Looking to dump 4 or 5 cards

[chrisw1968uk]

Hi All

I have much more available credit than i will ever need - and thinking of reducing some of my cc accounts, which may make better cards with higher limits available to me, further down the road?? This is what I have - and suggestions would be great

Amex BCE - I had an $8k CL here and then opened an ED last week - they gave me just a $3800 CL on my ED - but took it from my BCE - so now have the same $8k, but it is now split between 2 amex's I have 0% on ED for 15 months - and the BCE is now 19.9% OUCH!! - Im thinking of combining the CLs

Chase Slate - CL of $7500 - balance of $5500 - transferred balances and making use of the 0)% - Will be 14.99% after intro

Citi Double Cash - CL of $10k, balance $1200, still some 0% left, then 12.99%

Citi Diamond Preferred - $2700 CL (transferred some to DC) - $0 balance - 19.99%

Discover It - $8800 CL - $1200 Balance, 0% expired - now 16.99%

US Bank Flex Perks - $9k CL - $0 Balance - Couple months of 0% left then 15.99%

US Bank Platinum - $17k CL - $1650 balance - o% for a while left yet - then 19.99%

Not sure why Citi DC is 12.99% yet Diamond is 19.99% ??

Im happy with the payments that I am making now, but read that different types of credit is a good thing - woulkd you consider a consolidation loan??

Thanks for your thoughts

[Kb109]

I'd get rid of any with annual fees that you don't use or don't use enough to justify the AF.

[chrisw1968uk]

thanks - there are no af's on any of them

If i aplied for say a Marriott card at some point, i dont want them thinking that i have "enough credit already" - so maybe closing some will give me some room to play with

[Dw4250]

What's your income ?  That will be more determinative than avail credit I think, esp since your scores are great.  Not uncommon to see people with 2-3x CL/income 

[Anonymous]

unless you want the potential for some random balance transfer options, you can combine and get rid of the diamond preferred.

And 2-3x income for CL? I have never heard that before. Wow. I have a long way to go!!!! :-(

[Anonymous]

Kill the BCE or everyday, not sure why you have both but splitting the spend between them wont help you much. Hopefully they let you put the CL back.

Kill the diamond, us bank platinum, and maybe slate when their 0% wear off. Do you use the flex perks one at all?

[chrisw1968uk]

Thanks All - No, I dont use the Perks one as I dont fly much, but it was recommended to me by the bank manager - i wish i couyld transfer the cl to the platinum, but i cant

I intended to app for the ED and then transfer my CL from the BCE to it and close the BCE - I have just spoken to a csr to get that done.

I will pay off the slate and close that out when the 0% ends

The Diamond (although a beautiful looking card lol) is one of the less worthwhile cards that I have - so will probably lose that one too

Thanks again all

[NRB525]

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@chrisw1968uk wrote:

Hi All

I have much more available credit than i will ever need - and thinking of reducing some of my cc accounts, which may make better cards with higher limits available to me, further down the road?? This is what I have - and suggestions would be great

Amex BCE - I had an $8k CL here and then opened an ED last week - they gave me just a $3800 CL on my ED - but took it from my BCE - so now have the same $8k, but it is now split between 2 amex's I have 0% on ED for 15 months - and the BCE is now 19.9% OUCH!! - Im thinking of combining the CLs

Chase Slate - CL of $7500 - balance of $5500 - transferred balances and making use of the 0)% - Will be 14.99% after intro

Citi Double Cash - CL of $10k, balance $1200, still some 0% left, then 12.99%

Citi Diamond Preferred - $2700 CL (transferred some to DC) - $0 balance - 19.99%

Discover It - $8800 CL - $1200 Balance, 0% expired - now 16.99%

US Bank Flex Perks - $9k CL - $0 Balance - Couple months of 0% left then 15.99%

US Bank Platinum - $17k CL - $1650 balance - o% for a while left yet - then 19.99%

Not sure why Citi DC is 12.99% yet Diamond is 19.99% ??

Im happy with the payments that I am making now, but read that different types of credit is a good thing - woulkd you consider a consolidation loan??

Thanks for your thoughts

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Other than the AMEX cards (pick one, but you will have to wait 13 statements to combne, I suspect) it does not look to me like you have too much credit. You've got some large balances, and you will need all these cards to take advantage of the BT offers to save interest. Close if you want to, but its going to jump your utilization and drop your score with these balances.

Good luck!

[SnackTrader]

I applaud your efforts to reduce both your CC balances and your available credit. Right now, you are paying $17 per month in interest on your Discover and I suspect that you have also paid BT fees and other interest on your cards in the recent past. Please take this opportunity to reduce spending and debt, not retool for more credit cards (Marriott was mentioned).  Rewards stop mattering when you are paying interest, and hopefully closing some of these unnecessary cards helps you get to where you need to be. 

Best of luck in your journey!

[Anonymous]

I would close some of the newer credit cards that you don't use as much so it will boost you AAoA a little.

I mean you probably wouldn't benefit that much from it anyway as your scores are already very high, but it couldn't hurt.