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So, the last posts I made had me in dire financial straits. Thankfully that has turned around quite a bit in the last few years, and while I do have more debt load(due to now owning 2 homes, both of which produce income), my revolving debt which was the real problem is currently sitting at, basically, 0. I'm travelling heavily for work with over 150k miles done in the last year and top tier status with at least 1 airline and 1 hotel chain. That being said, reading on TPG and other sites, it seems I need to up my "credit card" game. I currently have an 800+ credit score(that's never changed in all my threads), and have a lot of credit cards, many with lots of "age" to them. Below is a list of my credit cards and their age, as well as 2 that have a monthly fee. I want to cancel as many of them as possible without wrecking my credit score, and then I think I also want to sign up for a Chase Sapphire Reserve. This card does have a hefty annual fee, but it seems that the fee is EASILY paid back by using points appropriately. I do all my spending via credit card(I rarely spend more then 100$ of physical cash in a month) and have probably shuttled nearly(if not significantly more than) 100k through my Marriott card this year, so earning points is/will be easy.  The question is, given the age on these cards, which do I cancel? I think cancelling the CapOne Venure should come first, and not hurt too bad. How hard will cancelling many of the rest be? How bad will it hit my credit score? How long will it take to rebuild?
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Nov 1, 2017 16:43
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Also, really unsure who gave me the avatar, I wonder how long ago someone changed it to that. I definitely don't fit that mold
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Nov 1, 2017 16:44
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Cancelling a lot of cards will lower your credit score in the short-term. No way to know exactly how much lower it'll go. Yea, the card you've had 2.5 years should be the first to go. I'd cancel that one and see how it changes your score in the coming months and then decide if it's worth it to keep removing more.DogsCantBudget posted:Also, really unsure who gave me the avatar, I wonder how long ago someone changed it to that. I definitely don't fit that mold That's the default avatar at the moment.
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Nov 9, 2017 21:59
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Assuming your utilization doesn't change significantly (you seem to be doing a good job with paying off your cards), I doubt your credit score will take much of a hit since even cancelled cards contribute to the average age of your accounts for 10 years. You might as well close everything with an annual fee if you're going to switch to the CSR. You should be able to remove yourself as AU just by calling in (that is, the primary cardholder doesn't have to be involved). Depending on what the Citibank cards are, you might want to keep them open because of their 24 month policy.
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Nov 20, 2017 20:33
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