topic Re: Thinning the herd feels good in Credit Cards

Thinning the herd feels good

Jnbmom — Sun, 23 Jun 2019 20:39:59 GMT

It feels good to "thin" the herd. After sucessfully closing my Amex cards and citi simplicity card, I decided to unload some AUs accounts as well. My utilization has not changed and I just wanted my accounts slimmed down.

~~Amex~~

~~Citibank~~

~~Home depot~~

~~Ebates~~

~~Ikea visa~~

~~Overstock.~~

I have a few more that i am debating on but will wait for these acciunts to reflect on my reports.

Re: Thinning the herd feels good

M_Smart007 — Sun, 23 Jun 2019 21:01:25 GMT

you'll have to get a "Slim" wallet now

Re: Thinning the herd feels good

pinkandgrey — Sun, 23 Jun 2019 21:11:16 GMT

Ah, so much respect lol. NICE

Re: Thinning the herd feels good

wasCB14 — Sun, 23 Jun 2019 22:15:30 GMT

I see your signature lists a mix of individual card as well as lenders. What was your recent maximum number of cards, and how many remain?

Any thoughts as to the next round of closures or new replacement cards?

I'm at 17 across 6 issuers, but may go to 16 across 5. If I had to use 17 different card websites I'd certainly close a few!

Re: Thinning the herd feels good

Remedios — Mon, 24 Jun 2019 01:38:39 GMT

@Jnbmom wrote:
It feels good to "thin" the herd. After sucessfully closing my Amex cards and citi simplicity card, I decided to unload some AUs accounts as well. My utilization has not changed and I just wanted my accounts slimmed down.

~~Amex~~
~~Citibank~~
~~Home depot~~
~~Ebates~~
~~Ikea visa~~
~~Overstock.~~

I have a few more that i am debating on but will wait for these acciunts to reflect on my reports.

You've mastered The Axe level.

When is the boss fight? Or was that Amex lol

Re: Thinning the herd feels good

Jnbmom — Mon, 24 Jun 2019 01:49:10 GMT

@Remedios wrote:
@Jnbmom wrote:
It feels good to "thin" the herd. After sucessfully closing my Amex cards and citi simplicity card, I decided to unload some AUs accounts as well. My utilization has not changed and I just wanted my accounts slimmed down.

~~Amex~~
~~Citibank~~
~~Home depot~~
~~Ebates~~
~~Ikea visa~~
~~Overstock.~~

I have a few more that i am debating on but will wait for these acciunts to reflect on my reports.
You've mastered The Axe level.

When is the boss fight? Or was that Amex lol

@Remedios oh most definately AMEX

Re: Thinning the herd feels good

Remedios — Mon, 24 Jun 2019 01:53:49 GMT

My axe session happened in November of last year. It was liberating and therapeutic.

Re: Thinning the herd feels good

SoCalifornia — Mon, 24 Jun 2019 02:14:03 GMT

Congratso.
Thinning the wallet- It's like that moment after the holidays and you drop about 15-20lbs and catch yourself in the mirror 🔥🔥🔥

Re: Thinning the herd feels good

Jnbmom — Mon, 24 Jun 2019 02:15:04 GMT

@SoCalifornia wrote:
Congratso.
Thinning the wallet- It's like that moment after the holidays and you drop about 15-20lbs and catch yourself in the mirror 🔥🔥🔥

@SoCalifornia exactly

Re: Thinning the herd feels good

ChargedUp — Mon, 24 Jun 2019 04:48:42 GMT

When I closed Ebates, it was somewhat euphoric If Synch had at least ante'd up to $5K, I would've kept it but alas... I'm happier nixing that card for BBVA.

I may close a couple more here sometime in the near future. Decisions, decisions....

Re: Thinning the herd feels good

EdMan63 — Mon, 24 Jun 2019 10:12:36 GMT

I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me.

Re: Thinning the herd feels good

SoCalifornia — Mon, 24 Jun 2019 13:49:50 GMT

@EdMan63 wrote:
I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me.

I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.

