topic Re: Housekeeping: Cancelled 8 cards in Credit Cards

Housekeeping: Cancelled 8 cards

youdontkillmoney — Sun, 10 May 2015 04:54:01 GMT

A few weeks ago I cancelled Black Card since the value I received for the exhorbotant annual fee of close to $500 was not justified. A few days later after that I cancelled the Diners Carte Blanche (Professional) Mastercard since the value I got for the annual fee of $300 was also not justified. That brought me down to 21 cards.

The only two credit cards I have now that have annual fees are Amex Platinum and Citi Prestige.

Tonight just now, I closed/cancelled 6 more credit cards even though there is no annual fee, I just do not use them and I am in a mood of simplifying / cleaning house sort to speak, the cards I cancelled are:

1. Citi diamond ($20K)

2. Citi simplicity ($20K)

3. Juniper biz card (Barclays) ($5K)

4. Barclays arrival world mastercard (no annual fee version) ($13K)

5. Amex simply cash business ($9K)

6. Discover card ($3K)

That's a total of 8 so far.

Now I have 15 active cc and 5 PLOC for a total of 20 revolving accounts. I am not closing any PLOC, they were hard to get with W2's and all.

I have the following 15 CC's left:

1. Amex platinum

2. Bank of america visa

3. Cap one plat.

4. Cap one quicksilver

5. Japan credit bureau (JCB)

6. Merrill + Visa

7. US Bank cash rewards

8. Wells fargo visa

9. LA Financial credit union visa

10. PenFed promise visa

11. Chase freedom signature

12. Citi prestige

13. HSBC ( I was going to cancel this too but customer service was closed, I'll cancel this one tomorrow and that's it for now, only $3K line on this one)

14. Iberiabank

15. Simmons First

My available credit will drop but I am not worried about utilization %, I just have a total of $200 or so across all cc's as I pay in full each month. In the short term I expect a hit but in a few months it'll rebound.

Re: Housekeeping: Cancelled 8 cards

Anonymous — Sun, 10 May 2015 04:48:27 GMT

Wow you were housecleaning!

Re: Housekeeping: Cancelled 8 cards

jamesdwi — Sun, 10 May 2015 04:56:54 GMT

Wow you were paying $1300 a year in AF's thats over $100 a month, thats crazy....

I can see why you canceled the first two AF cards... pretty hard to justify those kind of AF's these days with cards cutting benefits all the time.

Re: Housekeeping: Cancelled 8 cards

youdontkillmoney — Sun, 10 May 2015 05:01:44 GMT

@jamesdwi wrote:
Wow you were paying $1300 a year in AF's thats over $100 a month, thats crazy....

I can see why you canceled the first two AF cards... pretty hard to justify those kind of AF's these days with cards cutting benefits all the time.

^^^^^^^

It was more like $1,875 a year since amex plat had AU's so total annual fee was $625; now it's $450 for prestige and $625 for amex plat (with auth users) for $1,075 a year total.

Re: Housekeeping: Cancelled 8 cards

jamesdwi — Sun, 10 May 2015 05:06:00 GMT

Hope you take full advantage of all the benefits and hope your AU's travel alot as well... I would just get them regular green charge cards.

Re: Housekeeping: Cancelled 8 cards

youdontkillmoney — Sun, 10 May 2015 05:12:19 GMT

@jamesdwi wrote:
Hope you take full advantage of all the benefits and hope your AU's travel alot as well... I would just get them regular green charge cards.

^^^

yes for amex the Au's and I as well have used the centurion lounges, TSA pre check $100 app reimbursement, prem car rental insurance, airline credits, etc.

Re: Housekeeping: Cancelled 8 cards

skorpyo3 — Sun, 10 May 2015 05:41:15 GMT

@youdontkillmoney wrote:
A few weeks ago I cancelled Black Card since the value I received for the exhorbotant annual fee of close to $500 was not justified. A few days later after that I cancelled the Diners Carte Blanche (Professional) Mastercard since the value I got for the annual fee of $300 was also not justified. That brought me down to 21 cards.

The only two credit cards I have now that have annual fees are Amex Platinum and Citi Prestige.

Tonight just now, I closed/cancelled 6 more credit cards even though there is no annual fee, I just do not use them and I am in a mood of simplifying / cleaning house sort to speak, the cards I cancelled are:

1. Citi diamond ($20K)
2. Citi simplicity ($20K)
3. Juniper biz card (Barclays) ($5K)
4. Barclays arrival world mastercard (no annual fee version) ($13K)
5. Amex simply cash business ($9K)
6. Discover card ($3K)

That's a total of 8 so far.

Now I have 15 active cc and 5 PLOC for a total of 20 revolving accounts. I am not closing any PLOC, they were hard to get with W2's and all.

