topic Re: Cutting Back in Credit Cards

Cutting Back

Anonymous — Wed, 01 Aug 2018 21:51:49 GMT

I had an app spree for the first time in years, and I personally feel I have too many cards. Would like to ideally have around 5 major cards, and I like keeping store cards for my major purchases that I would like to have 0% on. I should have no CC balances within 7 months.
 
Here's my list (a few of these are AU / joint):
 
Amazon SC: $7.7K
AmEx Cash Magnet: $1K (new)
AmEx BCE: $500 (AU)
BOA Cash Rewards: $5K (new)
Barclay Rewards: $11.5K (oldest, but useless, sallie mae replacement :sadface
Barclay Uber Visa: $1.4K (AU)
Capital One Platinum: $3.2K (AU)
Chase Slate: $3.2K (AU)
Chase Freedom: $3.2K (AU)
Chase FU: $5.9K 
Chase Amazon Prime Signature: $7.5K (new)
Citi DC: 6.1K
Citi Best Buy: 2K (Used as store card )
Dental First: 2K
Discover IT: 7K
PayPal Bill Me Later: 4.5K
PayPal CB MC: 5.5K
Rooms To Go: 9K (2 accounts)
Walmart MC: 8K (Used as store card)
US Bank Cash+: 1.2K
Zales: 2.5K
 
What would you cut? Are the store cards hurting me? Too many cards? Redundant cards?
 
Thanks!
 
 

Re: Cutting Back

AverageJoesCredit — Wed, 01 Aug 2018 21:35:51 GMT

What does SC to me mean?

Re: Cutting Back

Anonymous — Wed, 01 Aug 2018 21:50:18 GMT

Sorry. I meant store card to me. As in even though they’re visa and MasterCard versions, I strictly use them as store cards for interest free promos.

Re: Cutting Back

Anonymous — Wed, 01 Aug 2018 21:59:54 GMT

If it were me, I’ll close the amazon store card (and any other store card you rarely use) since you have the Chase version. Unless you use the 0% financing, it’s useless. Also, the Visa version is suppose to be getting 0% financing soon which will definitely make the store card useless. I actually just closed mine today due to these same reasons.

Im in the process myself of cutting down cards as I feel I have too many as well. I’ve closed 2 today already (Amazon and Walmart store card) and I’m down to 17. I will certainly be closing or consolidating a few more in the future. Unless the store card is one of your oldest accounts and the TCL hit for utilization isn’t significant, it’s okay to close imo.

Re: Cutting Back

Anonymous — Wed, 01 Aug 2018 22:03:53 GMT

I have 14 cards of my own. So I have quite a few I’d like to cut. But the others are AU, and will still effect our DTI ratio in the future if me and my wife buy a new house. So want to cut some from both sides.

Sadly the Walmart MasterCard and amazon store card are my two oldest lines and I do use them at Christmas time each year and for my kids birthdays.

Re: Cutting Back

Gmood1 — Wed, 01 Aug 2018 22:24:14 GMT

Are the store cards hurting you? If they were, closing them will make no difference.
As much as I despise Barclays. I'd keep the oldest account active. One small recurring payment should do it.

If not very old, the AU accounts are more of a utilization factor.
If they have high balances, then I'd drop them ASAP.
The AU accounts aren't factored in depending on the lender or credit product.

In the end, it's a personal choice. No one here can tell you what you should keep or close.

I've had cards that weren't used for almost a year. Then all of a sudden. They became a primary card. You never know when lenders will sweeten the pot or upgrade promotions to make the CC more useful.

I'm planning to close and consolidate a couple. My reduction has more to do with deleting AF cards than anything else though.

Re: Cutting Back

Anonymous — Wed, 01 Aug 2018 22:40:50 GMT

No all my store cards are in good standing, all with Comenity or synchrony. And I think synchrony loves me. And Barclays has been good to me too, highest CL, regular CLIs.

My biggest reason for wanting to cut cards is simply because I think I’m spreading my rewards out too much. Id rather simplify and have less to keep up with. I know I have some redundant reward cards like the cash magnet and freedom unlimited, but I like being in with every lender.

Re: Cutting Back

Gmood1 — Wed, 01 Aug 2018 23:05:19 GMT

I hear ya. Well pick out the redundant ones. Throw them in the SD. Swap them out every six months.

If that's too much, then just close them.
I like having a choice of lenders myself. You'll never see me put all my eggs in one basket, not even two baskets. lol

I want them to know, they aren't the only kid on the block.😉