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Need help on trimming cards

Valued Contributor

Need help on trimming cards

I am trying to keep just 5 cards. I have to keep both of my USAA CCs ( joint) and Costco Amex (is being used the most). What other two cards should I trim? 

 

Info:

NFCU cashRewards 18.5K

Chase Freedom 12.9K (6K)

Discover it 8K

Barclays Arrival 5K

 

(Edited: I will wait and see.)

Message 1 of 10
9 REPLIES
Moderator Emerita

Re: Need help on trimming cards

I'm confused. I thought you wanted to keep 10 cards the other day?

Didn't you just open the majority of your cards in the past 6-8 mos?

http://ficoforums.myfico.com/t5/Credit-Cards/Any-suggestion-s-on-my-portfolio/m-p/2777977#M792857

Message 2 of 10
Valued Contributor

Re: Need help on trimming cards


09Lexie wrote:

I'm confused. I thought you wanted to keep 10 cards the other day?

Didn't you just open the majority of your cards in the past 6-8 mos?

http://ficoforums.myfico.com/t5/Credit-Cards/Any-suggestion-s-on-my-portfolio/m-p/2777977#M792857


Smiley LOL

 

How are you Lexie? Smiley Tongue

 

I was addicted to applying for more cards last year and got out of hand. Especially with all the support I got in this forum. 

It was really fun to apply and even funner to receive the card in the mail.

Now I realize that it's a little bit too much for me to keep track of all the cards I have acquired in the past 6-8 mos.

I think 5 cards is the best number. It took me 7 mos and 80 point dive to learn my lesson. Smiley Sad

 

Message 3 of 10
Regular Contributor

Re: Need help on trimming cards


DigitalArk wrote:

I am trying to keep just 5 cards. I have to keep both of my USAA CCs ( joint) and Costco Amex (is being used the most). What other two cards should I trim? 

 

Info:

NFCU cashRewards 18.5K

Chase Freedom 12.9K

Discover it 8K

Barclays Arrival 5K


Trust me when I state that your not alone in being guilty of acquiring too many.  I'm in a similar situation myself.  It's hard for any of us to make recommendations w/o knowing your spending patterns and whatnot.  Ask yourself which accounts are the most useful to you day to day in terms of the Apr, rewards, etc.  I'd probably recommend keeping the NFCU since that's your highest limit, and if you really need to close anything, just choose the two used the least if unsure.   

Message 4 of 10
Highlighted
Valued Contributor

Re: Need help on trimming cards

Smiley Wink

@Weights

 

Thank you

Message 5 of 10
Moderator Emerita

Re: Need help on trimming cards


DigitalArk wrote:

09Lexie wrote:

I'm confused. I thought you wanted to keep 10 cards the other day?

Didn't you just open the majority of your cards in the past 6-8 mos?

http://ficoforums.myfico.com/t5/Credit-Cards/Any-suggestion-s-on-my-portfolio/m-p/2777977#M792857


Smiley LOL

 

How are you Lexie? Smiley Tongue

 

I was addicted to applying for more cards last year and got out of hand. Especially with all the support I got in this forum. 

It was really fun to apply and even funner to receive the card in the mail.

Now I realize that it's a little bit too much for me to keep track of all the cards I have acquired in the past 6-8 mos.

I think 5 cards is the best number. It took me 7 mos and 80 point dive to learn my lesson. Smiley Sad

 


You will eventually get your score back; closing them will not make it rise faster. But, if your lines are too much for you to handle , do what's best for you.  Close the cards with the highest aprs, least rewards/benefits to you.  Remember, your util will be impacted. 

Message 6 of 10
Regular Contributor

Re: Need help on trimming cards


DigitalArk wrote:

09Lexie wrote:

I'm confused. I thought you wanted to keep 10 cards the other day?

Didn't you just open the majority of your cards in the past 6-8 mos?

http://ficoforums.myfico.com/t5/Credit-Cards/Any-suggestion-s-on-my-portfolio/m-p/2777977#M792857


Smiley LOL

 

How are you Lexie? Smiley Tongue

 

I was addicted to applying for more cards last year and got out of hand. Especially with all the support I got in this forum. 

It was really fun to apply and even funner to receive the card in the mail.

Now I realize that it's a little bit too much for me to keep track of all the cards I have acquired in the past 6-8 mos.

I think 5 cards is the best number. It took me 7 mos and 80 point dive to learn my lesson. Smiley Sad

 


Same here, you're not alone. Never regret mistakes though.

 

All the cards you have left are good/useful. It depends on your usage pattern, each card's age and limit, and even silly stuff like how much you like each one.

 

If it were me I'd keep Chase and either Barclays or Discover.

EQ 728 FICO, 5 INQ | EX 723 FICO, 5 INQ | TU 746 FICO, 6 INQ | CLs $170K | AAOA 4 Years
Message 7 of 10
Established Contributor

Re: Need help on trimming cards

I would probably keep the NFCU card and either the Freedom or the Discover.  NFCU will likely give you the lowest APR.  If you ever have to carry a balance, with no BT fees you could just transfer any balances to that card and minimize interest.

   
FICO Scores 800+
Message 8 of 10
Frequent Contributor

Re: Need help on trimming cards

I'd close the Arrival if you're not using it enough to justify the AF. Keep the others since they have no AF. Maybe you'll find use for them later.

EQ 1: 786 (10/17) 2: 824 (11/17) EX 801 (11/17) TU 807 (10/17)
Chase Freedom VS - 5k - 13.99% - 2/13 ~ Chase Hyatt VS - 5k - 16.24% - 6/13 ~ Amex Hilton Surpass - 4.5k -14.99% - 8/13 ~ Chase IHG WMC - 5k - 16.24% - 1/14 ~ Chase Ink$ VS - 12k - 14.24% - 5/14 ~ NFCU $ VS - 25k - 10.65% - 12/14 ~ Amex ED - 30k - 13.99% - 1/16 ~ Citi AT&T WMC - 23k - 16.24% - 4/16 ~ Chase Sapphire Reserve VI - 10.6k - 16.99% - 8/16 ~ Chase FU V - 10.6k - 14.99% - 12/16 ~ Merrill+ VS - 10.1k - 13.99% - 2/17 ~ USAA Limitless VS - 20k - 17.9% - 8/17
Gone: CSP, AA x3, Ink+, TYP
Message 9 of 10
Senior Contributor

Re: Need help on trimming cards


DigitalArk wrote:

What other two cards should I trim? 

 


Need a lot more info regarding your needs/wants/etc.

 


09Lexie wrote:

Remember, your util will be impacted. 


^ This.  I'd suggest calculating the impact to help you in your decision making.

Message 10 of 10