of credit used. Could very possibly lower your score too.
Posted on 4/30/15 at 3:24 pm to Teddy Ruxpin
Just curious, why so many?
Posted on 4/30/15 at 3:25 pm to hbuc88
He plays the points/miles game.
Posted on 4/30/15 at 3:29 pm to VABuckeye
He plays the points/miles game.
__________________________________________________
Got it
__________________________________________________
Got it
Posted on 4/30/15 at 3:32 pm to hbuc88
quote:
Just curious, why so many?
True OT baller
Posted on 4/30/15 at 4:03 pm to LSUAfro
quote:
True OT baller
Fact.
As to the other poster for why and credit score stuff:
3 of them I never use and are no annual fee. So, if you have no annual fee cards and the bank isn't taking them away, keep them for age of credit. Don't cancel what you don't have to.
I have a few others like a Chase Freedom for me and one for her that we use for 5X. She needs her own cards to have her own credit. Would be pretty fricked up if we split or I died and she had no credit right? Those are no annual fee so no problem. Plus, any sign up bonus I can get she can get. Paying to travel is stupid, and this lets us minimize the times and amounts that we do.
As stated, points game and they get canceled or downgraded if possible since I already have a few anchor lines of credit. Not to mention, I'll never have high utilization, even in an emergency situation where I have to drop $5k on a credit card. So that part of my score is good as well. Of course, you can keep utilization low by regularly paying down your balance and not being a nitwit.
The only cards I will pay annual fees on are one Ink Bold, Amex SPG, and Barclay's Arrival+ as of now.
Obviously, I don't score too well in the "inquiry" department but that's a minor element.
This post was edited on 4/30/15 at 4:32 pm
Posted on 4/30/15 at 9:18 pm to Teddy Ruxpin
So, the four credit cards I found out about the fees..... 2 cards have no monthly or annual fees. One card has a $8.25 fee per month ($99 a year). The fourth card has a $49 annual fee and $14.50 per month fee ($223 a year). I'm thinking about canceling the card that charges the $14.50/month. Good decision or bad? What would the money talk guys do in my situation?
Posted on 4/30/15 at 9:57 pm to TechDawg2007
quote:
ne card has a $8.25 fee per month ($99 a year). The fourth card has a $49 annual fee and $14.50 per month fee ($223 a year). I'm thinking about canceling the card that charges the $14.50/month. Good decision or bad? What would the money talk guys do in my situation?
We can't begin to help unless we know what the card is and then if you're spending/lifestyle match the benefits of it.
Posted on 5/1/15 at 10:34 am to Teddy Ruxpin
That fourth card sounds terrible.
Posted on 5/1/15 at 11:37 am to VABuckeye
quote:
That fourth card sounds terrible.
Sure does. I kind of glossed over the fees once I had nothing to compare it to, but that one sounds terrible without the extra info.
Posted on 5/1/15 at 12:00 pm to Teddy Ruxpin
What kind of card has a monthly fee? 
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News