topic Re: Just a thought in Credit Cards

Just a thought

Jpmack29 — Tue, 06 Oct 2015 00:13:42 GMT

in the next 5 years I'm looking to cut out most my cards and keep only like 3-4. I don't see how people can have 20+ cards, but to each their own. I had the interest, but recently lost it. Just a vent,

Re: Just a thought

kdm31091 — Tue, 06 Oct 2015 00:15:58 GMT

I'm in a similar boat, mostly because my spend doesn't warrant having more than 4 cards.

But I sure as heck am not going to wait 5 years...honestly, once an account hits a year, to me that's "long enough" and it's fair to close it.

At this moment the only thing I really could see closing with no big hesitation is Quicksilver, I love the rewards program but the card serves little purpose anymore and the APR is 22.99% and they won't lower it. While I don't carry a balance on it anyway, it's just a "so this is what you think of me?" kind of thing while my other issuers give me 12-18% lol.

Re: Just a thought

Anonymous — Tue, 06 Oct 2015 00:16:51 GMT

Not waiting either. Some of these cards have got to go asap! Like this month.

Re: Just a thought

Jpmack29 — Tue, 06 Oct 2015 00:19:01 GMT

I'd like to do it sooner, but looking for a mortgage within that time frame of 5 years. 5 years being the absolute maximum amount of time. I'm hoping 2 years at least. I myself can't warrant the spend either, I pif all the time so Apr really doesn't matter to me.

Re: Just a thought

aubie1kenobie2 — Tue, 06 Oct 2015 00:28:33 GMT

I have a couple of store cards that I'l keep around and wait until they close it due to account inactivity

Re: Just a thought

Anonymous — Tue, 06 Oct 2015 01:09:43 GMT

This wasn't even a vent. lol!

Re: Just a thought

CreditCuriosity — Tue, 06 Oct 2015 01:34:21 GMT

@kdm31091 wrote:
I'm in a similar boat, mostly because my spend doesn't warrant having more than 4 cards.

But I sure as heck am not going to wait 5 years...honestly, once an account hits a year, to me that's "long enough" and it's fair to close it.

At this moment the only thing I really could see closing with no big hesitation is Quicksilver, I love the rewards program but the card serves little purpose anymore and the APR is 22.99% and they won't lower it. While I don't carry a balance on it anyway, it's just a "so this is what you think of me?" kind of thing while my other issuers give me 12-18% lol.

Cancel it and re-apply and get the 12.99% QS if you qualify for that rate, granted the double or triple pull will sting, but since you don't churn cards or plan on applying for any new credit, what is 2 or 3 inquiries anyways? Kinda like you cancelled you DC awhile ago and apped again. As you know most likely Citi DC won't last in the long run(pure speculation; as no mc/visa 2% card has ever lasted) and what is the second best simple cash back card,, yep you got it QS.

I still think Cap1 CS stinks, but I just avoid dealing with them so the blood pressure stays down and Citi isn't known to be much better at least for this product.

Re: Just a thought

ddemari — Tue, 06 Oct 2015 01:28:47 GMT

Although I have obtained a new card very recently. I plan on closing out a number of cards but I am going to do it slowly over the course of a year. I honestly have been horrified of the x-mas season approcahing and all the data breaches. It makes me want to trim down, even though the creditor's have my info, at least im not so vulnerable with loads of cards sitting around.

Re: Just a thought

CreditCuriosity — Tue, 06 Oct 2015 01:33:19 GMT

@ddemari wrote:
Although I have obtained a new card very recently. I plan on closing out a number of cards but I am going to do it slowly over the course of a year. I honestly have been horrified of the x-mas season approcahing and all the data breaches. It makes me want to trim down, even though the creditor's have my info, at least im not so vulnerable with loads of cards sitting around.

Even if breached you aren't responsible for the charges.. Although you do have quite a few cards/credit.. Ones you don't need/use I agree 86 them, otherwise if no AF or serve a purpose adding value then keep those. Anyways, no one knows your credit best other than yourself, so go with your gut.