I have the following 15 CC's left:

1. Amex platinum
2. Bank of america visa
3. Cap one plat.
4. Cap one quicksilver
5. Japan credit bureau (JCB)
6. Merrill + Visa
7. US Bank cash rewards
8. Wells fargo visa
9. LA Financial credit union visa
10. PenFed promise visa
11. Chase freedom signature
12. Citi prestige
13. HSBC ( I was going to cancel this too but customer service was closed, I'll cancel this one tomorrow and that's it for now, only $3K line on this one)
14. Iberiabank
15. Simmons First

My available credit will drop but I am not worried about utilization %, I just have a total of $200 or so across all cc's as I pay in full each month. In the short term I expect a hit but in a few months it'll rebound.

I would have glady paid you a small fee for some of those closed cards.

Re: Housekeeping: Cancelled 8 cards

Anonymous — Sun, 10 May 2015 12:17:03 GMT

Those are good limits on the 2 Citi cards. Did you consolidate those limits to your Prestige using a HP before closing?

Re: Housekeeping: Cancelled 8 cards

taxi818 — Sun, 10 May 2015 12:35:07 GMT

That's good stuff op. But geez. Carte blance. Would have to keep that for old times sake. 300 AF 😄

Re: Housekeeping: Cancelled 8 cards

SEBanker — Sun, 10 May 2015 13:05:01 GMT

Why would you keep CapOne over Citibank?!?!

Re: Housekeeping: Cancelled 8 cards

chalupaman — Sun, 10 May 2015 13:22:08 GMT

Not bad even after that pruning. You've got yourself a very good set of cards still.

I did my own housekeeping several weeks ago and felt great in the process.

Re: Housekeeping: Cancelled 8 cards

youdontkillmoney — Sun, 10 May 2015 15:13:52 GMT

@Anonymous wrote:
Those are good limits on the 2 Citi cards. Did you consolidate those limits to your Prestige using a HP before closing?

^^^

I tried to add citi diamond and simplicity lines onto Prestige but would have required hard pull and I've been gardening since 12/2014 and did not feel strong enough to go exec office route...juts closed them...citi did try to keep me though, most others just said ok, we'll cancel.

Re: Housekeeping: Cancelled 8 cards

youdontkillmoney — Sun, 10 May 2015 15:15:03 GMT

@SEBanker wrote:
Why would you keep CapOne over Citibank?!?!

^^^^

Cap one has always had free balance transfer (no fee) offers and should I need it one day it's good to have to delay payments for a month

Re: Housekeeping: Cancelled 8 cards

youdontkillmoney — Sun, 10 May 2015 15:16:30 GMT

@chalupaman wrote:
Not bad even after that pruning. You've got yourself a very good set of cards still.

I did my own housekeeping several weeks ago and felt great in the process.

^^^

Thank you for the compliment, I still got more than I need, and I am NEVER getting rid of simmons or iberia, they were tough to get.

And I did/am feeling good during the process,,,,,no regrets...so it is a good sign.

Re: Housekeeping: Cancelled 8 cards

Anonymous — Sun, 10 May 2015 15:24:26 GMT

youdontkillmoney - took fortitude to close those cards but, if there not being used the lenders are likely to hit you with "closed by credit grantor." Happened to me where I ended up closing about nine cards with very low utilization and not much hit to the FICO Scores. Still have to many and they are good cards (just don't need them). Food for thought, maybe US Bank would upgrade that US Bank Cash Rewards Visa to another non-affinity US Bank Card of your choosing (higher rewards) as that is something I did. Your credit background and cards are top shelf so you can pretty much do what you find appropriate

Re: Housekeeping: Cancelled 8 cards

youdontkillmoney — Sun, 10 May 2015 15:31:44 GMT

@Spider15 wrote:
youdontkillmoney - took fortitude to close those cards but, if there not being used the lenders are likely to hit you with "closed by credit grantor." Happened to me where I ended up closing about nine cards with very low utilization and not much hit to the FICO Scores. Still have to many and they are good cards (just don't need them). Food for thought, maybe US Bank would upgrade that US Bank Cash Rewards Visa to another non-affinity US Bank Card of your choosing (higher rewards) as that is something I did. Your credit background and cards are top shelf so you can pretty much do what you find appropriate

^^^

Thanks for the advice, and insights...appreciated!

Re: Housekeeping: Cancelled 8 cards

vikingred — Sun, 10 May 2015 18:32:14 GMT

Only one beef I have, or rather what I would have done different. You. Closed. Diners. Club. Ugh, you can't get that back and may never be able to. Huge limit, hidden tradeline, yes AF, but rare card. I'm beginning to think they're never going to open for apping again. So, Idda kept the DC. But good job man.

