Reply
Regular Contributor
patsfan1453
Posts: 202
Registered: ‎11-04-2012
0

Credit Closing Spree!!

Yea it may not be the spree we are used to seeing on these boards but I have to many credit cards. I just recently got the CSP and matching that with the freedom my needs are met. So I just closed my Cap 1 with a 750 limit (my oldest trade line), a Paypal Mastercard with a 1500 limit and a best buy rewards with a 1k limit. I am also going to close my Amex Green and BCE. I hate Amexs' rewards redemption and frankly I think their CSRs suck. I'm going to close the Citi Simplicity once the 18 month promo period is up. I want to trim down to about 5-6 cards and leave it at that. My util will probably go up 1% or so, so really not a big deal. 

Amex Everyday 6k || Chase Sapphire 5k || Buypower Card 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 5.5k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k || Chase Amazon 1k
Business: Chase ink cash 5k || AMEX Simply Cash 3.8k
Total CLs: 48.7k
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Credit Closing Spree!!


patsfan1453 wrote:

Yea it may not be the spree we are used to seeing on these boards but I have to many credit cards. I just recently got the CSP and matching that with the freedom my needs are met. So I just closed my Cap 1 with a 750 limit (my oldest trade line), a Paypal Mastercard with a 1500 limit and a best buy rewards with a 1k limit. I am also going to close my Amex Green and BCE. I hate Amexs' rewards redemption and frankly I think their CSRs suck. I'm going to close the Citi Simplicity once the 18 month promo period is up. I want to trim down to about 5-6 cards and leave it at that. My util will probably go up 1% or so, so really not a big deal. 


I would have SD'd the Paypal and gotten 4 month CLI's on it. :smileyindifferent:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Frequent Contributor
Laugh
Posts: 254
Registered: ‎12-29-2012
0

Re: Credit Closing Spree!!

Same here. I closed my amazon store card and gap store card once I got the CSP.

I'm probably going to close my discover soon too. I'll close my Walmart discover card in a jiffy if they stop handing out the free TU FICO.
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Established Member
Tsucchi
Posts: 29
Registered: ‎11-09-2012
0

Re: Credit Closing Spree!!

I was thinking of closing my student cc which has no rewards and low limit, but it happens to be my oldest too. My aaoa is about 2 years. Having too many cards can be unnecessarily stressful to maintain I think.

BofA: Student Platinum Plus Visa: $2k; Cash Rewards Visa: $10k
Chase: Freedom MC: $10k
Amex: TE Costco: $20k; Blue (AU) $9.9k
Discover: IT: $4k
FICO EX (01/15/2014): 745; CK (2/14/2014): 710; CS (2/8/2014): 768
Regular Contributor
ternify-
Posts: 185
Registered: ‎10-11-2012
0

Re: Credit Closing Spree!!


patsfan1453 wrote:

Yea it may not be the spree we are used to seeing on these boards but I have to many credit cards. I just recently got the CSP and matching that with the freedom my needs are met. So I just closed my Cap 1 with a 750 limit (my oldest trade line), a Paypal Mastercard with a 1500 limit and a best buy rewards with a 1k limit. I am also going to close my Amex Green and BCE. I hate Amexs' rewards redemption and frankly I think their CSRs suck. I'm going to close the Citi Simplicity once the 18 month promo period is up. I want to trim down to about 5-6 cards and leave it at that. My util will probably go up 1% or so, so really not a big deal. 


Hmm, I can understand closing down the Green, but BCE?? You're going to let the potential 3x CLIs go to waste?

Chase Sapphire Preferred / Chase United MileagePlus Explorer / Chase Freedom / AMEX PRG / AMEX SPG / AMEX BCE / Discover IT / Barclaycard Financing / BofA Cash Rewards for Students / CITI Classic
Frequent Contributor
Laugh
Posts: 254
Registered: ‎12-29-2012
0

Re: Credit Closing Spree!!

[ Edited ]

ternify- wrote:

patsfan1453 wrote:

Yea it may not be the spree we are used to seeing on these boards but I have to many credit cards. I just recently got the CSP and matching that with the freedom my needs are met. So I just closed my Cap 1 with a 750 limit (my oldest trade line), a Paypal Mastercard with a 1500 limit and a best buy rewards with a 1k limit. I am also going to close my Amex Green and BCE. I hate Amexs' rewards redemption and frankly I think their CSRs suck. I'm going to close the Citi Simplicity once the 18 month promo period is up. I want to trim down to about 5-6 cards and leave it at that. My util will probably go up 1% or so, so really not a big deal. 


Hmm, I can understand closing down the Green, but BCE?? You're going to let the potential 3x CLIs go to waste?


