Shrinking my cc collection

[Gregory1776]

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@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. 

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What cards are you planning on closing?

[Gregory1776]

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@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.

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What were your credit limits on your now closed accounts? Open accounts? Curious...🙂

[Anonymous]

The other side of this argument.

Now check this out.  Some people are happy with 1 credit card.  Imagine a monthly spend of $3k on 1 card (for someone who lives paycheck to paycheck).

Imagine having 12 cards and only $30-$150 on each during the month.  If you got yourself into a bind, paying back your lenders would be simple.

There is always a chance of fraud where someone uses your card, even if you sock drawer the card.

Does it not give you more of a piece of mind owing small balances across a dozen cards rather than a large amount on one?

You never get overwhelmed with what you owe unless you're the type who maxes out every card.

If I spent $12,000 a month on credit cards I would not want it all on one card.  Might turn into $24,000 balance the next month.

Banks hate me for this mindset because they make money on swipes.

[mitchblue]

I have always gone with sock drawer it.. But now I'm in the close it if you feel like it camp. I actually closed my Chase FU today.. No card number reduction since I just added Marvel MC but I'm going to make sure my available CL stays under 100 grand.