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inexperiencedBorrower92

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Responsible Borrowing, Credit Card Balancing
I am currently 23 years old and have pretty much been approved for every card I've applied for and with that said I'm to a point where I've considered closing out some older cards (mostly Barclay) that I hardly use I only put little subscriptions on them such as netflix, squarespace, etc.. I'm at a point where I think I'm getting too much credit if that makes any sense and susceptible to missing a payment (perfect record). I have 701 score, I'm thinking of moving my discover balance, rest of my capital one REW card balance to the slate along with half of the capital one QS would that be smart? Thank you in advance!

Chase Sapphire Preferred: $7k (4months) current balance: $1.2k
Chase Slate: $3.2k (1month) current balance: $700 grace period: Dec '16
Capital One Venture: $10k (4months) current balance: $2.2k grace period: June '16
Capital One Quick: $2k (4months) current balance: $400 grace period: May '16
Cap One Rew. MC: $4.5k (1year 8months): $125
Barclay Card Rew: $1k (1year 8months) :$0
Discover Cashback: $3k (5years 3months) :$250

Home Loan: $180k

Student Loans: $4k

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Top Contributor
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You have to do what is right for you, but closing lines of credit is not a good idea if you are concerned about your credit. If you close lines you are not only losing the active account status of them, but you will reduce your overall credit limit and that will raise your credit utilization which will ding your scores. Transferring debt with interest to a no interest card is a very good idea, but don't overutilize or max out the card that you are transferring the debt to. If you do decide to close cards, only do one at a time and wait a month or two between each closing to see the affect on your credit.

Top Contributor
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You are going to get youself it to some real trouble if you keep charging and leaving a balance on your Credit Cards.   STOP!

Take EVERY CARD OUT OF YOUR WALLET Now,  put them away you don't need to have them withyou at all.

Pay Off your 2 CapOne and Discover Cards  NOW,  

As for Closing Credit Cards, Only if there a Yearly fee do you want to think about cloing the account and Even then you want to wait until your average age of accounts is over 5 years for all over them.  the affect will be very min then.

Do you have a Monthly Budget?   If not get on it,  you need to do this every month.  What do you have coming in and what are you paying out.

Pay your Credit Cards down to 0,   Never Carry a balance  EVER!  ( even for the 0 APR period,  UNLESS you have the Cash in the bank to pay the acount off now )

Only Purchase Items you have Cash for.   You may charge it but make sure you pay the account off the next day.

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