Credit limits can be understood in two ways. Its great for those with sufficient incomes, but for low income/college students such as myself, it is a deterrent. A higher credit limit cripples my future credit limit increases to the cards I do use and chances for new credit. That's why I close off useless cards. 

 

And it still stays on your report for "10 years" so there's really nothing to lose other than the utilization aspect. 

Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Frequent Contributor
OptimalCS
Posts: 405
Registered: ‎07-31-2010
0

Re: Credit Closing Spree!!

Welcome to the club. I think having 5 is way too much for me. If I can't get a 5 digit CL with discover within a year. They might be the first to go.

CARDS.jpg

Regular Contributor
patsfan1453
Posts: 202
Registered: ‎11-04-2012
0

Re: Credit Closing Spree!!


ternify- wrote:

patsfan1453 wrote:

Yea it may not be the spree we are used to seeing on these boards but I have to many credit cards. I just recently got the CSP and matching that with the freedom my needs are met. So I just closed my Cap 1 with a 750 limit (my oldest trade line), a Paypal Mastercard with a 1500 limit and a best buy rewards with a 1k limit. I am also going to close my Amex Green and BCE. I hate Amexs' rewards redemption and frankly I think their CSRs suck. I'm going to close the Citi Simplicity once the 18 month promo period is up. I want to trim down to about 5-6 cards and leave it at that. My util will probably go up 1% or so, so really not a big deal. 


Hmm, I can understand closing down the Green, but BCE?? You're going to let the potential 3x CLIs go to waste?


Well here's the thing. I've been denied for a CLI about 4 times. Their reason? My 730 credit score is to low. I'm not going to bother chasing after them for credit when I have the CSP. They have to earn my business now not the other way around. I have options haha.

Amex Everyday 6k || Chase Sapphire 5k || Buypower Card 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 5.5k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k || Chase Amazon 1k
Business: Chase ink cash 5k || AMEX Simply Cash 3.8k
Total CLs: 48.7k
Regular Contributor
patsfan1453
Posts: 202
Registered: ‎11-04-2012
0

Re: Credit Closing Spree!!


LS2982 wrote:

patsfan1453 wrote:

Yea it may not be the spree we are used to seeing on these boards but I have to many credit cards. I just recently got the CSP and matching that with the freedom my needs are met. So I just closed my Cap 1 with a 750 limit (my oldest trade line), a Paypal Mastercard with a 1500 limit and a best buy rewards with a 1k limit. I am also going to close my Amex Green and BCE. I hate Amexs' rewards redemption and frankly I think their CSRs suck. I'm going to close the Citi Simplicity once the 18 month promo period is up. I want to trim down to about 5-6 cards and leave it at that. My util will probably go up 1% or so, so really not a big deal. 


I would have SD'd the Paypal and gotten 4 month CLI's on it. :smileyindifferent:


Yea I'm not to worried about it. The way I see it the less credit I have the more responsible I will be with keeping my debt down. You can convince yourself a 9% util is good until you look at it and you have 5k in debt. I make 42k a year so I dont need 30k in credit lines. 

Amex Everyday 6k || Chase Sapphire 5k || Buypower Card 5k || USAA Wounded Warrior Mastercard 4k || Citi TYP 4.9k|| Citi Forward 5.5k || Discover It 2k || Chase Freedom 5.5k || Walmart 1k || Chase Amazon 1k
Business: Chase ink cash 5k || AMEX Simply Cash 3.8k
Total CLs: 48.7k
Established Contributor
eddie84
Posts: 589
Registered: ‎05-28-2013
0

Re: Credit Closing Spree!!

I closed a bunch of cards before I join this forum...  didn't know we were supposed to leave them open. lol  They were Shell, Amazon, JCP, 2x Capital Ones, Staples, Union76, Citibank, Comenity Trek card, etc.:smileyfrustrated:

9/21/14 EQ 704 | AmEx Platinum NPSL | Discover it $11k | BofA Travel Rewards Visa Sig $7k | Citi Platinum Select AAdvantage WMC $10k | Barclaycard Arrival+ WMC $9.7k | Jared/Kay $5.1k | Chase Sapphire Preferred $5k | BofA Cash Rewards Visa Sig $5k | DFS $5k | PayPal SC $5.6k | PayPal Credit $6.5k | Citi Diamond Preferred MC $4.7k | BofA Better Balance Rewards MC $7k | Chase Freedom Visa $4k | Zales $5k | US Bank Visa Platinum $3k | Bloomingdale's $3k | Amex Hilton HHonors $2k | Macy's $2.5k | Amex Delta SkyMiles $1k | Chase Amazon $800

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}