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Card strategy going forward

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RyGuy4690
Established Member

Card strategy going forward

Hello all! 

 

I would like some strategy going forward on what to do with these accounts. Here is my current cards:

What is the best way to manage these at this point?

I already dropped United and Southwest and combined the $5k credit limits each onto the Sapphire. It offers a reasonable 12.49 apr as well which is nice. 

I want to just be sure that I am manging them properly

 

 

I would really appreciate everyone's advice. 

 

 

 

Card

Outstanding Balance

Credit Line

Interest Rate

Annual Fee

American Express Premier Rewards Gold Card

$0.00

NPSL

15.49% for pay over time

$195

American Express Gold Delta SkyMiles

$0.00

$12,300.00

10.49%

$95

American Express Starwood Preferred Guest Card

$0.00

$2,000.00

11.49%

$95

American Airlines AAdvantage Silver World Elite Master Card by Barclays Bank

$2,586.52

$10,000.00

13.24%

$195

Bank of America Cash Rewards Signature Visa

$3,000.00

$17,000.00

17.24%

$0

Discover It Card

$1,952.11

$11,400.00

14.24%

$0

Chase Sapphire Visa Signature

 $0.00

$20,000.00

12.49%

$0

Chase Marriott Rewards Premier Visa Signature

$1,843.89

$6,500.00

16.24%

$85

Citi ThankYou Preferred World MasterCard

$3,685.51

$10,100.00

11.49%

$0

Capital One Venture Visa Signature

$0.00

$10,000.00

20.90%

 $59

Capital One Quicksilver Visa Signature

$0.00

$11,000.00

17.90%

$0

Best Buy store card

$0.00

$10,000.00

 

$0

JCPenny store card

$0.00

$4,700.00

 

$0

Macy's store card

$0.00

$10,000.00

 

$0

EQ 727/TU 724/EX 716 myFICO 4/3/2016

Amex PRG NPSL/BoFA Cash Rewards Visa Signature 21k/Capital One Quicksilver VS 21k/Chase Sapphire 20k/Amex Gold Delta 12.3k/Discover It 11.9k/Citi ThankYou Preferred WMC 10.1k/American Airlines Silver WEMC 10k/Best Buy store card 10k/Macy's store card 10k/JCP store card 10k/Chase Marriott Premier VS 6.5k
Message 1 of 11
10 REPLIES 10
ddemari
Super Contributor

Re: Card strategy going forward

It looks like you are doing a great job with some great cards and limits. Moving forward, maybe try and reduce the debt on your AA WEMC, Chase Marriott, and Citi thank you. All in all though I would say you are doing good. Nice limits and APR's! 

Message 2 of 11
RyGuy4690
Established Member

Re: Card strategy going forward

The Quicksilver was opened in August 2015 and the Venture was opened in Febueary 2015. Can I combine the Venture soon into the Quicksilver? 

EQ 727/TU 724/EX 716 myFICO 4/3/2016

Amex PRG NPSL/BoFA Cash Rewards Visa Signature 21k/Capital One Quicksilver VS 21k/Chase Sapphire 20k/Amex Gold Delta 12.3k/Discover It 11.9k/Citi ThankYou Preferred WMC 10.1k/American Airlines Silver WEMC 10k/Best Buy store card 10k/Macy's store card 10k/JCP store card 10k/Chase Marriott Premier VS 6.5k
Message 3 of 11
creditguy
Valued Contributor

Re: Card strategy going forward

Your Amex Starwood limit sticks out like a sore thumb among those other great limits. Your portfolio looks great and covers a broad spectrum of uses. As long as you can justify all your annual fees, I don't see anything you need to do but maybe get Amex to jack up your starwoods limit. Just continue to build your limits and lower your APR's if you wish, other than that just sit back and enjoy the fruits of your labors, nice job.
Message 4 of 11
RyGuy4690
Established Member

Re: Card strategy going forward


@creditguy wrote:
Your Amex Starwood limit sticks out like a sore thumb among those other great limits. Your portfolio looks great and covers a broad spectrum of uses. As long as you can justify all your annual fees, I don't see anything you need to do but maybe get Amex to jack up your starwoods limit. Just continue to build your limits and lower your APR's if you wish, other than that just sit back and enjoy the fruits of your labors, nice job.

They wont raise the SPG limit because the Delta was just raised under the 3x- they said they would have to wait 6 months and even if I get a 3x in 6 months it will only be at 6k. Do you think it would just be worth it to just cancel the card? I already got the bonus. 

 

I think with the American Airlines card I might drop it down to a lower AF once it comes due? 

EQ 727/TU 724/EX 716 myFICO 4/3/2016

Amex PRG NPSL/BoFA Cash Rewards Visa Signature 21k/Capital One Quicksilver VS 21k/Chase Sapphire 20k/Amex Gold Delta 12.3k/Discover It 11.9k/Citi ThankYou Preferred WMC 10.1k/American Airlines Silver WEMC 10k/Best Buy store card 10k/Macy's store card 10k/JCP store card 10k/Chase Marriott Premier VS 6.5k
Message 5 of 11
creditguy
Valued Contributor

Re: Card strategy going forward

Only cancel it if you have no use for it. Who knows what's going to happen with the card when the Marriott merger is complete, Amex has been on a role with losing partners lately.

As far as the AA card goes, it depends on your needs. If your splitting your flights between Delta and AA, you may not be getting the full use out of your AA card and it would be beneficial to downgrade it. You know your situation best.
Message 6 of 11
Anonymous
Not applicable

Re: Card strategy going forward

13k in debt and over $700 in annual fees? I see a credit card disaster coming. Pay off all the debt, that's all you need to do.

Message 7 of 11
NRB525
Super Contributor

Re: Card strategy going forward

What are the APR actually being paid on those balances? If you are paying them off slowly at the listed rates, you can do better.

BT the balances through the Cap One cards, to temporarily get them off the BofA, Discover, Chase, Barclay and Citi cards.

 

Then, use the 0% BT offers that are always available on BofA, usually available on Discover, and often available on Citi to move those balances to a lower APR.

 

Unless you get lots of use out of the Barclays AA card, lowering the AF would be a good move.

 

Keeping the SPG until more clarity on the merger with Marriott, that's what I'm doing with mine (and rounding out points as well).

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 8 of 11
degs138
Established Contributor

Re: Card strategy going forward


@NRB525 wrote:

What are the APR actually being paid on those balances? If you are paying them off slowly at the listed rates, you can do better.

BT the balances through the Cap One cards, to temporarily get them off the BofA, Discover, Chase, Barclay and Citi cards.

 

Then, use the 0% BT offers that are always available on BofA, usually available on Discover, and often available on Citi to move those balances to a lower APR.

 

Unless you get lots of use out of the Barclays AA card, lowering the AF would be a good move.

 

Keeping the SPG until more clarity on the merger with Marriott, that's what I'm doing with mine (and rounding out points as well).


+1, way to much in AF unless you travel for work and get reinbursed.


FICO TU 757 Eq 741 116,900 Total revolving Credit.
Favorite cards: AMEX BCP, US Bank Cash+, Chase Sapphire Prefered
Message 9 of 11
Anonymous
Not applicable

Re: Card strategy going forward


@RyGuy4690 wrote:

The Quicksilver was opened in August 2015 and the Venture was opened in Febueary 2015. Can I combine the Venture soon into the Quicksilver? 


You should be able to request it after 6 months of opening the card, which should be next month.

 

As far as your other cards, I would get rid of the cards with AF if I can't justify the AF. Nice line up!

Message 10 of 11
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