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3 years post BK and I finally have my first card with a greater than $2K limit. I am wondering where to go next with my portfolio. I want to trim the number down, but want to make sure I do it right. Here is my portfolio:
Network Cards
BFGFCU Visa Platinum (Open 12/10) - $3,500 limit @ 8.99% No rewards / No Ann Fee
Barclaycard Rewards Visa Platinum (Open 3/11) - $2000 limit @ 24.99% 2% rewards (this is my everyday card) - No Ann Fee
Barclaycard Ring Mastercard (Open 4/2012) - $1500 limit @ 8.00% No Rewards - No Ann Fee
Best Buy Rewards Zone M/C (Open 3/2010) - $1570 limit @ 21.99% 4%@ BBY rewards - $39 Ann Fee
Capital One Platinum M/C (Open 3/2011) - $1500 limt @ 17.99% No rewards - $39 Ann Fee
Direct Merchants Bank Discover (Open 7/2011) - $750 limit @ 22.99% 1% rewards - $39 Ann Fee
Wells Fargo Platinum Cash Rewards (Open 12/2011) - $500 limit @ 20.15% 1% rewards - No Ann Fee
Towpath Credit Union Visa (Open 7/2011) - $500 limit @ 9.99% No rewards - No Ann Fee
Store Cards
Metabank/Fingerhut (Open 3/2009) $1000 limit @ 21.99%
GEMB/CareCredit (Open 12/2011) $1900 limit @ 26.99%
GEMB/Walmart (Open 3/2011) $700 limit @ 21.99%
Capone/Kohls(Open 3/2011) $1000 limit@ 21.99%
So my question is, as you can see I have A LOT of accounts. I would like to cut this list down by 3-5 cards. Who do I cut? I have a combined balance on all of the cards of about $3500 (0% on the BB and CareCredit accounts)
What does your FICO look like?
I would definitely be in the garden except with trying to get CLI's on your existing cards.
1) First off take a good look at your AF cards. Th Direct Merchants Discover is low limit and AF. I would just can that. See if you can PC Cap. One Plat MC to no AF kind with rewards. Not sure what do you about BB Rewards MC as you have 0% going. Do they have no AF version.
2) Get your score as high as possible and start going for CLI with every one who SP. Think about taking a couple of HP for CLI. Your goal is to get some high CLs to get others to CL. Might be worth taking HP (which I assume it will be) for Towpath CU Visa, but talk to them before hand. Nice thing about CUs is that you can have discussion about your goals before actually applying.
@Hammer23 wrote:3 years post BK and I finally have my first card with a greater than $2K limit. I am wondering where to go next with my portfolio. I want to trim the number down, but want to make sure I do it right. Here is my portfolio:
Network Cards
@BFGFCU Visa Platinum (Open 12/10) - $3,500 limit @ 8.99% No rewards / No Ann Fee
@Barclaycard Rewards Visa Platinum (Open 3/11) - $2000 limit @ 24.99% 2% rewards (this is my everyday card) - No Ann Fee
@Barclaycard Ring Mastercard (Open 4/2012) - $1500 limit @ 8.00% No Rewards - No Ann Fee
@Anonymous Buy Rewards Zone M/C (Open 3/2010) - $1570 limit @ 21.99% 4%@ BBY rewards - $39 Ann Fee
@Anonymous One Platinum M/C (Open 3/2011) - $1500 limt @ 17.99% No rewards - $39 Ann Fee
@Anonymous Merchants Bank Discover (Open 7/2011) - $750 limit @ 22.99% 1% rewards - $39 Ann Fee
@Wells Fargo Platinum Cash Rewards (Open 12/2011) - $500 limit @ 20.15% 1% rewards - No Ann Fee
@Towpath Credit Union Visa (Open 7/2011) - $500 limit @ 9.99% No rewards - No Ann Fee
Store Cards
@Metabank/Fingerhut (Open 3/2009) $1000 limit @ 21.99%
@GEMB/CareCredit (Open 12/2011) $1900 limit @ 26.99%
@GEMB/Walmart (Open 3/2011) $700 limit @ 21.99%
Capone/Kohls(Open 3/2011) $1000 limit@ 21.99%
So my question is, as you can see I have A LOT of accounts. I would like to cut this list down by 3-5 cards. Who do I cut? I have a combined balance on all of the cards of about $3500 (0% on the BB and CareCredit accounts)
One of my goals is to not have any AF cards, except for my Amex (which for me is worth it because of the backdating -- and then it's the $25 Zync ). Of course, it's a personal choice, but I'd look at trimming the AF cards first.
@second, I'd look at triming the cards you rarely use and store cards. I'd assume Fingerhut was to help you rebuild. While there's no AF, do you really use it? If you close it, by the time it falls off your CR, you'll have enough aging w/other accts that it won't hurt you. If you shop @ Kohl's then keep it. If not, I'd close it. With Cap One (Kohls), the liklihood of getting CLIs is slim.
BBRZMC isn't a great card; has its limits. Again, if you use it for the rewards (enough to offset the $39 af), then keep it. But if not, I'd close it.
Cap One MC probably isn't going to grow. I'm not familiar w/Direct Mechants Bank. But again, there's an AF. Do you use it enough for the rewards to offset the AF?
I like GE cards because 1, they do great CLIs and 2, they will upgrade to a Visa/Discover So, I would definitely keep them open.
@FWIW, the 2 $500 CL cards, I would assume w/grow w/CLIs and have no AF, so I'd keep them open... and look at getting CLIs @ 12 mos.
Good luck! You have a really nice selection of cards that will grow w/you. BTW, I also have been really happy w/Barclay's. Love that you got the Ring. I was considering that card, but ended up getting their Rewards MC instead.
Well just to repeat what has been said, you want to get rid of the AF cards, unless you are getting enough of a bonus to offset the fee. You did mention that you are carrying a 0% balance on BB/MC, so after that is paid off you can dump it. Now if you love Bestbuy, you can always just get their store card, which has no AF. The DM Discover is cobranded, so that is not worth keeping, better to get a real Discover. The next ones you may want to think of losing are the low CL cards, if the CLs do not grow. With a balance, I would be careful about dumping cards right now though, it will cause your util to rise. The Fingerhut card, unless you actually like to shop there, I would lose it. It is your oldest acct, but it should still report for 10 years.
Sidenote about Fingerhut... I have no experience with Metabank, but I did have a card through a group called Web Bank and when they tried to throw on an AF I dumped the card. Once I dumped the card, it disappeared from my report long before 10 years. So since there is no AF on the Fingerhut card, you may want to just put it in the SD for now.
The Barclay Visa is nice, 2% on everything
That Barclay's Visa still around? Its 2% back on everything? I can't seem to find that card.
I just got the Rewards MC, but haven't seen the Visa. 2% on everything is great. The MC doesn't give 2% on everything.
@bichonmom wrote:I just got the Rewards MC, but haven't seen the Visa. 2% on everything is great. The MC doesn't give 2% on everything.
It is the same program you have on the MC. I PC'd to the rewards card from the Airtran Visa. Barclays issued it as a VISA because they will not PC from a VS to a MC or vice versa, so I have a very rare Barclaycard Rewards VISA.
The 2% is on Gas / Groceries / Utilities. I have also gotten 2% at resturaunts as well even though they dont have that listed as a 2% category.