topic Re: Reducing credit cards, a new adventure in Credit Cards

Reducing credit cards, a new adventure

AverageJoesCredit — Thu, 09 Nov 2017 22:38:32 GMT

Im making this post in hopes that i can follow what ive decided to do on this next phase on my Credit journey. Where it remains , i no clue but its been a rough month on the credit seas and in life in general but ive decided to set my Credit Resolution for 2018 now. Reducing my credit card collection amongst other goals.

Coming from very humble economic means ive come along way in my 2 years of building back from my bankruptcy of 10 years ago. Sometimes the constant rejections and reasonings , even with good credit scores can be downright depressing but ive decided to look at my failures as a means to take the bulls by the horns and start attacking what i can control. My goals for 2018:
1) Reduce all credit card debt to zero
2) pay off personal loan
3) reduce credit cards of 24 to maybe 3-5 by 2019
4) no longer request credit limit increases
5)eliminate all hps from reports

This game can be great but it can take as much as it gives. So as of 9 Nov 17, i have closed the following cards

1) Chase Amazon Visa ( will never grow and a money bank)
2) Penfed Promise ( will never grow and income not sufficient for Pf growth)

Next up on block.....Discover, once i get my cashback, smashing hurts , no luv, im just gonna move on. Ill update this thread as i continue to slash. I hope it stays here in CC but if a mod moves it could you kindly let me know where it was moved so i can track my new journey. Thank you

Re: Reducing credit cards, a new adventure

Anonymous — Thu, 09 Nov 2017 22:44:08 GMT

i had no idea you had 24 cards! oh my!

Re: Reducing credit cards, a new adventure

marty56 — Thu, 09 Nov 2017 22:49:40 GMT

As long as those CCs don't have a anual fee I would not close them. Sock drawer them or rotate them once a month to charge a small amount.

Re: Reducing credit cards, a new adventure

Anonymous — Thu, 09 Nov 2017 22:51:55 GMT

I got my first credit card in forever this March (Discover Secured) and once I get my next 2-3 cards, I think I'll close down all the cards I got before October this year other than possibly Chase Freedom Unlimited.

They were rebuilders mostly, but Amazon Store Card is pretty useless for me (I buy 1-2 things a year at Amazon, typically in the $5000 per item range, and I can use a friend's card for that and they'll give me the 5% back). Capital One Platinum is of course going in the trash when it graduates, and QS1 will get cut the minute the Spotify deal ends (unless it's replaced by something I actually use, which is doubtful). Chase Freedom Unlimited is currently on the future chopping block unless I snag a CSR, and even then 2.25% towards travel just isn't so tasty compared to the 2.5% general spend cards out there.

Went from 1 card with 120D lates to 8 cards right now, can envision having 11 cards, but going to chop it all down to 5 cards minimum, 7 cards maximum. Even 7 cards is more than I want but I do want every possible penny in rewards/cashback as possible.

I won't stop doing checking account signup bonuses, though, unless the terms are restrictive in when I can close the account. The trust I created to "manage" some of my rentals pays me in direct deposits, so that part helps with checking sign-up bonuses, but I'm already exhausted with them except they pay pretty decently 2 out of 5 times.

Re: Reducing credit cards, a new adventure

AverageJoesCredit — Thu, 09 Nov 2017 22:52:01 GMT

Yes Sasha, it aint easy being AJC

Attempting to move some limits from my Amex ED to BCE as i will be using only one Amex. Will receive a letter with decision so probably a no go. I heard Amex no longer makes you wait 13 months on one card but if thats not the case probably why it wont get accepted. Both cards opened this year.

Re: Reducing credit cards, a new adventure

AverageJoesCredit — Thu, 09 Nov 2017 22:55:23 GMT

I understand the sd vs closing debate all too well. I honestly just dont want to do it. If i ever need another credit card perhaps ill get better rates and limits if i decide to app but this feels right to me.

$154k down to 151K .......

Re: Reducing credit cards, a new adventure

BronzeTrader — Thu, 09 Nov 2017 23:09:43 GMT

This is something I've said many times. We are still the minority.

Of my recent purge, I've reduced my total credit line by $200,000. Total 35 cards. I plan to continue to trim the cards from 2nd tire banks and some of the cards with high AFs.

Re: Reducing credit cards, a new adventure

AverageJoesCredit — Fri, 10 Nov 2017 00:45:43 GMT

Officially out of the Penfed credit card business, card closed. No more having to convince them for an increase . Next awaiting official word from Chase.

Re: Reducing credit cards, a new adventure

RadioRob — Fri, 10 Nov 2017 01:23:40 GMT

Can I have your Chase limit? Just have them tack it onto my CSP!

Re: Reducing credit cards, a new adventure

Anonymous — Fri, 10 Nov 2017 01:44:31 GMT

Good work, Joseph!

You have closed two prime cards; did you have any feeling of regret after closing them? When I closed my 16 year-old Kohl's card this year it hurt bad LOL. But that went away after a few days.

I too need to trim the herd...on Sunday I picked up my "dream" card, the USAA Limitless...they gave me $2,500....this is a sign that for my income, I have way too much available credit (over $200K). I totally need to drop my worthless PenFed Promise card too. You doing it first has given me resolve to do the same...soon

Keep us posted on your progress!

