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Realize this may be against the grain for this board, but in the past year+ I have collected a bunch of great cards. Hell, I haven't even received my CSP in the mail yet.
Rewards are great, and now that I've got 6 cards (all great cards), it just feels too much. I'm paying too much attention to credit cards (no debt). Sometimes I feel that I should just cancel most of them, and keep my oldest and my best. 2 cards, maybe 3. Have one sitting at home in case I lose my wallet. Simplify my life.
Checking into 5 different sites every day kinda sucks. I have 3 checking accounts, 6 credit cards with 5 different companies.
I'm half-way considering ditching chase (I just got the chase trifecta) because 1) I'm moving to Wash DC and there are no Chase branches, 2) Chase does kind of suck (despite excellent credit card rewards) I know if I stick with them long enough they will "get" me
That would eliminate 1 checking account, 2 cc accounts (argualbly my best - but deep down I really don't like chase)
Eliminate Penfed. I won't be driving much and their .25% cash back is laughable. I would keep my share savings account for future potential mortgage through them.
Keep Navy Visa Flagship + AMEX BCE as primary daily spenders, 2-3$ back on everything, no FTF and only $49 annual fee (Navy). Keep oldest account (USAA) at home.
My available credit would go from $64K to 47K by keeping these three. I would probably get dinged somehow, but in the end if my aim is simplicity then these three cards are all I would ever really need. And I'm not buying a house or car in the next 2 years anways.
My fears are based with a distrust of Chase even though they've been really great so far (3 accounts total), increase in security breach, and lastly, I feel like I've over-committed to the number of accounts and need simplicity in my financial life (though I haven't been burned yet - and have never missed a full payment)
Thoughts? Irrational?
So far nothing beats the Trifecta, that I could find for my level of spending.
But I know exactly what you are talking about. I went from 1 card for 9 years to adding 4 more cards in the last year. It's a hassle.
In the end you have to do what's best for your mental sanity.
It's taken me a bit of time to adjust to this new level of spending, but now that I have it under control, I've figured out how to make the cards work for me, and not make me work for the cards.
I'd say, give it some time, and if you feel the same in a month, then close a few.
Follow my financial journey: http://www.frugalrican.com
Thanks for the advice.
In the end, the question is why am I so concerned with the small % on rewards or nice sign up bonuses, but in reality, the most important thing really is customer service and having a financial picture that makes sense and you are comfortable with.
I really think that credit cards make me spend more in general EVEN though I pay in full and have the money to buy things.
I need to just give it some time I guess, I was like you also, I had my USAA world mastercard for 3 years before getting my 2nd card.
There might be an easier way to manage your accounts, at least without having to log~in daily. You could set up account alerts that email or send a SMS text giving you updated balances/pending charges/etc.... That way you wouldn't have to actively monitor them, the information would be pushed to you.
Just figure out your rotation, and you'll find the use of your cards dwindling.
To be honest, I have 5 cards now, but I use only 2 of them mostly, the BCE and the Freedom.
I just have my utilities through Discover.
My BoA card only sees gas usage on months where the others don't have better cashback.
Hyatt Visa sees no use.
It took me a while to figure it out, but once I did, it got much more easier.
Just give it time to figure out the rotation and it'll get less complicated. I have to agree though, I check every account everyday and it gets tedious quick.
Follow my financial journey: http://www.frugalrican.com
Another thought, though I'm not sure if others would agree, is an account with Mint.com.. I've only had mine for a brief while, but, it's really convenient. It updates all my balances on all my accounts whenever I log in. It tracks when my next payment is due. I wish it tracked my statement date, but, oh well, can't have everything. It texts me if there are any unusual purchases. The only thing it has a problem with is keeping my two Cap One accounts separate, but, since you don't have any of those it will probably work fine.
It even sorts all my payments and charges and lets me see in a couple of clicks of a mouse where I spent my money.
