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Too soon to be closing cards?

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After reading references to "toy cards," it occurs to me that I am a bit of a schmuck. I have seven cards, all opened between six and 18 months ago. I have a store card and a gas card with $300 limits. I can live with that, but I also have four cards (two Cap1, local CU, and Discover) that each have $200-$500 limits. My AMEX Delta Gold is my biggest CL, at $1000. My FICOs all hover around 640. I am really tempted to ditch some of these cards and just take the FICO hit to be rid of them. Is this wise? I always PIF, don't use them much anyway and can't seem to get any CLIs out of them. Please advise, and thank you. 

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Rule of thumb is never to close a no-fee card.  As time progresses, the age of your earliest cards is invaluable as a credit score boost.

 

As far as CLi's, just know that issuers like to see active use (revolving a balance isn't necessary, so PIF is good).

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I would leave them open and continue to request credit limit increases on a regular basis. If you notice a jump in your score I would also request another increase if you havent received one in the last 6 months. Dont let them stay dormant too long.

Sent from my SM-N950U using Tapatalk

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On 4/17/2019 at 6:33 PM, cleverpronoun said:

After reading references to "toy cards," it occurs to me that I am a bit of a schmuck. I have seven cards, all opened between six and 18 months ago. I have a store card and a gas card with $300 limits. I can live with that, but I also have four cards (two Cap1, local CU, and Discover) that each have $200-$500 limits. My AMEX Delta Gold is my biggest CL, at $1000. My FICOs all hover around 640. I am really tempted to ditch some of these cards and just take the FICO hit to be rid of them. Is this wise? I always PIF, don't use them much anyway and can't seem to get any CLIs out of them. Please advise, and thank you. 

Your frustration is misdirected. 

 

Generally speaking store and gas cards are the turds at the bottom of the bowl (although if you name the store card you might get some targeted advice, because, for example, Lowe's > Fingerhut.).

 

Work on CLIs across the board as suggested. 

 

I'm not suggesting closing anything for reasons already covered. 

 

 

Edited by cv91915

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On 4/17/2019 at 6:33 PM, cleverpronoun said:

After reading references to "toy cards," it occurs to me that I am a bit of a schmuck.

Also, don't dwell on this, just focus on the future. 

 

Plenty of us have opened schmucked-up accounts.  

 

I still have a couple of them.  🤢

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