topic Re: Cleaning out the sock drawer (Recommendations?) in Credit Cards

Cleaning out the sock drawer (Recommendations?)

Anonymous — Wed, 08 Mar 2017 01:27:48 GMT

Admittedly, I have many cards that I really don't use. On the radar for me to drop would be my Barclay Ring ($10k) and PNC Core ($5K). I might also drop my PSECU CC with $9K credit. I just recently got the PSECU Founders 1.5% rewards card that I've been using almost exclusively.

Total available credit is about $150K and have CC debt of $3,100. I am curious what bridges I could be burning by dropping the Barclay Ring or the PNC Core cards? My signature lists all my cards if you think there are others I should consider in addition to or as an alternative to some on my list. My Discover card is the only card carrying a balance, and that is 0% APR for 14 months. The PSECU I'm fine dropping, it's my credit union and Founders is my main PSECU card now anyway. This would drop me down to about $125K available credit.

Re: Cleaning out the sock drawer (Recommendations?)

austinguy907 — Wed, 08 Mar 2017 01:44:06 GMT

I would see if PSECU will move your limit over instead of just flat closing it. CU's are pretty good about this and there aren't hoops to jump through. I did it a few years ago with my UFCU cards with an e-mail.

Barcaly will close on its own if you leave them alone long enough. Not too sure about PNC though.

All in all though it's what makes you feel good when it comes down to it. I can see the value of less is more when it comes to managing things. There's nothing wrong with pruning every once in awhile.

Re: Cleaning out the sock drawer (Recommendations?)

kdm31091 — Wed, 08 Mar 2017 01:47:14 GMT

I personally don't overthink this type of thing. If the card is useless, close it. You aren't burning any bridge. The accounts aren't in poor standing. As long as you don't owe anything, the door will be open for future useful accounts with the creditor.

Re: Cleaning out the sock drawer (Recommendations?)

Anonymous — Wed, 08 Mar 2017 02:01:17 GMT

@austinguy907 wrote:
I would see if PSECU will move your limit over instead of just flat closing it. CU's are pretty good about this and there aren't hoops to jump through. I did it a few years ago with my UFCU cards with an e-mail.

Barcaly will close on its own if you leave them alone long enough. Not too sure about PNC though.

All in all though it's what makes you feel good when it comes down to it. I can see the value of less is more when it comes to managing things. There's nothing wrong with pruning every once in awhile.

I asked PSECU about that. They said no because I didn't want to add my wife as a AU so therefore her salary was not figured into my Founders reward card CL. They looked at the mortgage as coming solely from my pocket. I'm thinking of just waiting a few months then asking them again about it.

Re: Cleaning out the sock drawer (Recommendations?)

Kforce — Wed, 08 Mar 2017 02:58:36 GMT

If a credit card does not net me more than 10 dollars a month,

and is not one of my two oldest cards I get rid of it.

That is why I only have a few. I still have > 840 Fico-8

on Tu, Ex and Eq

Re: Cleaning out the sock drawer (Recommendations?)

galahad15 — Wed, 08 Mar 2017 20:51:15 GMT

If you are considering closing your Barclay Ring, please keep in mind that the former 8.xx% V interest rate is no longer available for new cardholders or applicants, for which the new rate is something around 13.xx% V. However, one consolation is that for older Ring cardholders who already had the 8.xx% V rate, they are considered as grandfathered under the old rate. So if you do end up deciding to close your Ring card, just be aware that the grandfathered lower rate is only available on your current/existing card, not for any later or future apps.

Re: Cleaning out the sock drawer (Recommendations?)

Anonymous — Wed, 08 Mar 2017 16:34:02 GMT

Looks like you are all about cash back. in that case I would drop Quicksilver since you already have a blue cash everyday and that credit union that is the same cash back. The Quicksilver is awesome because you can redeem any old time but if you consolidate spend intoo one card you can pop Redemption Target quick enough. If you are not carrying thousands of dollars of balances I don't see holding onto the ring just for one percent APR difference.

Re: Cleaning out the sock drawer (Recommendations?)

Mattopotamus — Wed, 08 Mar 2017 18:09:05 GMT

If it doesn't have an annual fee, why not just leave it in the sock drawer? It doesn't matter if it gets closed for inactivity or you close it. Are you worried about theft? Just cuious.