Re: Just a thought

ddemari — Tue, 06 Oct 2015 01:38:12 GMT

@CreditCuriousity wrote:
@ddemari wrote:
Although I have obtained a new card very recently. I plan on closing out a number of cards but I am going to do it slowly over the course of a year. I honestly have been horrified of the x-mas season approcahing and all the data breaches. It makes me want to trim down, even though the creditor's have my info, at least im not so vulnerable with loads of cards sitting around.
Even if breached you aren't responsible for the charges.. Although you do have quite a few cards/credit.. Ones you don't need/use I agree 86 them, otherwise if no AF or serve a purpose adding value then keep those. Anyways, no one knows your credit best other than yourself, so go with your gut.

im not even concerned about the money part because I know I'm not responsible, its just the idea of getting an alert from myfico about credit activity being used on the black market I read in a different post, gave me chills for a second lol. all my cards serve a purpose in a way, otherwise id totally 86 them. the few that are 86 able right now are just too good of balance buffers to close. when the times right.

Re: Just a thought

kdm31091 — Tue, 06 Oct 2015 02:17:32 GMT

@CreditCuriousity wrote:
@kdm31091 wrote:
I'm in a similar boat, mostly because my spend doesn't warrant having more than 4 cards.

But I sure as heck am not going to wait 5 years...honestly, once an account hits a year, to me that's "long enough" and it's fair to close it.

At this moment the only thing I really could see closing with no big hesitation is Quicksilver, I love the rewards program but the card serves little purpose anymore and the APR is 22.99% and they won't lower it. While I don't carry a balance on it anyway, it's just a "so this is what you think of me?" kind of thing while my other issuers give me 12-18% lol.

Cancel it and re-apply and get the 12.99% QS if you qualify for that rate, granted the double or triple pull will sting, but since you don't churn cards or plan on applying for any new credit, what is 2 or 3 inquiries anyways? Kinda like you cancelled you DC awhile ago and apped again. As you know most likely Citi DC won't last in the long run(pure speculation; as no mc/visa 2% card has ever lasted) and what is the second best simple cash back card,, yep you got it QS.

I still think Cap1 CS stinks, but I just avoid dealing with them so the blood pressure stays down and Citi isn't known to be much better at least for this product.

I fully agree Double Cash likely won't last.

Anyway, I'm not gonna reapply for something I already have just for a lower APR. Right now, the QS is just sitting in the sockdrawer with one automatic charge per month. It's not hurting anything to keep it open, but doubt I will keep it forever, as at this moment it has no purpose. Down the road, it may have a purpose if DC is nerfed, but I'll deal with that if/when it comes, and even then my uncategorized spend is not exactly huge so even just earning 1% on it with Cash+, BCP, etc is not that big of a deal.

Re: Just a thought

Anonymous — Tue, 06 Oct 2015 06:19:53 GMT

@kdm31091 wrote:
@CreditCuriousity wrote:
@kdm31091 wrote:
I'm in a similar boat, mostly because my spend doesn't warrant having more than 4 cards.

But I sure as heck am not going to wait 5 years...honestly, once an account hits a year, to me that's "long enough" and it's fair to close it.

At this moment the only thing I really could see closing with no big hesitation is Quicksilver, I love the rewards program but the card serves little purpose anymore and the APR is 22.99% and they won't lower it. While I don't carry a balance on it anyway, it's just a "so this is what you think of me?" kind of thing while my other issuers give me 12-18% lol.

Cancel it and re-apply and get the 12.99% QS if you qualify for that rate, granted the double or triple pull will sting, but since you don't churn cards or plan on applying for any new credit, what is 2 or 3 inquiries anyways? Kinda like you cancelled you DC awhile ago and apped again. As you know most likely Citi DC won't last in the long run(pure speculation; as no mc/visa 2% card has ever lasted) and what is the second best simple cash back card,, yep you got it QS.

I still think Cap1 CS stinks, but I just avoid dealing with them so the blood pressure stays down and Citi isn't known to be much better at least for this product.
I fully agree Double Cash likely won't last.

Anyway, I'm not gonna reapply for something I already have just for a lower APR. Right now, the QS is just sitting in the sockdrawer with one automatic charge per month. It's not hurting anything to keep it open, but doubt I will keep it forever, as at this moment it has no purpose. Down the road, it may have a purpose if DC is nerfed, but I'll deal with that if/when it comes, and even then my uncategorized spend is not exactly huge so even just earning 1% on it with Cash+, BCP, etc is not that big of a deal.

