SIMPLIFY SIMPLIFY, SIMPLIFY my CC Portfolio

[grillandwinemaster]

I'm considering simplifying my credit card portfolio even further and going From 5 cc's down to only 3. I'm debating wether I should cancel my Kay's and Firestone accounts and stick with ONLY Discover, Barclays and Cap1? I'm just not seeing the benefit of being on a credit card treadmill and continuing to grow my cc portfolio. 

I have some rewards structured cc's right now, but not sure if I want to constantly play this game long term...

Please slap some sense into me if I'm way off kilter here.

Thanks, My Fico Friends! Your input is valued and appreciated!

[creditguy]

I'm all for quality over quantity and if a card no longer finds a use in your wallet or sock drawer then by all means cut the fat and move on. The closed accounts will still report positively for up to ten years, so you will lose nothing from closing them except some extra utilization room, but if you don't carry big balances that's no biggie anyway. So feel free to close them and move on.

[Anonymous]

Agreed.. Quality over quantity. If you're not using the cards close them.

[Anonymous]

Firestone was actually the only card to survive my BK...and you know what?  After reading up about how store cards can limit your ability to get network cards, I closed it a month after discharge. 2 months after that, I'm sitting on a $7k QS and couldn't be happier about my decision.

[Anonymous]

I agree with the others about quality over quantity. I would close the Kay Jeweler's card and the Firestone card as you seem to want to do.

Given the uncertain economic climate, recent financial problems that certain lenders have been experiencing, and the fact that you don't know what emergency expense may come up (or what lender may fold or do something unpredictable). I'd also consider adding a fourth major credit card for diversity among lenders. Diversity is a very good thing. Consider a credit union card with one of the many great credit unions, for example.

[Closingracer99]

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@Anonymous wrote:

Firestone was actually the only card to survive my BK...and you know what?  After reading up about how store cards can limit your ability to get network cards, I closed it a month after discharge. 2 months after that, I'm sitting on a $7k QS and couldn't be happier about my decision.

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Store cards don't limit your ability to get "Network cards" .... They are still credit cards and offer you a line of credit just like anybody else....

[driftless]

I recently went from 3 cards to 5 cards and now I feel I have too many cards. They are all well rationalized but I was happiest when I only had CSP, Freedom & QS. There is a lot to be said for simplifying, so close away!

[kdm31091]

I think OP is fine with 3 cards from major banks (Capital One, Discover, and Barclay). Adding more for diversity may be useful if something happens to one of the major cards, but I don't think it's necessary just as a precaution. 3 different lenders are not going to fold all at once. I understand the diversity thing, but if someone wants simplicity, 3 major cards are enough for the average person.

[Anonymous]

4 is definitely what I would suggest. Having relationships with a varied group of lenders with different backgrounds is often very helpful, especially if you choose one from a credit union. There are some great credit unions out there that would be helpful to build a long-term relationship with.

 

[Anonymous]

I'm definitely the same way. I just got my 3rd card and I feel that's enough for now. While this won't be the trio I stick with long-term, I definitely can't see myself having more than 3-5 cards.