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Credit Closing Spree!!

Regular Contributor

Re: Credit Closing Spree!!


patsfan1453 wrote:

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.


Yep, then it's totally understandable. Everyone definitely has a right to choose who to do business with if they're not getting what they think they deserve . It's wierd they didn't provide any other reason other than the score being too low.

Message 11 of 24
Super Contributor

Re: Credit Closing Spree!!


Laugh wrote:

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. 


And the same is true at higher income levels.   Once your CL is X times your income, for your choice of X, it's hard to justify the need for getting more.   If you actually used a big portion of it, you would have trouble meeting the payments so it's not really all that usable.

 

There's a lot of "get it because I can" going on (and maybe "mine is bigger than yours!") and that's OK, but so is your strategy.

Message 12 of 24
Regular Contributor

Re: Credit Closing Spree!!

Put in a last chance cli request today on the BCE, 7-10 message. Just used live chat to ask if I can PC to BCP, she said I can do it in a couple months but I can do it for all Blues except BCP. She said they arent taking apps for that anymore. But she told me to cancel the card and app for it?? I dont like Amex CSRs, they dont know what the hell they are talking about. But anyway, used the live chat and cacelled both the green and BCE. 

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
Message 13 of 24
Regular Contributor

Re: Credit Closing Spree!!

I'm Still Debating to Close mY Cap one Card... it's now by far the oldest opened CC (2007) and the rest opened all in june july
I'll probably do it when it's time for my AF or if i step out of the garden for the Amex 


Current score TU 708, EX 686 EQ 715
Status I.T.Garden Till 08/2014
Message 14 of 24
Frequent Contributor

Re: Credit Closing Spree!!

I applaud you for cutting out the excess cards that are no longer working for you. A lot of people won't do that for various reasons. I myself plan to close my Chase Amazon.com Rewards Card once I pick up a Chase Freedom (either through PC or new App) and AmEx BCP. I will probably also cut my current Capital One Cash Rewards (Platinum with added benefits) at the same time, unless I can get it upgraded to a Quicksilver World Mastercard (which I will only keep just to have a WMC), which is my current oldest CC with a limit of $7,500. The only reason I keep my NFCU cashRewards card is because I do all of my banking with them, and it is my highest CL at $25,000. It will continue to get a recurring bill each month, and iTunes purchases. I like the simplicity of just keeping a few cards.



Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 789, myFICO TU: 782, myFICO EX: 788
My Wallet: American Express BCE, NFCU cashRewards, Capital One Quicksilver, Discover It, Chase Freedom, Chase Amazon Rewards
Gardening since 02/07/17
Message 15 of 24
Valued Contributor

Re: Credit Closing Spree!!

if it makes sense to you then that's all that matters...obviously you took the time to think it through and close the ones you no longer need...keeping life simple is better with less cards Smiley Happy



GARDEN GOAL: MARCH 2014
LAST APP: 08/20/2013
---=[NORTHBOUND]=---
Message 16 of 24
Valued Contributor

Re: Credit Closing Spree!!

I have closed quite a few cards that no longer add value to my portfolio. It is too much trouble to "make sure" you use them once every 6 months. So for me, I have decided to focus on 5 or so cards and see how high I can build up the CL's on those cards. Strange but my scores actually jumped a bit upward when the closed cards started to report.

 

The rewards game changes all of the time, and it is just so much easier to manage a small number of cards. Am I missing some opportunites for rewards? Yes, but it is small change.

 

Bottom line is close what you feel no longer adds value. Remember, they work for you, not the other way around!

Ray

** Every Card has a Job, and Every Card does its Job **
Message 17 of 24
Super Contributor

Re: Credit Closing Spree!!

I should do that too with some of my cards. I have about 15 credit cards (excluding store cards). A lot of my cards have high CL's.

 

I was thinking of closing my BBRZMC thst has a CL of $800 with an AF of $59 but on my last attempt to CLI, it actually worked. They removed the AF and gave me a CLI to $7500

 

I was thinking of closing my Nordstrom since they don't want to give me a CLI. Currently at $1000

 

Taget store card is at $900 but I love target and i take full adavantage of the 5% in New Hampshire where there are no sales tax.

 

The only cards I can think of that I could cut with no regrets it the AMEX PRG,

 

Big keeper is the Palladium, I love the hidden tradeline and it's my highest CL.

 




Message 18 of 24
Moderator Emerita

Re: Credit Closing Spree!!

@CS800

I still don't understand Nordstrom..that CL really surprises me.
Message 19 of 24
Regular Contributor

Re: Credit Closing Spree!!


CS800 wrote:

I should do that too with some of my cards. I have about 15 credit cards (excluding store cards). A lot of my cards have high CL's.

 

I was thinking of closing my BBRZMC thst has a CL of $800 with an AF of $59 but on my last attempt to CLI, it actually worked. They removed the AF and gave me a CLI to $7500

 

I was thinking of closing my Nordstrom since they don't want to give me a CLI. Currently at $1000

 

Taget store card is at $900 but I love target and i take full adavantage of the 5% in New Hampshire where there are no sales tax.

 

The only cards I can think of that I could cut with no regrets it the AMEX PRG,

 

Big keeper is the Palladium, I love the hidden tradeline and it's my highest CL.

 


It actually feels really good to close cards, to not have to worry about them anymore, and to be honest I was embarrased that I had 15 cards.

 

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
Message 20 of 24