Re: Cleaning out the sock drawer (Recommendations?)

Anonymous — Wed, 08 Mar 2017 18:27:13 GMT

Cap One is his highest card, I'd keep it.

Re: Cleaning out the sock drawer (Recommendations?)

AverageJoesCredit — Wed, 08 Mar 2017 21:26:36 GMT

Kforce, does that mean you only have 2 cc's?

Re: Cleaning out the sock drawer (Recommendations?)

Anonymous — Wed, 08 Mar 2017 21:56:37 GMT

@Anonymous wrote:
Cap One is his highest card, I'd keep it.

I have no plans to drop CapOne for a couple of reasons, it's my oldest card (23+ years) and low APR and $22k.

After reading the replies, I'm probably just keeping everything as is.

Re: Cleaning out the sock drawer (Recommendations?)

rmduhon — Wed, 08 Mar 2017 22:38:03 GMT

If you SD the cards you might want to periodically check them just to ensure no fraud happens. Or set an alert for them being used.

Re: Cleaning out the sock drawer (Recommendations?)

kdm31091 — Wed, 08 Mar 2017 22:40:46 GMT

To each his own. I don't like to hold on to cards that only have a marginal or very occasional use. Some people don't mind keeping accounts and only using them very rarely but to me it's just another thing to keep track of, and if it has no real benefit, why bother?

Re: Cleaning out the sock drawer (Recommendations?)

Kforce — Thu, 09 Mar 2017 19:19:16 GMT

From {AverageJoesCredit; "Kforce, does that mean you only have 2 cc's? "}

No, but in a couple of weeks will have only 6
Here is the credit card story;

With out knowing it, I had been in the "Garden" for more than 20 years until I found this forum in (Jan-2015).
I had two old Credit Union Visa Cards with no rewards. After spending a few hours each evening for a couple of weeks. I learned a lot about credit cards and how members use them. I went through my spending for the previous 18 months and put the numbers into a programmable calculator. Figured which credit cards would give me the highest return on "real spending numbers". I went for cash-back cards, not air-travel-hotel rewards.

The SallieMae, Citi "Double Cash", and US-Bank "Cash+" were the winners. I applied, was approved, received each and a few months later got another SallieMae for my wife. With the 4 new cards I was able to get more than 3% cash-back on my spend.

I was "Happy as a cow in s--t" as they say.

Back in the garden again!

Almost 2 years and SallieMae gets "Nerfed". Out of the garden for a replacement.
Bank of the West (Cash Back MasterCard){3% on groceries, dining, gas, and fast-food}
and while out of the garden I also got the First National Bank of Omaha (2% Cashback Visa)
for spend at "Costco" and a "Feed-Store" that I frequent that only accept "Visa".

Yes it was a gain of more than 10$/mo, but not by much!
Back in the garden again (Jan-2017)!

After the 17th of this month, after statements post, both SallieMae's will be closed.

The replacement is worthless.

New Card Lineup:

2 - Old Credit Union Cards (25 and 20 years), Keep for Oldest Card and AAoA
2 Cards - Recurring Charges (Utils, Pay-Pal, Etc) US-Bank Cash+, Citi DC [2-years old]
2 Cards - Wallet (Everyday Spend) FNBO, and Bank of the West(Cash Back MasterCard) [New -- Dec-2016]

I will leave the garden if a new card can get me more than 10 dollars a month
or a "Nerf" where I receive a loss of more than 10/month and a new card will plug
the hole.

Re: Cleaning out the sock drawer (Recommendations?)

SunriseEarth — Thu, 09 Mar 2017 20:44:56 GMT

@galahad15 wrote:
If you are considering closing your Barclay Ring, please keep in mind that the former 8.xx% V interest rate is no longer available for new cardholders or applicants, for which the new rate is something around 13.xx% V. However, one consolation is that for older Ring cardholders who already had the 8.xx% V rate, they are considered as grandfathered under the old rate. So if you do end up deciding to close your Ring card, just be aware that the grandfathered lower rate is only available on your current/existing card, not for any later or future apps.

The 8.xx% rate also doesn't seem that competitive anymore. I've asked for enough APR reductions on my AMEX to get it down to 8.75%.