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I'm probably gonna get slapped on the hand so hard, but after my approval for my CU card (7.75 rate, was worth coming out the garden) I now have 13 cards. I'm right back where I started when I had measley toy limit store cards. I was earlier advised to let some of the accounts cool off and age, but I really don't want so many cards to manage especially if I'm not using them and leaving myself vulnerable. When its all said and done I only want about 6-7 cards. I'm not going to close any card that's less than a year old or can be consolidated. Which leaves the Forward and Kohls card up first. I was on the fence about Kohls but its really a no-brainer. The Forward has nostalgic value since it was my first card but I barely use TYP and I find myself forcing myelf to find a use for it. None of the benefits I've actually used are anything that I can't get from my AAdvantage except maybe select and credit. So those will be first. My UTL won't be touched in the least and that'll be 2 less cards to worry about. Next up will be consolidating my 4 Cap1 cards into 2 and then consolidating my Delta into Hilton. I'm not looking for new credit any time soon except maybe an auto refi, so I'm not too concerned about how my profile will look to lenders
Does the Forward have an AF?
Why would you choose your oldest card to close if it doesn't?
@Involver wrote:Does the Forward have an AF?
Why would you choose your oldest card to close if it doesn't?
And as we said before, the 5x Forward is a wonderful card! Even if you don't need it now, providing it doesn't get nerfed, it may be valuable for you in the future. So if you ever get the Prestige for example. the foreard becomes basically an 8% dining/Amazon/entertainment card when redeeming on American Airlines.
@longtimelurker wrote:
@Involver wrote:Does the Forward have an AF?
Why would you choose your oldest card to close if it doesn't?
And as we said before, the 5x Forward is a wonderful card! Even if you don't need it now, providing it doesn't get nerfed, it may be valuable for you in the future. So if you ever get the Prestige for example. the foreard becomes basically an 8% dining/Amazon/entertainment card when redeeming on American Airlines.
I knew someone would say that. I don't see myself getting a Prestige any time soon, though I can't see the future. That set up would pretty much mean concentrating all my spend to pretty much those two cards
@icyhot wrote:
@longtimelurker wrote:
@Involver wrote:Does the Forward have an AF?
Why would you choose your oldest card to close if it doesn't?
And as we said before, the 5x Forward is a wonderful card! Even if you don't need it now, providing it doesn't get nerfed, it may be valuable for you in the future. So if you ever get the Prestige for example. the foreard becomes basically an 8% dining/Amazon/entertainment card when redeeming on American Airlines.
I knew someone would say that. I don't see myself getting a Prestige any time soon, though I can't see the future. That set up would pretty much mean concentrating all my spend to pretty much those two cards
It's hard to predict the future, at least with any certainty.
Right now, you may not envision yourself utilizing the Prestige for the 5X Forward TY points for potential transfers, but you may in the future. Much to my regret, I had closed my Forward prematurely on the "assumption" that Citi will (1) nerf the Forward, and (2) are too dumb and ineffectual to transfrom the TY into a viable rewards program.
Don't make my mistake. If possible, I'd suggest keeping the Forward, at least until (if) they nerf it.
@icyhot wrote:
@longtimelurker wrote:
@Involver wrote:Does the Forward have an AF?
Why would you choose your oldest card to close if it doesn't?
And as we said before, the 5x Forward is a wonderful card! Even if you don't need it now, providing it doesn't get nerfed, it may be valuable for you in the future. So if you ever get the Prestige for example. the foreard becomes basically an 8% dining/Amazon/entertainment card when redeeming on American Airlines.
I knew someone would say that. I don't see myself getting a Prestige any time soon, though I can't see the future. That set up would pretty much mean concentrating all my spend to pretty much those two cards
If you got that setup, there is nothing wrong with concentrating spend on to those cards if that maximizes the rewards (or else don't do it!) Plus, you could then really thin your collection.
But of course your decision, and if Citi nerfs it tomorrow, you will be right.
Another more drastic consideration would be the close both my store cards. My Macys card has yet to report my 10,000 credit limit, so closing it would really leave me at the same TCL that I currently have. I've been finding myself shopping at Walmart for everything nowadays and I have more than enough cards to simply use those if I need to
The Forward is a much beloved card, but the bottom line is, if it doesn't work for you, it doesn't work for you. Only you can make that decision. Having to force yourself to find use for it tends to mean it's not doing much for you. Yes, the 5x TYP are nice, but if you don't like TYP, then it's not very useful!
I'm a proponent of "if it has no use for you anymore, close it". While closing very young accounts does tend to look bad on manual review, it can be explained to some degree by simply saying you were evaluating options etc. Now, doing it over and over for 10 years will clearly show that you are not being truthful. But none of us are credit analysts and quite honestly, it's not worth fretting too much over the implications of closing an account because who's to say that a future lender will even care? It tends to be a waste of time to worry about things that we have no firm answer about. I'd just move on from the cards you no longer want; unless your util will be adversely impacted, you will not see much score difference if anything.
The only caveat is obviously to mull the Forward decision carefully as you cannot reapply in the future since it's no longer available.
IMO, for an "average" spender, 13 cards is overkill and you won't see meaningful rewards on each one by spreading yourself so thin. Better to concentrate spend on a small handful of cards or less.
Dear heavenly FATHER do NOT close the Forward lol