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@Anonymous wrote:I closed 5 Synchrony cards last year of 39k all on the same day. Didn't receive a peep from other lenders and still continued to get normal CLI's, etc.
Only thing I would suggest is combine limits where you can.
Thanks Wave that is good to know....I am also trying to lower my overall exposure, as of now I am at 356,000 overall, so I do want that down a bit also.....
Fair enough
@odd_dog wrote:So I am going through a "thinning of the herd" with my credit card portfolio, I have a list of about 5 cards that are going bye, bye. I have cancelled two within two weeks and I have three more I want to delete. My question for those in the know is, should I slow down closing these accounts, or can I get rid of them quickly? Does it look bad on reports, and will that make my other lenders "skittish"? I am not worried about my util, AAoA or even getting new cards (I am in the garden). I just do not want to spook my existing banks...what you think? Thanks in advance for your advice.....
You have an outstanding portfilio! I do not think it will hurt anything to trim the trees so to speak.
A few years back when I was more active on these forums, I built a portfilio with way too many cards. But, at that time, it was a lot of fun.
Fast forward to today, I have gotten rid of what I figured I would not need (and have not missed them at all). We still have a nice portfolio that works well for us. Rather than 25 with low limits, we have 15 with very high limits. As I remember, at the high point, our portfolio was about $462,000 in available credit. Never carry a balance... I think today we are at $375,000 or so...
Big picture, getting rid of cards did no harm at all. I say, go for it!
@RockinRay wrote:
@odd_dog wrote:So I am going through a "thinning of the herd" with my credit card portfolio, I have a list of about 5 cards that are going bye, bye. I have cancelled two within two weeks and I have three more I want to delete. My question for those in the know is, should I slow down closing these accounts, or can I get rid of them quickly? Does it look bad on reports, and will that make my other lenders "skittish"? I am not worried about my util, AAoA or even getting new cards (I am in the garden). I just do not want to spook my existing banks...what you think? Thanks in advance for your advice.....
You have an outstanding portfilio! I do not think it will hurt anything to trim the trees so to speak.
A few years back when I was more active on these forums, I built a portfilio with way too many cards. But, at that time, it was a lot of fun.
Fast forward to today, I have gotten rid of what I figured I would not need (and have not missed them at all). We still have a nice portfolio that works well for us. Rather than 25 with low limits, we have 15 with very high limits. As I remember, at the high point, our portfolio was about $462,000 in available credit. Never carry a balance... I think today we are at $375,000 or so...
Big picture, getting rid of cards did no harm at all. I say, go for it!
Thanks so much! Looks like you have handled things well!! I agree after awhile you have to look at your portfolio and just jettison what you are not using, when you have a lot of cards the sock drawer just looks like trouble waiting to happen (fraud, identity theft) if you don't use it, you don't need it, and if your needs change I see no reason not to discard and move on to cards that will work for you......