Re: Housekeeping: Cancelled 8 cards

bobbay — Sun, 10 May 2015 18:54:33 GMT

@youdontkillmoney wrote:
A few weeks ago I cancelled Black Card since the value I received for the exhorbotant annual fee of close to $500 was not justified. A few days later after that I cancelled the Diners Carte Blanche (Professional) Mastercard since the value I got for the annual fee of $300 was also not justified. That brought me down to 21 cards.

The only two credit cards I have now that have annual fees are Amex Platinum and Citi Prestige.

Tonight just now, I closed/cancelled 6 more credit cards even though there is no annual fee, I just do not use them and I am in a mood of simplifying / cleaning house sort to speak, the cards I cancelled are:

1. Citi diamond ($20K)
2. Citi simplicity ($20K)
3. Juniper biz card (Barclays) ($5K)
4. Barclays arrival world mastercard (no annual fee version) ($13K)
5. Amex simply cash business ($9K)
6. Discover card ($3K)

That's a total of 8 so far.

Now I have 15 active cc and 5 PLOC for a total of 20 revolving accounts. I am not closing any PLOC, they were hard to get with W2's and all.

I have the following 15 CC's left:

1. Amex platinum
2. Bank of america visa
3. Cap one plat.
4. Cap one quicksilver
5. Japan credit bureau (JCB)
6. Merrill + Visa
7. US Bank cash rewards
8. Wells fargo visa
9. LA Financial credit union visa
10. PenFed promise visa
11. Chase freedom signature
12. Citi prestige
13. HSBC ( I was going to cancel this too but customer service was closed, I'll cancel this one tomorrow and that's it for now, only $3K line on this one)
14. Iberiabank
15. Simmons First

My available credit will drop but I am not worried about utilization %, I just have a total of $200 or so across all cc's as I pay in full each month. In the short term I expect a hit but in a few months it'll rebound.

WOW. This will give you a big opportunity to grow your existing relationships. Congratulations on simplifying your life!

Re: Housekeeping: Cancelled 8 cards

Anonymous — Sun, 10 May 2015 19:12:13 GMT

@youdontkillmoney wrote:
@Anonymous wrote:
Those are good limits on the 2 Citi cards. Did you consolidate those limits to your Prestige using a HP before closing?
^^^
I tried to add citi diamond and simplicity lines onto Prestige but would have required hard pull and I've been gardening since 12/2014 and did not feel strong enough to go exec office route...juts closed them...citi did try to keep me though, most others just said ok, we'll cancel.

Did they offer / did you ask for a PC to a Double Cash on either of those cards? A lot of people here would kill for a 20k line on a Double Cash. It would have been be a great card for any non-category spend.

Re: Housekeeping: Cancelled 8 cards

RSCo — Sun, 10 May 2015 19:25:52 GMT

@youdontkillmoney wrote:
A few weeks ago I cancelled Black Card since the value I received for the exhorbotant annual fee of close to $500 was not justified. A few days later after that I cancelled the Diners Carte Blanche (Professional) Mastercard since the value I got for the annual fee of $300 was also not justified. That brought me down to 21 cards.

The only two credit cards I have now that have annual fees are Amex Platinum and Citi Prestige.

Tonight just now, I closed/cancelled 6 more credit cards even though there is no annual fee, I just do not use them and I am in a mood of simplifying / cleaning house sort to speak, the cards I cancelled are:

1. Citi diamond ($20K)
2. Citi simplicity ($20K)
3. Juniper biz card (Barclays) ($5K)
4. Barclays arrival world mastercard (no annual fee version) ($13K)
5. Amex simply cash business ($9K)
6. Discover card ($3K)

That's a total of 8 so far.

Now I have 15 active cc and 5 PLOC for a total of 20 revolving accounts. I am not closing any PLOC, they were hard to get with W2's and all.

I have the following 15 CC's left:

1. Amex platinum
2. Bank of america visa
3. Cap one plat.
4. Cap one quicksilver
5. Japan credit bureau (JCB)
6. Merrill + Visa
7. US Bank cash rewards
8. Wells fargo visa
9. LA Financial credit union visa
10. PenFed promise visa
11. Chase freedom signature
12. Citi prestige
13. HSBC ( I was going to cancel this too but customer service was closed, I'll cancel this one tomorrow and that's it for now, only $3K line on this one)
14. Iberiabank
15. Simmons First

My available credit will drop but I am not worried about utilization %, I just have a total of $200 or so across all cc's as I pay in full each month. In the short term I expect a hit but in a few months it'll rebound.

Wow.. extraordinary... I too had the black card.. It was such a joke.. I got nothing, well except for a $22.00 cross pen from them as a "lavish" gift.. I also closed close to 10 cards and while my utils increased just a little, my score actually went up 20 points due to decreased exposure I believe..