topic Re: Closing 8-9 accounts! Simplifying things! in Credit Cards

Closing 8-9 accounts! Simplifying things!

morgacj2004 — Thu, 17 Aug 2017 06:34:19 GMT

So I am now 5 yrs post BK. Scores are averaging 705. A long way from the 500s back in 2012-2013 Re-fi the mortgage at 15 yrs 3.25% paid off one car loan. Decided to cut the stack LOL

Closed the following:

1. Venture One-10k

2. JCP-7k

3. Macy's -3k

4. Cathay Pacific Visa -10k

5. Cabelas Visa -7k

6. AK Air BofA Pkat-2k- close as soon as bonus miles post.

7. BC Cash Forward - Will transfer 4.5k CL to ARR+

8. Virgin America Visa - will wait to close until after 12/31/17. Hoping it will PC to AK Air Siggy.

I PC NFCU Cash Rewards to Flagship Visa did not want to give up 31k CL due to UT issues

I PC PFCU AX Travel card CL to Power cash Rewards card (new card) Lol!

Will keep open

1. Discover-rotating categories

2.PFCU-Plat Rewards-Gas-Groceries

3. AK Air Siggy- for my frequent AK Air purchases

4. BC Arrival + Travel purchases

5. BC Ring -low APR

6. AK USA FCU -UT purposes

7. NFCU Go Rewards - Restaurant and BT - Carrying promo balance

8. NFCU Flagship-UT purposes

9. PFCU - Power Cash Rewards-2% general spend

10. Blispay-2% General spend

11. CITI Costco-Costco, Gas, Restaurant

Will keep open the following store cards

1. Target-5%

2. Nordstroms

3. Kohls

4. Chase Amazon Prime Visa - Use a lot!

5. Blue Nile - Carrying promo balance - wife's favorite card- (will probably close once promo balance is paid off )

6. GAP Visa-5% - wife's third favorite card

7. VS - wife's second favorite card

I also have a paypal acct and 15k LOC from NFCU

I AM ON THE FENCE ABOUT MY CO VENTURE - 24k CL? What is the consensus about keeping this card. Have only been using for Zero APR BT deals. Also on the fence about the Nordstroms and VS cards. Use them monthly.

I will still apply for (churn) one card at a time 4-6 X per year but close as soon as spend is completed. Next up is the 3rd ARR+ and Cathay Pacific -50 k bonus. Going to also focus on raising existing CL. Still have around 175k available credit with about 3.5% current UT.

Need to to wait awhile before I can get Legacy cards, AX cards etc. That will be the final chapter of the rebuild. AX-next year, CHASE and CITI in 2 years. Wife will stay under 5/24 so as to get those some CHASE cards in 2018-2019.

Re: Closing 8-9 accounts! Simplifying things!

Anonymous — Thu, 17 Aug 2017 11:49:52 GMT

Man, that's a lot of cards. Good to see you cutting away the dead weight. I have 8 cards and often question whether or not having that many is necessary. Managing 8, well really 6, as 2 are in the SD to me is a lot of work. I couldn't imagine 20-30+... and still considering apping for more.

Re: Closing 8-9 accounts! Simplifying things!

UpperNwGuy — Thu, 17 Aug 2017 11:56:35 GMT

I cancelled 8 cards so far this year, and added 1, bringing my new total to 7, and I consider that number to be too high. If I were you, I would focus on growing a few cards and close down a few more.

Re: Closing 8-9 accounts! Simplifying things!

AverageJoesCredit — Thu, 17 Aug 2017 12:07:28 GMT

Great job Morgacj i cancelled 1 card this year so i know how you feel

Keep the Venture and and let CO cld iit, lol, this way you keep it but lose deadweight credit limit, lol

JK, Or am eye

Re: Closing 8-9 accounts! Simplifying things!

Chickenpotpie — Thu, 17 Aug 2017 12:19:22 GMT

Let me just say I'm proud of you for being able to keep them all straight! LOL I'd lose my mind.

I'm all for simplifying. the 24k CL card, cut it if you don't need to worry about UTL or you actually use it.

Sometimes you have to cut a few at a time and see how you feel. Cut the definites, and if you're still on the fence for that one, maybe just wait for now.

Re: Closing 8-9 accounts! Simplifying things!

