Thinning the herd 2017 part 1

[pipeguy]

Closed Barclays Choice Hotels $4800 (BoA Travel card replaced any need for this one)

Closed Discover Miles IT Card $3500 (fairly new card, but the low limit makes it useless as a travel card) Kept my regular $20k CL Discover IT which I find very useful. 

Part two maybe in June or July will be Diners Club ($20k), Cabella's ($15k) Chase FU $10k which will still leave me 20+ cards and over $300k in CL

I don't want to close too many too fast - might spook my other lenders. 

[Anonymous]

Congrats on trimming the fat!

[grillandwinemaster]

Congrats on simplifying! 

I've also been simplifying my portfolio. I will also do another round of closures soon. 

Just a thought, we're you not able to move some of the minute from Discover Miles to Discover IT? I don't know if Discover does this or not, but I was just curious. 

Congrats again!

[go_FICO_self]

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@pipeguy wrote:

Closed Barclays Choice Hotels $4800 (BoA Travel card replaced any need for this one)

Closed Discover Miles IT Card $3500 (fairly new card, but the low limit makes it useless as a travel card) Kept my regular $20k CL Discover IT which I find very useful. 

Part two maybe in June or July will be Diners Club ($20k), Cabella's ($15k) Chase FU $10k which will still leave me 20+ cards and over $300k in CL

I don't want to close too many too fast - might spook my other lenders. 

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Yeah, this is not thinning the herd. it's more like cutting the lawn with nailclippers. good start though!

[CreditMagic7]

Good start on focusing in on the cards we can scale back and freeing the card lineup from those that have served their purpose enough.

I just opened a similar topic on a similar plan to hopefully be fully completed by 2018.

[Anonymous]

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@pipeguy wrote:

Closed Barclays Choice Hotels $4800 (BoA Travel card replaced any need for this one)

Closed Discover Miles IT Card $3500 (fairly new card, but the low limit makes it useless as a travel card) Kept my regular $20k CL Discover IT which I find very useful. 

Part two maybe in June or July will be Diners Club ($20k), Cabella's ($15k) Chase FU $10k which will still leave me 20+ cards and over $300k in CL

I don't want to close too many too fast - might spook my other lenders. 

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Congrats on simplifying. I too have been thinking about cutting back a little bit. I think I have like 15 open accounts between major CC and store cards. I'm sure your income and spending support the amount that you have but at my level, I think I'll do better if I simplify a little bit.

Again good job, and good luck!

[AverageJoesCredit]

Nice going pipeguy. I too am curious that you could not move the Disco limits or was it because the card wasnt a year old?

[RockinRay]

Personally, with VantageScore 4 due to roll out, I think cutting back is a good idea.

Machine learning can be your buddy or your nightmare! From what I have read about this, it will look at historical data and make future predictions. Scary stuff.

More AA to come.  

[pipeguy]

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@RockinRay wrote:

Personally, with VantageScore 4 due to roll out, I think cutting back is a good idea.

Machine learning can be your buddy or your nightmare! From what I have read about this, it will look at historical data and make future predictions. Scary stuff.

More AA to come.  

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I don't really care about VantageScore - none of my cards use it and my FICO scores are strong enough. I'm basically looking are cards I know I will never use again, unless I just want to keep them active (no need) and closing out the clutter. I was looking over my remaing 22 cards, and I can make a case for keeping each, but really I only "need" 3 or 4 and say a $100k CL, but I'm not going that far . 

[pipeguy]

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@AverageJoesCredit wrote:
Nice going pipeguy. I too am curious that you could not move the Disco limits or was it because the card wasnt a year old?

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It wasn't a year old yet, but I didn't even ask - My regular Discover card is at a $20k CL and that's more than enough for my needs.