Current Cards: Cap 1 Journey $3000, Cap 1 Playstation $2250, WFNNB Store Cards $2450 combined, Target $700, CareCredit $1700, Barclay Rewards Plat. Mastercard $1800, Old Navy $300, DCU Platinum Rewards Visa $2000, Swagbucks Rewards Visa $1000
Starting Score: 615 EQ (03-15-2012) 600 TU (03-21-2012 Barclays app) ) Ch.7 discharged 5/2009
Current Score: 671 EQ (09-27-2014 DCU) 660 TU (9/26/14 Barclays) Ex 688 (10/07/2014 Swagbucks)
Gardening since 9/22/2014
@RemyWinchester wrote:Realize this may be against the grain for this board, but in the past year+ I have collected a bunch of great cards. Hell, I haven't even received my CSP in the mail yet.
Rewards are great, and now that I've got 6 cards (all great cards), it just feels too much. I'm paying too much attention to credit cards (no debt). Sometimes I feel that I should just cancel most of them, and keep my oldest and my best. 2 cards, maybe 3. Have one sitting at home in case I lose my wallet. Simplify my life.
Checking into 5 different sites every day kinda sucks. I have 3 checking accounts, 6 credit cards with 5 different companies.
I'm half-way considering ditching chase (I just got the chase trifecta) because 1) I'm moving to Wash DC and there are no Chase branches, 2) Chase does kind of suck (despite excellent credit card rewards) I know if I stick with them long enough they will "get" me
That would eliminate 1 checking account, 2 cc accounts (argualbly my best - but deep down I really don't like chase)
Eliminate Penfed. I won't be driving much and their .25% cash back is laughable. I would keep my share savings account for future potential mortgage through them.
Keep Navy Visa Flagship + AMEX BCE as primary daily spenders, 2-3$ back on everything, no FTF and only $49 annual fee (Navy). Keep oldest account (USAA) at home.
My available credit would go from $64K to 47K by keeping these three. I would probably get dinged somehow, but in the end if my aim is simplicity then these three cards are all I would ever really need. And I'm not buying a house or car in the next 2 years anways.
My fears are based with a distrust of Chase even though they've been really great so far (3 accounts total), increase in security breach, and lastly, I feel like I've over-committed to the number of accounts and need simplicity in my financial life (though I haven't been burned yet - and have never missed a full payment)
Thoughts? Irrational?
This isn't too bad of an issue if you have your dream home, own your dream car, and never want to apply for anything in the future. You will be eliminating score optimization by lowering the total revolving TL's you have. Remember you will need to keep the total number of revolvers under 50% to optimize your score, a bit more difficult to do with only 3 cards. You will essentially be limiting yourself to only 1 card that can report a balance when apping if you only have 3 cards. Your troubles could increase if one of your CC decides they want to skip reporting a new balance on a given month. There is a reason for sock drawers (and I'm not talking about socks ).
Just sock drawer the ones that don't make sense given your card lineup. It rarely makes rational sense to close an account.
This is why I keep things very simple in my life. About 95% of my banking is done thru US Bank. I have checking, savings, mortgage, LOC and credit card with them. In addition, I pay all of my bills thru their on-line banking system. I only need to log into their system once to find all of my accounts and bill paying site, and it is very easy to navigate their system for all accounts. The only other account that I need to log onto is my AMEX account. That's it for me, just two sites, quick and easy.
Ive got 8 cards, the wife has 6.
This is AFTER closing 5 accounts.
Doesnt seem to be a problem.
We use one or two cards each in any given month, maybe move balances around to keep from paying much interest, but they dont cause any extra stress or anything.
Put the ones you dont use in a box and forget about them. Swap them out every few months with the ones your using after paying them off. Life will be easy again
I check once or twice a month to make sure our cards havent been used by anyone. Id do that if I had one card or 40. Its just part of being cautious. Takes all of about 10 minutes to check 14 cards.