Anonymous — Thu, 17 Aug 2017 13:24:37 GMT

I think that cutting the definites is okay, but I would just stop using the others and check them once a week for fraud. Eventually, some will get closed for inactivity, but you will still get the benefit for ten years of average age of accounts. You may suffer a drop in your scores due to utilization ratio going up (Available credit vs actual credit used) but if cards drop off every so often, it shouldn't be much.

Then I would carry the three (or less) most useful for everyday spend and SD the rest.

I have four major cards, plus target, and I look for fraud on all every morning, and even that is a PITA !!

Re: Closing 8-9 accounts! Simplifying things!

CreditCuriosity — Thu, 17 Aug 2017 13:13:14 GMT

So from counting it appears you plan on keeping approx 20ish open lol.... Not sure how much more your life is going to be simplified? I closed 4 accounts recently, but opened 4 so ya I didn't gain anything other then 1 of the accts closed was personal and 1 new one opened was business so one less TL on personal credit is all. Along with more diversication of lenders.

Re: Closing 8-9 accounts! Simplifying things!

Anonymous — Thu, 17 Aug 2017 17:03:18 GMT

Sounds like a good plan.

I have 38 open bank cards and 1 store card. Each get used monthly.

Re: Closing 8-9 accounts! Simplifying things!

morgacj2004 — Thu, 17 Aug 2017 17:11:31 GMT

In the end I will have gone from around 40 cards ( previous cull) to around 15 cards. 15 is manageable on that 5 will be store cards for specific purchases only. The cards that I churn 1-2 at a time get closed as soon as spend is met and bonus collected. I will make a rule that when I open an account that I wish to keep I will need to close another card.

Re: Closing 8-9 accounts! Simplifying things!

pizza1 — Thu, 17 Aug 2017 18:32:41 GMT

If your Nordstrom is still the retail card, call in and ask if it can be upgraded to the Visa Siggy. Its not a new acct, and you can use it more. I got upgraded last year.

Re: Closing 8-9 accounts! Simplifying things!

CreditMagic7 — Thu, 17 Aug 2017 18:40:24 GMT

@morgacj2004 wrote:
In the end I will have gone from around 40 cards ( previous cull) to around 15 cards. 15 is manageable on that 5 will be store cards for specific purchases only. The cards that I churn 1-2 at a time get closed as soon as spend is met and bonus collected. I will make a rule that when I open an account that I wish to keep I will need to close another card.

Excellent plan and smart strategy.

This is what's been going on here but slow as a turtle. Cutting and scaling back is so much more simplistic and rewarding as well.

Once the CLI's (where we can receive them) put certain cards at the level we're good with the scouting for more cards just doesn't make sense anymore.

Keep up the great progress.

Re: Closing 8-9 accounts! Simplifying things!

morgacj2004 — Thu, 17 Aug 2017 19:25:23 GMT

Pizza how long do they want u to have it open to get the upgrade ? My CL is at 6k I believe

Re: Closing 8-9 accounts! Simplifying things!

Anonymous — Fri, 08 Sep 2017 22:01:14 GMT

Question: Were these accounts at 0 balance when you closed them or did you have a balance and paid them off after?

Re: Closing 8-9 accounts! Simplifying things!

sunkissed — Fri, 08 Sep 2017 23:12:58 GMT

@morgacj2004 wrote:
So I am now 5 yrs post BK. Scores are averaging 705. A long way from the 500s back in 2012-2013 Re-fi the mortgage at 15 yrs 3.25% paid off one car loan. Decided to cut the stack LOL

Closed the following:

1. Venture One-10k
2. JCP-7k
3. Macy's -3k
4. Cathay Pacific Visa -10k
5. Cabelas Visa -7k
6. AK Air BofA Pkat-2k- close as soon as bonus miles post.
7. BC Cash Forward - Will transfer 4.5k CL to ARR+
8. Virgin America Visa - will wait to close until after 12/31/17. Hoping it will PC to AK Air Siggy.

I PC NFCU Cash Rewards to Flagship Visa did not want to give up 31k CL due to UT issues
I PC PFCU AX Travel card CL to Power cash Rewards card (new card) Lol!