Re: Reducing credit cards, a new adventure

peghede — Fri, 10 Nov 2017 01:48:07 GMT

Meh only 24 cards for someone u caliber...c'mon m8

Re: Reducing credit cards, a new adventure

Anonymous — Fri, 10 Nov 2017 01:56:07 GMT

@AverageJoesCredit wrote:
Im making this post in hopes that i can follow what ive decided to do on this next phase on my Credit journey. Where it remains , i no clue but its been a rough month on the credit seas and in life in general but ive decided to set my Credit Resolution for 2018 now. Reducing my credit card collection amongst other goals.

Coming from very humble economic means ive come along way in my 2 years of building back from my bankruptcy of 10 years ago. Sometimes the constant rejections and reasonings , even with good credit scores can be downright depressing but ive decided to look at my failures as a means to take the bulls by the horns and start attacking what i can control. My goals for 2018:
1) Reduce all credit card debt to zero
2) pay off personal loan
3) reduce credit cards of 24 to maybe 3-5 by 2019
4) no longer request credit limit increases
5)eliminate all hps from reports

This game can be great but it can take as much as it gives. So as of 9 Nov 17, i have closed the following cards

1) Chase Amazon Visa ( will never grow and a money bank)
2) Penfed Promise ( will never grow and income not sufficient for Pf growth)

Next up on block.....Discover, once i get my cashback, smashing hurts , no luv, im just gonna move on. Ill update this thread as i continue to slash. I hope it stays here in CC but if a mod moves it could you kindly let me know where it was moved so i can track my new journey. Thank you

Wow! That is amazing!

Re: Reducing credit cards, a new adventure

AverageJoesCredit — Fri, 10 Nov 2017 01:58:07 GMT

@Anonymous wrote:
Good work, Joseph!

You have closed two prime cards; did you have any feeling of regret after closing them? When I closed my 16 year-old Kohl's card this year it hurt bad LOL. But that went away after a few days.

I too need to trim the herd...on Sunday I picked up my "dream" card, the USAA Limitless...they gave me $2,500....this is a sign that for my income, I have way too much available credit (over $200K). I totally need to drop my worthless PenFed Promise card too. You doing it first has given me resolve to do the same...soon

Keep us posted on your progress!

Honestly, i dont feel a thing. I truely wish they werent prime credit cards and more so store cards, which ill get to eventually its just if i dont pull the bandaid now, would i ever?. These are 2 lenders who i know will never open up to me. Ive read enough here to know what they look for and to whom they cater so id rather just focus my energy elsewhere than be bitter everytime i look at my card lol.

RadioRob, you can glady have my $1500 Amazon limit, may it bring you many holiday tidings

Peghede, thanks m8, honestly i didnt mind tracking 24 accounts but when you hit that wall. You gotta bounce around it somehow.

Re: Reducing credit cards, a new adventure

peghede — Fri, 10 Nov 2017 02:04:05 GMT

are those 24 cards all Synchrony R.I.P

if yes here something to put them in

Re: Reducing credit cards, a new adventure

Anonymous — Fri, 10 Nov 2017 02:03:27 GMT

I'll definitely sub to this thread. I'm interested on the cards you decide to keep and why lol

Re: Reducing credit cards, a new adventure

joltdude — Fri, 10 Nov 2017 02:22:36 GMT

@Anonymous wrote:
I'll definitely sub to this thread. I'm interested on the cards you decide to keep and why lol

Ditto..

You know what card im tempted to do that with.. Amazon Chase Visa... But id like to swap something in its place..

Completely understand ditching Chase .... also Penfed and yes... the bittersweet relaationship with Miss Discover..

Really thought she'd warm up to you over time...

Culling down your store cards might have made traction with these stubborn creditors but if you dont feel wanted, you should show them the door...

Remember you can always reapp in a year or two...if you change your mind

Re: Reducing credit cards, a new adventure

AverageJoesCredit — Fri, 10 Nov 2017 02:24:40 GMT

@peghede wrote:
are those 24 cards all Synchrony R.I.P
if yes here something to put them in

In due time my dear peghedatson. All good things end eventually, who knows maybe they send one before i ever get the chance lol

Re: Reducing credit cards, a new adventure

joltdude — Fri, 10 Nov 2017 02:26:08 GMT

I really hope you give Sync the blue envelope before they decide to get wierd.... You should be in control of the situation not them.

Re: Reducing credit cards, a new adventure

AverageJoesCredit — Fri, 10 Nov 2017 02:26:52 GMT

@Anonymous wrote:
I'll definitely sub to this thread. I'm interested on the cards you decide to keep and why lol

Lol, thanks its definetly going to be an adventure. For me to willingly give up credit its hard but i never know that perhaps one day those lenders who i decide to keep may just reward me more for actually using more

Re: Reducing credit cards, a new adventure

AverageJoesCredit — Fri, 10 Nov 2017 02:31:04 GMT

@joltdude wrote:
@Anonymous wrote:
I'll definitely sub to this thread. I'm interested on the cards you decide to keep and why lol

Ditto..
You know what card im tempted to do that with.. Amazon Chase Visa... But id like to swap something in its place..
Completely understand ditching Chase .... also Penfed and yes... the bittersweet relaationship with Miss Discover..
Really thought she'd warm up to you over time...

Culling down your store cards might have made traction with these stubborn creditors but if you dont feel wanted, you should show them the door...

Remember you can always reapp in a year or two...if you change your mind

Thank you Jolt, i always respect your guidance here and you were words ring truth yet again. Theres so many things to consider when considering closing cards. But really at the end of day, when you have a limited spend, so many credit cards just means watering down any rewards being able to be earned and i think i will be able to implament better apping strategy in the future.