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Suggestion for Trimming Down Credit Card Portfolio?

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Blackbeauty212
Frequent Contributor

Re: Suggestion for Trimming Down Credit Card Portfolio?


@Anonymous wrote:

@Anonymous wrote:

I currently have 11 credit cards, 6 of which obtained this year, and it has become a little bit too troublesome for me to manage and find use for all of them. I am planning to cut down to maybe 5-6 credit cards in the next year. I hope you guys can chime in.

 

Cards I definitely want to keep:

PNC Point Visa CL $3000 My oldest card, and it has personal values, so I will keep this one. Rewards wise, rather worthless. But they give 2% BT offers regularly, sometimes 1% BT, too.

Paypal Extra Master CL $10,000 4 year old, good as a backup/ultilization padding

 

Cards I will probably keep:

Chase Freedom CL $5500 5 year old, rotating catergories, plus CSP combo

Discover IT CL $11000 1 year old. diversify, rotating categories

AMEX BCE CL $4000 1 year old. diversify, groceries

Citi DC CL $2800 3 year old, general spends

Comenity VS $3250 2 year old, my SO shops here
Synchrony Sam's MC $2500 new, 5% gas card

 

Cards to be axed:

Chase Amazon  $500 1 year old, simply a mistake getting this one

Barclays Rewards $6700 1 year old, I have no use for it

Chase CSP $9000 new, I will probably keep it for a year or two before I decide, but leaning on the not keeping now

 

That's still a lot of cards to keep. Thoughts, suggestions?

 

 


You're probably not going to like my suggestions too much (coming almost entirely from the rewards perspective because you definitely deserve rewards!), but in that case just ignore me Smiley Happy

 

How old is your PNC card?  I know you said personal value, but keep in mind that credit cards are a business at heart and if it's not helping you then you shouldn't feel obligated to keep it.  That would probably be the easiest to cut if you're looking for less hassle.

 

 

 


If its like mine, their PNC is problably tied into their Checking account (Virtual Wallet), so it can be used for ODP. Not to mention if you're a long time customer of PNC like I am  they give some pretty good static low rates, I have a 9% on mine... Makes it a pretty good Balance Carrier Card, if you like me don't want to app for 0%'s everytime you need to carry a Balance.

Message 21 of 26
CreditCuriosity
Moderator Emeritus

Re: Suggestion for Trimming Down Credit Card Portfolio?


@Anonymous wrote:

Income increases year over year for most folks. Quit worrying about that kind of stuff that your creditors don't know. Most do not ask. Yes, FRs and ARs happen, but when they do you deal with it then.


And so does inflation for ALL.  Sadly inflation > than most peoples income increases per year. I am not talk what published inflation % as they don't consider food/gas into the equation.. Mind baffled why the two biggest things aren't included 

Message 22 of 26
Anonymous
Not applicable

Re: Suggestion for Trimming Down Credit Card Portfolio?


@CreditCuriousity wrote:

@Anonymous wrote:

Income increases year over year for most folks. Quit worrying about that kind of stuff that your creditors don't know. Most do not ask. Yes, FRs and ARs happen, but when they do you deal with it then.


And so does inflation for ALL.  Sadly inflation > than most peoples income increases per year. I am not talk what published inflation % as they don't consider food/gas into the equation.. Mind baffled why the two biggest things aren't included 


Most inflation metrics include gas & food. The fact that journalists report core inflation is not economists' fault.

 

The logic behind having an inflation measure with gas & food separate is that they are too subject to outside forces (eg a drought will cause food prices to rise for reasons unrelated to monetary/fiscal policy, or OPEC may raise gas prices for reasons unrelated to the Fed/taxes, an especially cold winter can mess up both, etc.)

 

The number you want is CPI-U, from the BLS, which includes over 10,000 items...including gas and food. This is the "inflation rate" you see in most professional economic reports and forcasts.

Message 23 of 26
Anonymous
Not applicable

Re: Suggestion for Trimming Down Credit Card Portfolio?


@Imperfectfuture wrote:

@Anonymous wrote:

I don't get the whole trimming thing. I have over 50 revolving accounts, most of which cost me nothing, if I don't use them. I rotate most of them for small amounts, but I don't consider having them detrimental to my credit health. What am I missing? Unless a creditor does some action that pisses me off, I'll leave my accounts open and let them age. At where my limits are, in relation to utilization, it would take some drastic CLDs to make me change course.


When credit tightens up (some get loose, while some get tight, back and forth, and then some like you better than others), one must consider limits to income.  Baller4life was denied a few desired cards due to available credit for income (and she makes a little over double me, hhhmmm, double me, a new show).  Some folks are not comfortable with multiples of annual income.  It's personal preference, we are all different.  That is what makes the world go round.  Smiley Wink


On a personal level I'm happy with 3 or 4 useful accounts, and I'm cutting costs for 2016.  I'm even trying to justify whether or not I need a true travel card when I don't travel nearly as much to handle the AF.  I'd be pleased with 3 bank cards (Amex EDP, Chase Freedom and Discover IT) and a useful store card (Amazon).  If your credit profile fits, I could see as much of a chance of getting 50k in CL with 3-4 cards as I could getting 50k with 40+ cards.  All depends on how much time one wants to spend (waste?)  in front of the computer, monitoring every little account for fraud. 

Message 24 of 26
Anonymous
Not applicable

Re: Suggestion for Trimming Down Credit Card Portfolio?

I appreciate everyone's feedback. Maintaning too many cards is not my thing. I'd rather have, say, 4 good cashback cards at $20k each and a back up. Working toward that goal Smiley Happy

Message 25 of 26
CreditCuriosity
Moderator Emeritus

Re: Suggestion for Trimming Down Credit Card Portfolio?


@Anonymous wrote:

@CreditCuriousity wrote:

@Anonymous wrote:

Income increases year over year for most folks. Quit worrying about that kind of stuff that your creditors don't know. Most do not ask. Yes, FRs and ARs happen, but when they do you deal with it then.


And so does inflation for ALL.  Sadly inflation > than most peoples income increases per year. I am not talk what published inflation % as they don't consider food/gas into the equation.. Mind baffled why the two biggest things aren't included 


Most inflation metrics include gas & food. The fact that journalists report core inflation is not economists' fault.

 

The logic behind having an inflation measure with gas & food separate is that they are too subject to outside forces (eg a drought will cause food prices to rise for reasons unrelated to monetary/fiscal policy, or OPEC may raise gas prices for reasons unrelated to the Fed/taxes, an especially cold winter can mess up both, etc.)

 

The number you want is CPI-U, from the BLS, which includes over 10,000 items...including gas and food. This is the "inflation rate" you see in most professional economic reports and forcasts.


Ok you schooled me although food/gas isn't included in gov't figures, bottom line most raises don't keep up with inflation was my point Smiley Happy... I can't complain the past few years, but just saying I have had years where I only got say 2% raise and the definitely wasn't keeping up with inflationSmiley Happy 

Message 26 of 26
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