Thin the pack?..

[Pupeitmeister]

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@longtimelurker wrote:

As Wells Fargo is 80% of your spend, I would first focus on what to do once that expires.   There are various choices:

1) Get another WF card.   There is a Rewards version and a Cash version.  Some people have succeeded getting the second one towards the end of the 6 month period for the first (although often with a low CL on the second).   This pushes the problem for another 6 months if you can get it!

2) TD Bank Rewards card.  Depends on where you live as you usually have to apply at a branch if you don't have checking.   This is 5% on groceries, gas, utilities and dining (no drug store) for 6 months.   And, apparently, you can get it again after closing for three months.

Then the Amex cards.    BCP gives 6% on the first $6K groceries, only 3% on gas but is unlimited.  Then the Blue Cash gives 5% on gas/groceries/drug store but only after the first $6,500 per year.

It sounds like # of inqs is a gating factor for you, rather than number of existing cards.   So I wouldn't necessarily bother to close any of the cards, I just would make no effort to keep them open if you don't need them.   And then, as the WF offer expires, evaluate what is showing on your report and which is the best approach.   If you really want an Amex, and you need to wait for inqs to drop off, then doing without the 5% for a few months might be the best approach, as those are permanent rather than 6 month solutions.

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Thanks lurker!.. great advice.!.. I could resurrect the Cap1 for the few months while i am waiting, for "non category" from Freedom... I do want a BCE, I can settle for 3% not to worry about the 6500 spend (If i read that right).. besides, I want an amex so I can use Costco, and not worry too much about losing Samsclub..  I don't like the stipulation of the TE card b/c if you dont maintain the costco membership,  you have to pay annual fee.  The other option may be a Fidelity Amex, they handle my retirement stuff anyway, so opening another acct with them should be pretty simple.

The ultimate goal I do believe is to get to a situation where I can thin the pack, and just use a rotational balance.  I have cards I don't really like, but I use them because they are easier then Debit/Cash.  And I got the Wally card for the free Fico.. So perhaps I should shoot for "Discover IT", BCE or Blue Cash (spend dependant), Or the Fidelity Amex... and grow the crap outta Lowes as my only store card., Everything else can be handled on a PIF or whatever basis.    Not sure yet, but its all good, I have several months to figure it out while I wait for the accts to age, and i pay down UTI...