Will keep open

1. Discover-rotating categories
2.PFCU-Plat Rewards-Gas-Groceries
3. AK Air Siggy- for my frequent AK Air purchases
4. BC Arrival + Travel purchases
5. BC Ring -low APR
6. AK USA FCU -UT purposes
7. NFCU Go Rewards - Restaurant and BT - Carrying promo balance
8. NFCU Flagship-UT purposes
9. PFCU - Power Cash Rewards-2% general spend
10. Blispay-2% General spend
11. CITI Costco-Costco, Gas, Restaurant

Will keep open the following store cards

1. Target-5%
2. Nordstroms
3. Kohls
4. Chase Amazon Prime Visa - Use a lot!
5. Blue Nile - Carrying promo balance - wife's favorite card- (will probably close once promo balance is paid off )
6. GAP Visa-5% - wife's third favorite card
7. VS - wife's second favorite card
I also have a paypal acct and 15k LOC from NFCU

I AM ON THE FENCE ABOUT MY CO VENTURE - 24k CL? What is the consensus about keeping this card. Have only been using for Zero APR BT deals. Also on the fence about the Nordstroms and VS cards. Use them monthly.

I will still apply for (churn) one card at a time 4-6 X per year but close as soon as spend is completed. Next up is the 3rd ARR+ and Cathay Pacific -50 k bonus. Going to also focus on raising existing CL. Still have around 175k available credit with about 3.5% current UT.

Need to to wait awhile before I can get Legacy cards, AX cards etc. That will be the final chapter of the rebuild. AX-next year, CHASE and CITI in 2 years. Wife will stay under 5/24 so as to get those some CHASE cards in 2018-2019.

Great job rebuilding! Enjoy your scaled-back portfolio.

Just curious...why not pc your NFCU Flagship to something without an annual fee if you're keeping it for utilization padding only?

Re: Closing 8-9 accounts! Simplifying things!

morgacj2004 — Fri, 08 Sep 2017 23:43:29 GMT

All the cards I closed had a zero balance. I did also close the VS and Nordstrom card. Also closed the Venture card. My new cards are the Discover IT with double rewards for the first year and special categories. Got the BC AA Aviator for the 60k bonus and Cathay Pacific Visa for 50 k bonus. Will eventually close these cards prior to AF. Wife and I will have about 20 cards between us some are AU only

Re: Closing 8-9 accounts! Simplifying things!

morgacj2004 — Fri, 08 Sep 2017 23:45:29 GMT

Probably should looking at getting a different NFCU eventually with no AF

Re: Closing 8-9 accounts! Simplifying things!

dlm0820 — Sat, 09 Sep 2017 16:52:05 GMT

Why didn't you just combine the Capital One card? That's silly to lose a 10K line.

Personally I would have left all of them open and charge one thing on each and PIF to keep it active then SD it.

But that's just me.

Re: Closing 8-9 accounts! Simplifying things!

pizza1 — Sat, 09 Sep 2017 18:44:48 GMT

@morgacj2004 wrote:
Pizza how long do they want u to have it open to get the upgrade ? My CL is at 6k I believe

I believe it's 7mo, and you're past the $5k mark to upgrade for the siggy.

Re: Closing 8-9 accounts! Simplifying things!

BronzeTrader — Sat, 09 Sep 2017 22:30:16 GMT

To say the cut. Here is what we've cut the past 12-months:

Bank America AAA
Amazon Store/SYNCB
AmEx Business Gold
Chase Freedom
Chase Marriott
Chase Southwest
Chase United
Children's Place
Citi AA
Citi Expedia
Citi Hilton
Comenity Limited
Comenity Potery Barns
Comenity Victoria Secret
Crate & Barrel (Comenity)
Discover IT
Gap
Paypal Extras MasterCard
Sears
Synchrony Aamerican Eagle
Synchrony Gap
Synchrony Old Navy
Synchrony Toy R Us
TJX
Valero

The product changes were not included.

I still keep 25 and spouse keeps 15. Total 40 live cards.

I've only opened two new cards this years. Time to slow down.

Re: Closing 8-9 accounts! Simplifying things!

morgacj2004 — Sun, 10 Sep 2017 06:09:33 GMT

Dlm0820 says "
Personally I would have left all of them open and charge one thing on each and PIF to keep it active then SD it.

But that's just me."

I am one of the lucky few who CO refused to allow to combine CL. I have lots of 10k +CL. No big deal I can always get another venture with the bonus!