topic Re: Pay Pal closed! in Credit Cards

Pay Pal closed!

woodyman100 — Sat, 28 Feb 2015 04:08:56 GMT

Card reductions continue...

Just closed my 10k Pay Pal extras MC.

I'm down to 15 cards . My goal is to have less than 10 cards with a minimum Credit line of 10 k on each by the end of the year.

Between my wife and I, we had almost 40 cards.

Maintaining those was getting to be too much.

we are down to 24 now.

I think the GM card is out the door this summer as well as the freedom.

Re: Pay Pal closed!

Anonymous — Sat, 28 Feb 2015 04:16:28 GMT

@woodyman100 wrote:
Card reductions continue...
Just closed my 10k Pay Pal extras MC.
I'm down to 15 cards . My goal is to have less than 10 cards with a minimum Credit line of 10 k on each by the end of the year.
Between my wife and I, we had almost 40 cards.
Maintaining those was getting to be too much.
we are down to 24 now.
I think the GM card is out the door this summer as well as the freedom.

Nice.

I cut a card as well today.

Re: Pay Pal closed!

NRB525 — Sat, 28 Feb 2015 04:56:28 GMT

@Anonymous wrote:
@woodyman100 wrote:
Card reductions continue...
Just closed my 10k Pay Pal extras MC.
I'm down to 15 cards . My goal is to have less than 10 cards with a minimum Credit line of 10 k on each by the end of the year.
Between my wife and I, we had almost 40 cards.
Maintaining those was getting to be too much.
we are down to 24 now.
I think the GM card is out the door this summer as well as the freedom.
Nice.

I cut a card as well today.

Congratulations OP!

I've cut several cards over the last 6 months, but it's getting more difficult to determine what might be next on the chopping block.

Re: Pay Pal closed!

Anonymous — Sat, 28 Feb 2015 04:57:50 GMT

Congrats!! I think if you cant fit them all in one wallet then they need to go!!

Re: Pay Pal closed!

woodyman100 — Sat, 28 Feb 2015 05:00:27 GMT

@Anonymous wrote:
@woodyman100 wrote:
Card reductions continue...
Just closed my 10k Pay Pal extras MC.
I'm down to 15 cards . My goal is to have less than 10 cards with a minimum Credit line of 10 k on each by the end of the year.
Between my wife and I, we had almost 40 cards.
Maintaining those was getting to be too much.
we are down to 24 now.
I think the GM card is out the door this summer as well as the freedom.
Nice.

I cut a card as well today.

Yeah, they're kind of like my babies. That synchrony interest rate pushed me over the edge though. 10k at 24% does nothing for me except pad utility.

my wife signed up for an Amex everyday tonight. grrrrrrrr!

Baby steps

Re: Pay Pal closed!

woodyman100 — Sat, 28 Feb 2015 05:03:49 GMT

@Anonymous wrote:
Congrats!! I think if you cant fit them all in one wallet then they need to go!!

My form fitting to the butt cheek size wallet or my wife's huge potato sack size purse wallet?

Re: Pay Pal closed!

Anonymous — Sat, 28 Feb 2015 05:05:56 GMT

option 2 if it only fits 8 or 10 like mine!

Re: Pay Pal closed!

woodyman100 — Sat, 28 Feb 2015 05:06:26 GMT

@Anonymous wrote:
@woodyman100 wrote:
Card reductions continue...
Just closed my 10k Pay Pal extras MC.
I'm down to 15 cards . My goal is to have less than 10 cards with a minimum Credit line of 10 k on each by the end of the year.
Between my wife and I, we had almost 40 cards.
Maintaining those was getting to be too much.
we are down to 24 now.
I think the GM card is out the door this summer as well as the freedom.
Nice.

I cut a card as well today.

Which one bit the dust?

Re: Pay Pal closed!

Anonymous — Sat, 28 Feb 2015 05:18:41 GMT

@woodyman100 wrote:
@Anonymous wrote:
@woodyman100 wrote:
Card reductions continue...
Just closed my 10k Pay Pal extras MC.
I'm down to 15 cards . My goal is to have less than 10 cards with a minimum Credit line of 10 k on each by the end of the year.
Between my wife and I, we had almost 40 cards.
Maintaining those was getting to be too much.
we are down to 24 now.
I think the GM card is out the door this summer as well as the freedom.
Nice.

I cut a card as well today.
Which one bit the dust?

SWA.

With the coming devaluation in points I just couldn't justify keeping it open regardless of the 6K anniv points. Moved the CL over to my RC since it's my 3nd general spend card after the wife's Venture which we're halfway toward meeting the spend bonus on and my US Airways which has a 50% mile boost + 5,000 mile mini bonus when I spend $1,000 in 90 days.

