Shrinking my cc collection

Anonymous · ‎05-19-2017

It's starting to get harder and harder to keep track of my cards. It's become a chore almost.... I check a dozen cards twice a week to make sure everything is up to date. I had the worst scare today when my charge was reversed. That made me 9 days late. I thought I was done for. I had a late fee charge and I thought they were going to report me to the bureau and I could kiss a car or home mortgage goodbye. Anyways, I was fortunate this time. CC companies do not report a miss payment until 30 days have passed. This made me think about reducing my number of cards. I like having them but it is a lot of work to keep track of them.

MrDisco99 · ‎05-19-2017

Keep in mind, if you close any accounts, that's a negative hit on your credit. Consider just stuffing some in the sock drawer rather than closing them. Use them once every few months and pay them off to keep them alive. Zero util reports are also good for the score.

Affinity Cash Rewards VSig $25,000 prime +9.25%

Amex Hilton Surpass $20,000 prime+17.49%

Amex Blue Business Plus $30,000 prime+12.99%

Barclays Wyndham Earner VSig $22,800 prime+11.99%

Cap1 Quicksilver WEMC $10,000 prime+14.74%

Chase Freedom Flex WEMC $10,000 prime+17.49%

Chase Freedom Unlimited VSig $10,000 prime+17.49%

Chase IHG Select WMC $5,000 prime+19.74%

Chase Sapphire Preferred VSig $10,000 prime+12.74%

Citi DoubleCash WEMC $10,000 prime+16.24%

Citi Custom Cash WEMC $11,200 prime+12.74%

Renasant (Elan) Max Cash Preferred VSig $25,000 prime+11.24%

Renasant (Elan) Everyday Rewards+ VSig $4,000 prime+11.24%

Synchrony Verizon VSig $15,000 prime+18.49%

Anonymous · ‎05-19-2017

I plan on slowly closing each of them for the next 3 years. I will only be keeping my chase, amex, discover and boa cards. Everything else will be closed for good.

wasCB14 · ‎05-19-2017

Maybe put all your spending on just 1-2 cards for 2-3 months? You can get a taste of simplicity that way and maybe have a clearer idea of what to close.

I've been a big fan of clustering. I limit the number of issuers/logins I have more than the number of cards. It's easy to quickly cycle through Platinum/SPG/BCE/ED and CSP/Freedom/IHG/Hyatt.

Personal spend: Amex Gold, Amex Schwab Plat., BofA PR+CCR(x2), Costco
Business use: Amex Bus. Plat., BBP, Lowes Amex AU, CFU AU
Perks: Delta Plat., United Explorer, IHG49, Hyatt, "Old SPG"
Mostly SD: Freedom Flex, Freedom, Arrival
Upgrade/Downgrade games: ED, BCE
SUB chasing: AA Platinum Select

jamesdwi · ‎05-19-2017

@Anonymous wrote:
I plan on slowly closing each of them for the next 3 years. I will only be keeping my chase, amex, discover and boa cards. Everything else will be closed for good.

False, closed credit cards stay on your report for upto 10 years, the only impact is the loss of the CL in UTL calcuations, if you have a low UTL you are fine to close them.

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k

sjt · ‎05-19-2017

@MrDisco99 wrote:
Keep in mind, if you close any accounts, that's a negative hit on your credit. Consider just stuffing some in the sock drawer rather than closing them. Use them once every few months and pay them off to keep them alive. Zero util reports are also good for the score.

Closing a credit card is not a negative hit to your credit unless the reduction of credit line would raise your utilization.

American Express: Platinum Charge, Optima, Business Gold, Delta Business Reserve, Business Cash, Business Plus
Barclays: Arrival+ WEMC
Capital One: Savor WEMC, Venture X Visa Infinite
Chase: Freedom U Visa Signature, CSR Visa Infinite
Citibank: AAdvantage Platinum WEMC
Elan/US Bank: Fidelity Visa Signature
Credit Union: Cash Back Visa Signature
FICO 08: Score decrease between 26-41 points after auto payoff (11.01.21) FICO as of 5.23, EX: 812 / EQ: 825 / TU: 815

Anonymous · ‎05-19-2017

I said it in another thread the other day but I often wonder how those with 20+ cards keep on top of them. I'm OCD and like to check my accounts daily despite only using really three out of the seven cards I have on a monthly basis. I'd go nuts if I had to check 20+ accounts daily.

Anonymous · ‎05-19-2017

I cleaned up about 15 cards this year for the same reason. I'm down to 5. Feels a lot better. My score didnt take much of a hit.

Anonymous · ‎05-19-2017

@Anonymous wrote:
I cleaned up about 15 cards this year for the same reason. I'm down to 5. Feels a lot better. My score didnt take much of a hit.

That's awesome!

Anonymous · ‎05-19-2017

@Anonymous wrote:
I said it in another thread the other day but I often wonder how those with 20+ cards keep on top of them. I'm OCD and like to check my accounts daily despite only using really three out of the seven cards I have on a monthly basis. I'd go nuts if I had to check 20+ accounts daily.

Its not that difficult. You optimize payment due date so that it doesn't interfere with end of the month high yield checking accounts. Try to PIF most of then around the 3rd of the month where I have a lot of my statement cut dates (not due dates). Also have you tried using products like Mint (i refuse to use) and then Wallaby for knowing which card is best to use depending where you are?

I often have 2 slim wallets and one regular one in my bag. The regular one has personal cards on the left and business on the right. Sometimes if traveling I'll move all amex cards to one wallet. I always carry my amtrak card, 1 of the 2 cu cards, discover card, any cards currently working on bonus spend, 2 different atm cards, and so forth. Have to admit, since going to samsung, it seems like I barely take out my wallet anymore!