More dead wood - Spring cleaning

[pipeguy]

I have a regular Walmart card (4500), Walmart MC (2200) and Sams Club MC (4000)

Asked for a CLI to $5k on the Walmart MC (via chat) - denied, no reason given (TU on  Walmart is 741) so..... it got axed as part of my spring cleaning.

The regular Walmart card grows every 4 months, the Sams went from $1k to $2k to $4k in less than 6 months, I'll stay with the winners and contiue to kill off the laggers. 

Also closed the GE/Sync Golfsmith account (3000) never paid any interest on the account but the 29.99 apr just bugs me

At lease 3 more by Summer and an additional 6 by the end of the year (I'll keep 12 useful cards)

[Pway]

Nice work on you end.

[Tszone]

I need to do the same.

[woodyman100]

I'm in the middle of doing the same thing.

Comenity-All Comenity is gone.

Cap One-QS closed and end of summer i'll hit up Cap one for 10k on the GM and the Venture. If it's declined then one is gone.

Chase-In the fall, i'll cancel Freedom and add CL to Marriott and Move CSP to SWA.

Synchrony-PayPal is on its way out next month. Down to Care credit, Sams and Lowes

Diners club-asking for 10k next winter

Discover-will start and continue to begnfor CLI

AMEX-Going for a revolver at the end of the year

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@pipeguy wrote:

I have a regular Walmart card (4500), Walmart MC (2200) and Sams Club MC (4000)

Asked for a CLI to $5k on the Walmart MC - denied, no reason given (TU on  Walmart is 741) so..... it got axed as part of my spring cleaning.

The regular Walmart card grows every 4 months, the Sams went from $1k to $2k to $4k in less than 6 months, I'll stay with the winners and contiue to kill off the laggers. 

Also closed the GE/Sync Golfsmith accout (3000) never paid any interest on the account but the 29.99 apr just bugs me

At lease 3 more by Summer and an additional 6 by the end of the year (I'll keep 12 useful cards)

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[Anonymous]

I love these plans! Im frustrated with my store card low limits but I need them since I cant qualify for any more bank cards but its my DREAM to close them :-)

[Anonymous]

Why not close the low limit ones and keep the higher limit ones for now?

[joedtx]

Looks like you are making progress. Way to go Pipeguy!

[pipeguy]

Of course the easiest thing would be to close all the dead wood all at once, but I don't want to freak out those lenders that soft pull all the time wondering why I closed 16 accounts all at once, so it's 1 or 2 or 3 a month "closed by consumer" to get to the ones I want to keep. 

It's always been my mindset that if a card is useful or helpful - especially cash bonuses to open or 00% APR's for 12-18 months - I'll go for it, but once the promo's go away, weed out the dead wood. I just don't want to go too fast and worry the lenders I want to keep. I've also noted that 10-15 or 28 open active (not overdue, over extended) accounts make no difference in FICO scoring other than too many open accounts will get a "you have enough over all credit" when I go for new promotions. Just my observations....

[joedtx]

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@pipeguy wrote:

Of course the easiest thing would be to close all the dead wood all at once, but I don't want to freak out those lenders that soft pull all the time wondering why I closed 16 accounts all at once, so it's 1 or 2 or 3 a month "closed by consumer" to get to the ones I want to keep. 

It's always been my mindset that if a card is useful or helpful - especially cash bonuses to open or 00% APR's for 12-18 months - I'll go for it, but once the promo's go away, weed out the dead wood. I just don't want to go too fast and worry the lenders I want to keep. I've also noted that 10-15 or 28 open active (not overdue, over extended) accounts make no difference in FICO scoring other than too many open accounts will get a "you have enough over all credit" when I go for new promotions. Just my observations....

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Sounds like you put together a good plan by staggering out these closures. Let us know hows things are going so far?

[Anonymous]

way to go.