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Planning my future

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Hammer23
Frequent Contributor

Planning my future

I would like to gain some imput from everyone as to what path I should take next. 

 

Here is what my CC Portfolio looks like: 

 

Open  5.2009 - Metabank/Fingerhut $1000 limit /$0 Annual Fee

Open  3.2010 - BBRZMC $1570 limit / $39 Annual Fee (just paid in March)

Open 11.2010- BFG Credit Union $1000 limit / $0 Annual Fee / 8.99% Fixed Rate

Open  3.2011 - Capital One Platinum $1500 limit / $39 Annual Fee (just paid in March) 

Open  3.2011 - Barclaycard Rewards $2000 limit / $0 Annual Fee 

Open  3.2011 - Walmart $700 limit / $0 Annual Fee 

Open  5.2011 - Kohl's $1000 limit / $0 Annual Fee

Open  8.2011 Towpath Credit Union $500 limit / $0 Annual Fee / 9.99% Fixed Rate

Open 10.2011 HSBC Discover $750 limit / $39 Annual Fee

Open 11.2011 Wells Fargo Platinum Rewards $500 limit / $0 annual fee

Open   1.2012 GEMB/Care Credit $1900 limit / $0 annual fee

Open    4.2012 Barclay Ring Mastercard / $1500 limit / $0 annual fee 

 

I want to trim some of these cards back (close a few) and garden with the rest for a year before trying for higher limits (I cannot seem to break $2000). Which ones should I trim and when? 

 

I am going to carry the Wells, Barclaycard Rewards Visa for my everyday purchases. The Ring will be the one I revolve any balances on due to the low rate. 

 

I am going to SD the rest. I am upset with BFG at their refusal to grow my limit so I was thinking of canceling that card, but it has a low rate and no AF so maybe I will just SD it. 

 

I think I am going to close all of my accounts with AFs on them, the HSBC Discover is a gonner for sure, but when to close them? Just before the AF hits? Now? 

 

I want to get my credit in order for a potential Discover  app in 2013. 

 

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Message 1 of 6
5 REPLIES 5
Creditaddict
Legendary Contributor

Re: Planning my future


@Hammer23 wrote:

I would like to gain some imput from everyone as to what path I should take next. 

 

Here is what my CC Portfolio looks like: 

 

Open  5.2009 - Metabank/Fingerhut $1000 limit /$0 Annual Fee

Open  3.2010 - BBRZMC $1570 limit / $39 Annual Fee (just paid in March)

Open 11.2010- BFG Credit Union $1000 limit / $0 Annual Fee / 8.99% Fixed Rate

Open  3.2011 - Capital One Platinum $1500 limit / $39 Annual Fee (just paid in March) 

Open  3.2011 - Barclaycard Rewards $2000 limit / $0 Annual Fee 

Open  3.2011 - Walmart $700 limit / $0 Annual Fee 

Open  5.2011 - Kohl's $1000 limit / $0 Annual Fee

Open  8.2011 Towpath Credit Union $500 limit / $0 Annual Fee / 9.99% Fixed Rate

Open 10.2011 HSBC Discover $750 limit / $39 Annual Fee

Open 11.2011 Wells Fargo Platinum Rewards $500 limit / $0 annual fee

Open   1.2012 GEMB/Care Credit $1900 limit / $0 annual fee

Open    4.2012 Barclay Ring Mastercard / $1500 limit / $0 annual fee 

 

I want to trim some of these cards back (close a few) and garden with the rest for a year before trying for higher limits (I cannot seem to break $2000). Which ones should I trim and when? 

 

I am going to carry the Wells, Barclaycard Rewards Visa for my everyday purchases. The Ring will be the one I revolve any balances on due to the low rate. 

 

I am going to SD the rest. I am upset with BFG at their refusal to grow my limit so I was thinking of canceling that card, but it has a low rate and no AF so maybe I will just SD it. 

 

I think I am going to close all of my accounts with AFs on them, the HSBC Discover is a gonner for sure, but when to close them? Just before the AF hits? Now? 

 

I want to get my credit in order for a potential Discover  app in 2013. 

 


CLOSE NOW! LOL

I would also want to close BBRMZ and Cap1 but if just paid AF not really worth it.

Let some of these cards age, call about CLI on older Barclay maybe, hit up the CU card and GE for sure everyt 4 months on GE and 6 on CU and get the limits up and up as much as possible without taking new INQ for the CLI.

Message 2 of 6
Crashem
Valued Contributor

Re: Planning my future

Close cards before annual fee comes and maxmize card history. You goal should be to get higher limits. Don't app for more cards and garden. Do research and maximize cli that don't take hard inquiry. Do you research on which don't take them. After a little gardening, find a lender with generous crediT lines.
               LIMITS IN CARD DESCRIPTIONS
Message 3 of 6
Hammer23
Frequent Contributor

Re: Planning my future

I wanted to cancel the HSBC Discover as soon as I got it, but they waived the fee and I already had took the inquiry. I regret keeping it.
WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Message 4 of 6
boomhower
Valued Contributor

Re: Planning my future

I'd close the CapOne with an AF as well.  YOu have enough you don't need to be paying AF's.  Unless their is something you are wanting real bad I would just garden for a year.  Let those that you have grow.  Some you will be able to get CLI's and others not.  Use your Barclay's and treat them well and they will boost you up. I am in the club of if it doesn't have a AF don't close it.

Message 5 of 6
Anonymous
Not applicable

Re: Planning my future

Side note, you had me at the title of this thread! It was refreshing...

Message 6 of 6
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