When was the double cash released? I forgot. haha

Re: Just a thought

Anonymous — Tue, 06 Oct 2015 12:40:50 GMT

I'm kind of in the same boat. I'm thinking about ditching the QS soon. If DC gets nerfed, I'll reapply, but there is no need to hold onto it before then.

Re: Just a thought

kdm31091 — Tue, 06 Oct 2015 13:24:51 GMT

@Anonymous wrote:
I'm kind of in the same boat. I'm thinking about ditching the QS soon. If DC gets nerfed, I'll reapply, but there is no need to hold onto it before then.

Right...I mean, I don't think Double Cash is going to last forever but I doubt it is going to disappear anytime very soon considering I still see commercials for it and such. A year from now may be a different story. But the QS is just never useful for me anymore, and I hate hanging on to "dead weight" cards.

Re: Just a thought

Anonymous — Tue, 06 Oct 2015 13:36:27 GMT

@kdm31091 wrote:
@Anonymous wrote:
I'm kind of in the same boat. I'm thinking about ditching the QS soon. If DC gets nerfed, I'll reapply, but there is no need to hold onto it before then.
Right...I mean, I don't think Double Cash is going to last forever but I doubt it is going to disappear anytime very soon considering I still see commercials for it and such. A year from now may be a different story. But the QS is just never useful for me anymore, and I hate hanging on to "dead weight" cards.

The one thing that keeps me from ditching it immediately is the thought that it is an excellent card for international travel, and I keep on having the intent of going, even if I never get around to it. At a certain point, though, it just isn't worth it for a trip that may never come.

Re: Just a thought

CreditCuriosity — Tue, 06 Oct 2015 13:43:37 GMT

@Anonymous wrote:
@kdm31091 wrote:
@Anonymous wrote:
I'm kind of in the same boat. I'm thinking about ditching the QS soon. If DC gets nerfed, I'll reapply, but there is no need to hold onto it before then.
Right...I mean, I don't think Double Cash is going to last forever but I doubt it is going to disappear anytime very soon considering I still see commercials for it and such. A year from now may be a different story. But the QS is just never useful for me anymore, and I hate hanging on to "dead weight" cards.
The one thing that keeps me from ditching it immediately is the thought that it is an excellent card for international travel, and I keep on having the intent of going, even if I never get around to it. At a certain point, though, it just isn't worth it for a trip that may never come.

Good idea to keep it right there; a no AF card that is "most" likely more widely accepted than Discover card in other countries that has no FTF's.. Think you just talked yourself into a reason not to ditch it.. If your signature is correct you only have two cards with no FTF's. If you think you will be traveling abroad anything soon then keep it.

Re: Just a thought

kdm31091 — Tue, 06 Oct 2015 14:17:16 GMT

@Anonymous wrote:
@kdm31091 wrote:
@Anonymous wrote:
I'm kind of in the same boat. I'm thinking about ditching the QS soon. If DC gets nerfed, I'll reapply, but there is no need to hold onto it before then.
Right...I mean, I don't think Double Cash is going to last forever but I doubt it is going to disappear anytime very soon considering I still see commercials for it and such. A year from now may be a different story. But the QS is just never useful for me anymore, and I hate hanging on to "dead weight" cards.
The one thing that keeps me from ditching it immediately is the thought that it is an excellent card for international travel, and I keep on having the intent of going, even if I never get around to it. At a certain point, though, it just isn't worth it for a trip that may never come.

If the trip is not actually happening, wouldn't worry too much about no FTF. I mean yes, ideally you want to keep a no FTF card if there's foreign travel planned but since you don't even have anything booked yet, I'd say it's not really a priority to worry about it.

Re: Just a thought

Anonymous — Tue, 06 Oct 2015 15:40:08 GMT

I just ditched a bunch of credit cards. It felt great. About a week ago, I applied for a couple of new ones I'd rather have. Now, I'm sitting in the garden until the end of 2017. I had no reason to keep unused cards around, plus a couple of them had annual fees. The new ones are much better.