Money Tips: Which credit cards should I consolidate?

Posted On: April 25, 2006

Guest: bullet875
Credit Expert (100+ Posts)
Post subject: Which credit cards should I consolidate?
Posted: Tue Apr 25, 2006 12:48 pm

Here are most of my 20 cards…which ones would you consolidate or get rid of? None have limits higher than 5k and I’m not lisitng cards that I know I am keeping…

1. Citi Professional
2. Charles Schwab Visa
3. Discover Gas (have other 5% cards if I need them) (Since supposedly Discover is hard to get should I keep this?)
4. Walmart Discover
5. Chase Visa Signature Priority Club
6. AmEx Hilton HHonors
7. Citi Simplicity Rewards
8. B of A Chpice Privileges Hotel Visa

Card that I am keeping (can I combine some of the above with some of these?

1. Chase Disney Visa
2. Converting Chase Chas Plus to Chase Rewards Plus after next statement date to up my rewrds earning ability
3. True Earnings AmEx Costco
4. Advanta Business
5. Chase Wawa Visa (I go to wawa A LOT! LOL)
6. Citi Dividend Select Mastercard (I’ve had this card the longest so I’m keeping it to keep my CC history longer)
7. JCB…hey I strugged to get this one, and I will us eit at the post office and a few online retailers just to keep it active..lol

I also have 3 store cards: Home depot, Kohls, and Old Navy. I use Old Navy and Kohls a lot, but HD I’ve had for 4 years so I’m keeping that too I guess.

Help me pare these cards down!!!!!! lol

Guest: XeroK00L
Posted: Tue Apr 25, 2006 12:55 pm

I don’t think you need to get rid of any of them unless you’re paying annual fees (e.g. Chase Visa Signature Priority Club). You can sockdrawer all of those that you don’t use and with no annual fees so that they can keep growing the age of your credit report.

Guest: bullet875
Credit Expert (100+ Posts)
Posted: Tue Apr 25, 2006 1:07 pm

Priority Club is definitely gone if I can’t talk my way out of the annual fee.

If I keep the rest, can I still get CLIs on the cards I use the most?

The ones I am thinking of getting rid of are all under a year old so I don’t know how much it could hurt my credit scores by closing them.

Guest: TomfromCT
Credit Expert (100+ Posts)
Posted: Tue Apr 25, 2006 1:57 pm

1. Citi Professional - consolidate onto the other chase signature
2. Charles Schwab Visa - bye bye
3. Discover Gas - keeper
4. Walmart Discover - bye bye smiley
5. Chase Visa Signature Priority Club keeper
6. AmEx Hilton HHonors - bye bye
7. Citi Simplicity Rewards - consolidate onto chase disney
8. B of A Chpice Privileges Hotel Visa - bye bye

Theres my two cents. Since I dont know alot about where you shop, I have to say that my reasons are all based on my life.
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Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Tue Apr 25, 2006 4:57 pm

the last that I heard, you cant consolidate discover, but if you can, do it. You can always change programs if there is a “Get More” program that you like…..