SIMPLIFY SIMPLIFY, SIMPLIFY my CC Portfolio

[Anonymous]

Recently had the same debate with myself. Closed four bank cards and two store cards. Reason, could not use all of them and I did run into lenders that felt I had too much available credit (which was true). In my case one lender reduced my credit with them by 25% ($10,000). Scared me into action and now I am working with a diversified herd of cards and feel better about it. Many good comments in this thread.

[Anonymous]

Simple is always good. Less accounts to keep an eye on. 

I would want one of each of the four major networks. Could go down to 3, as it is less important to have Discover now that places like Sam's club accept other cards. But I love their Customer service. Thats why they get most of my spend right now 

[wasCB14]

Just don't change your mind about credit priorities. Some people talk about simplification and close a lot of accounts, but then end up opening the same (or similar) ones a few weeks or months later. Constantly opening and closing cards really only makes sense if a person is focused on bonus hunting.

[kdm31091]

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@wasCB14 wrote:

Just don't change your mind about credit priorities. Some people talk about simplification and close a lot of accounts, but then end up opening the same (or similar) ones a few weeks or months later. Constantly opening and closing cards really only makes sense if a person is focused on bonus hunting.

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This exactly. You have to make a plan and stick to it. So if you feel less is more, go with it and stick with it.

[Anonymous]

How is your utilization looking overall, grill? That is another area I would suggest to take a look at when making your decision.

Love this board and our supportive, positive and helpful myfico family here!

[Anonymous]

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@Anonymous wrote:

Recently had the same debate with myself. Closed four bank cards and two store cards. Reason, could not use all of them and I did run into lenders that felt I had too much available credit (which was true). In my case one lender reduced my credit with them by 25% ($10,000). Scared me into action and now I am working with a diversified herd of cards and feel better about it. Many good comments in this thread.

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+1 on closing store cards - I'm always an advocate of that

Love this board and our supportive, positive, and helpful myfico family here!

[Chickenpotpie]

OP, do it if that what makes sense for you.    I don't like to app  (in fact makes my stomach knot up and not in a good way!) so for me slow, steady, and low exposure works. Its certainly made me think about the next steps, and what the real goals are. I would lose my mind if I handled as many cards as some people do here...lol

if you question if you have too many cards, you likely do.

[Anonymous]

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@Chickenpotpie wrote:

OP, do it if that what makes sense for you.   

@humuhumunukunukuapua'a wrote:

Exactly, chickenpotpie. OP has to do what personally makes sense for him. None of us can tell him the ideal number for his needs and purpose, we can only provide our thoughts and the decision is his to make.

[Anonymous]

Yep I'm also not a fan of Store Cards so no big loss there imo

[NRB525]

Closing Store Cards is not even a debate. Do it. They are useless except at that store, and only lead to one thinking "I should go to Kay Jewlers just to buy that $100 earing set to keep my credit card happy." Not a good basis for using your credit card

On the other hand, I'd consider finding a good quality VISA card, such as Chase Freedom or a Cap One VISA. And personally, I'd not rely on Barclays as one of the three legs of my credit platform, when another leg is Discover. Likely no issue, but there's enough sketchy Barclays reports to make me wonder. Capital One, though, is perhaps enough of a solid base (rock solid in my opinion) that even the Discover and Barclays become redundant and inconsequential as the two weakest legs of that credit base.