5 and under Club

[Revelate]

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@longtimelurker wrote:

As we have seen, it may also make sense to have lots (> 5) cards at some points, and then return to a smaller core collection at other times  (e.g. needs change, bonuses have been collected, cards get nerfed).    I am not a fan of "forever" cards as the market is dynamic, with both card nerfing (see SM as most recent!) and new better cards (CSR for some) but it makes sense to reevaluate your portfolio regularly, even if to confirtm "Yes, I am doing great!"

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Other than a $0 or trivial AF card that the lender is unlikely to ever close short of a BK, I would argue there's no such thing as a forever card anyway.

That said if I can keep my $500 DCU secured card for the next call it 40 years I will.  Oldest tradeline is sorta a big deal, and I got it early in my personal build whereas I really doubt I'll be able to keep my current oldest open tradeline (BOFA nee secured card), and I wouldn't bet on any other major lender either: see financial crisis.

[disdreamin]

I'm not yet in the 5 and under club, but I will be shortly. I've had 8 cards for about the past two years, and frankly I'm a bit sick of trying to make sure the SO uses the right card for purchases, and checking all the accounts regularly, along with paying the bills. That plus the nerfing of the SM card really drove me to reexamine my card lineup this week.

While I won't be to five this year (2016), that is my goal for early 2017 when Sallie Mae and my Arrival+ go away; I'm just waiting to cash in the rewards already earned and then they are gone. Already closed a Delta card today after reallocating some of the limit for that card, so the Barclay closures in January will bring me to five.

[Anonymous]

Most of us don't need 5 or more. Most of us are able to USE many more to wring out discounts and rewards. As those factors dry up close the dead weight. A minimal amount of accounts can still be a fluid thing. Add fOTM and send to chopping block another as you see fit.

[driftless]

New Rule: if you prefer to have more than 5 cards DO NOT post here. This is like the Garden Club, if you don't want to be a Gardener or an Under 5'ver, there are plenty more threads for you, move on.

[Anonymous]

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@driftless wrote:
New Rule: if you prefer to have more than 5 cards DO NOT post here. This is like the Garden Club, if you don't want to be a Gardener or an Under 5'ver, there are plenty more threads for you.

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Sorry, it's not up to you who posts in a thread.  Everyone is entitled to give their opinions and experiences.

[driftless]

I am sorry, the Garden Club thread has boundaries that are respected, why can't this thread have the same boundaries? While this is a new thread I suggest that if it be be allowed to continued; and it should, be given the same encouragement and protection as the Garden Club. This is a subject that that is reoccurring and important to the members of this board. IMHO.

[Anonymous]

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@driftless wrote:

Greetings all,

I have been an active poster in the Garden Club for a while but I have become disullsioned with so many posters popping in and out as they continue to app.  And, there are those posters that acknowledge that they just biding their time until their next app spree.  Meh.  I understand the need to move and close starter and rebuilder cards.  Those of us who have had to rebuild have all done it.  I would like to deviate from the common thinking in that you need to have a lot of cards to those that think fewer is better.  This thread, and I would like to keep it going every month, is exclusively for those who are committed to keeping the credit card count down to 5 or below.  Business cards that used entirely for busines are not counted.  

Any other fewer cards folks out there?  How does approach impove, simply your credit life?

Driftless

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Driftless started this thread specifically inviting those who were into fewer cards to share their experiences. Like a few of my own threads in the past, it has been hi-jacked by those merely wanting to debate, in this case few cards vs. many cards. It's not what the thread was intended for. It would be nice if all members actually read the topic and stuck to it. Yes, there is no right or wrong when it comes to numbers of cards, so just let those that want to commit to fewer cards be.

[Anonymous]

I'm with Irish… 5 solid cards is what more and more of us should aspire to be at. Hey! but if you've declared bankruptcy you don't have 5 cards anymore so you should be in the "club" too? Well no. 5 solid cards i see as an achievement and should be shared. To brag about 5 status to insult others' paths… not cool.

[Anonymous]

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@Anonymous wrote:
I'm with Irish… 5 solid cards is what more and more of us should aspire to be at. Hey! but if you've declared bankruptcy you don't have 5 cards anymore so you should be in the "club" too? Well no. 5 solid cards i see as an achievement and should be shared. To brag about 5 status to insult others' paths… not cool.

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What are you talking about? I haven't read one single post from a bk'er insulting anyone, only sharing our end goals and why we are making different choices. And to make another point to your false claim, I'm a bk'er with 7 cards. 

Your entire post was insulting and not cool. 

[UncleB]

Just a reminder to keep things FSR... remember it's not optional here.

http://ficoforums.myfico.com/t5/Credit-Cards/Forum-Etiquette/m-p/2797115

To clarify, the garden club thread is for everyone - no one is excluded - it's simply asked that discussion of new approvals be put in their proper place, which is the 'Credit Card Approvals' sub-forum.  Literally anything else FSR and within TOS is open for discussion there, and it's open to the entire membership of myFICO.

Irish80 is correct that on a public board you can't exclude people from participating.  You can guide the conversation, but it's simply not practical to make a 'rule' about who can (or can't) post... and in any case, it's not within the TOS of this site to exclude anybody, nor should it be.

If you have any questions, feel free to reach out to myself, another CL, or a moderator via PM or you can use the 'Report Inappropriate Content' option.

Thanks for understanding.