Re: Pay Pal closed!

woodyman100 — Sat, 28 Feb 2015 05:31:49 GMT

@Anonymous wrote:
@woodyman100 wrote:
@Anonymous wrote:
@woodyman100 wrote:
Card reductions continue...
Just closed my 10k Pay Pal extras MC.
I'm down to 15 cards . My goal is to have less than 10 cards with a minimum Credit line of 10 k on each by the end of the year.
Between my wife and I, we had almost 40 cards.
Maintaining those was getting to be too much.
we are down to 24 now.
I think the GM card is out the door this summer as well as the freedom.
Nice.

I cut a card as well today.
Which one bit the dust?
SWA.

With the coming devaluation in points I just couldn't justify keeping it open regardless of the 6K anniv points. Moved the CL over to my RC since it's my 3nd general spend card after the wife's Venture which we're halfway toward meeting the spend bonus on and my US Airways which has a 50% mile boost + 5,000 mile mini bonus when I spend $1,000 in 90 days.

I've been thinking of doing the same thing. I need to hurry up and spend the 55k points before April and then move the line during the summer

Re: Pay Pal closed!

Anonymous — Sun, 01 Mar 2015 01:37:56 GMT

@woodyman100 wrote:
@Anonymous wrote:
Congrats!! I think if you cant fit them all in one wallet then they need to go!!
My form fitting to the butt cheek size wallet or my wife's huge potato sack size purse wallet?

I was going to mention that I've seen some women's wallets with enough slots to house a total credit line equal to the gross national product of some small countries.

Re: Pay Pal closed!

pizza1 — Sun, 01 Mar 2015 03:03:23 GMT

I wish I could just cut a bunch of cards, but I don't have that luxury right now in rebuilding. I also don't have very many options for major CC right now due to my BK7 either, so Im stuck with a lot of store cards too until I feel comfortable that the majors I do have won't AA me in the next few years. In 3-4 yrs...If I still have my majors with the limits I currently have, Ill cut like 10 store cards

Re: Pay Pal closed!

Anonymous — Sun, 01 Mar 2015 03:18:33 GMT

@pizza1 wrote:
I wish I could just cut a bunch of cards, but I don't have that luxury right now in rebuilding. I also don't have very many options for major CC right now due to my BK7 either, so Im stuck with a lot of store cards too until I feel comfortable that the majors I do have won't AA me in the next few years. In 3-4 yrs...If I still have my majors with the limits I currently have, Ill cut like 10 store cards

I don't really understand this way of thought. The use of these cards as it is, is already limited. What purpose do they actually serve now besides utilization and a few coupons every so often?

Re: Pay Pal closed!

pizza1 — Sun, 01 Mar 2015 03:23:04 GMT

Nixon...I know its hard for a lot of you to understand my way of thinking here regarding store cards. But I don't have the luxury or the credit profile to apply to Amex, Chase, Citi, BOFA, etc...I burned them all! Im trying to rebuild a thick credit report again. My EQ is 167 pages to print out currently, LMAO!!! anyway..its hard to explain, and you won't understand or agree with my thinking anyways, so no point in going into it. Plus, don't want to take away from OP's post

Re: Pay Pal closed!

Anonymous — Sun, 01 Mar 2015 03:39:31 GMT

@pizza1 wrote:
Nixon...I know its hard for a lot of you to understand my way of thinking here regarding store cards. But I don't have the luxury or the credit profile to apply to Amex, Chase, Citi, BOFA, etc...I burned them all! Im trying to rebuild a thick credit report again. My EQ is 167 pages to print out currently, LMAO!!! anyway..its hard to explain, and you won't understand or agree with my thinking anyways, so no point in going into it. Plus, don't want to take away from OP's post

If your current creditors were going to take action against you, they wouldn't do it as long as you behave. AA is a response to an out of the norm spending pattern and rising debt with little payment towards it. I'm not sure if your fear is really justified BK, or no BK. But it's your fear to have.

Back on topic now though.

Re: Pay Pal closed!

woodyman100 — Wed, 15 Jul 2015 02:19:42 GMT

@pizza1 wrote:
I wish I could just cut a bunch of cards, but I don't have that luxury right now in rebuilding. I also don't have very many options for major CC right now due to my BK7 either, so Im stuck with a lot of store cards too until I feel comfortable that the majors I do have won't AA me in the next few years. In 3-4 yrs...If I still have my majors with the limits I currently have, Ill cut like 10 store cards

You're probably not as far away as you think. You'll be there soon