Re: Thinning the herd feels good

EdMan63 — Mon, 24 Jun 2019 13:56:35 GMT

@SoCalifornia wrote:
@EdMan63 wrote:
I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me.
I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.

Your signature looks like a perfect collection to carry you through life unless Chase drastically nerfs their cards.

Re: Thinning the herd feels good

M_Smart007 — Mon, 24 Jun 2019 14:04:05 GMT

@SoCalifornia wrote:
@EdMan63 wrote:
I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me.
I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.

So I guess at 32+ Cards, I am out of Control

and there are people on the forum that have a Lot more than that!

it's what ever works best for The Individual, some like it simple, others like to collect.

some have 1 or 2 comic books or Rare coins worth hundreds of thousands,

some have a few hundred worth $5-10K.

Personally I don't Close Cards. if I had sub prime and were getting better, or Annual Fee cards not being Utilized, well then "YES"!

or if I were in My Later Years, and did not care of Having a Thick Profile and a Long Average Age of ALL, 20 years down the road.

it's The Old Saying: If The Shoe Fits, wear it!

All JMHO

Re: Thinning the herd feels good

SoCalifornia — Mon, 24 Jun 2019 16:12:11 GMT

@M_Smart007 wrote:
@SoCalifornia wrote:
@EdMan63 wrote:
I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me.
I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.
So I guess at 32+ Cards, I am out of Control
and there are people on the forum that have a Lot more than that!

it's what ever works best for The Individual, some like it simple, others like to collect.
some have 1 or 2 comic books or Rare coins worth hundreds of thousands,
some have a few hundred worth $5-10K.

Personally I don't Close Cards. if I had sub prime and were getting better, or Annual Fee cards not being Utilized, well then "YES"!
or if I were in My Later Years, and did not care of Having a Thick Profile and a Long Average Age of ALL, 20 years down the road.

it's The Old Saying: If The Shoe Fits, wear it!

All JMHO

Working on a playing deck, huh agent99

Yeah, it's all according to your lifestyle. I feel having certain cards during a short time can benefit long-term cards in the meantime.

Re: Thinning the herd feels good

Namaste7 — Mon, 24 Jun 2019 16:12:21 GMT

@EdMan63 wrote:
I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me.

I agree.

I wish I exhibited more patience and restraint a few years ago. I acquired a number of accounts across multiple lenders. With minimal use and no opportunity to transfer or consolidate the credit lines, I’m plannng to close 5 accounts (50K CLs) this year.

Re: Thinning the herd feels good

Anonymous — Mon, 24 Jun 2019 16:36:16 GMT

I’m in the process of doing the same, it feels good, got rid of a 5yr secures and a high interest with AF card, next week will eliminate the rest of my bucketed cap1 cards so I can rid myself of the toxicity that cap1 possesses over cli and bucketing cards! Congrats on your shedding

Re: Thinning the herd feels good

Namaste7 — Mon, 24 Jun 2019 16:42:18 GMT

@Anonymous wrote:
I’m in the process of doing the same, it feels good, got rid of a 5yr secures and a high interest with AF card, next week will eliminate the rest of my bucketed cap1 cards so I can rid myself of the toxicity that cap1 possesses over cli and bucketing cards! Congrats on your shedding

CapOne served its purpose at the time and it’s okay when it’s time to move on.

Kudos on killing the high-interest, AF card!! When you receive the security deposit, put it into an account where YOU can earn the money 💰

Re: Thinning the herd feels good

itsxluigi — Mon, 24 Jun 2019 18:06:10 GMT

I can't wait to do the same. I already have a list of cards I'm ready to close, and as I pay off more I'll probably add a few more to that list.

I'm just keeping them all open for right now because they're the only thing helping my utilization.

Re: Thinning the herd feels good

Caught750 — Mon, 24 Jun 2019 19:20:43 GMT

I just closed my first two cards, EVER! It does feel good oddly enough! More will follow in a few months!

One was a bucketed QS1 with a ridiculous APR and the AF. The other was an AmEx Delta Gold that I just didn’t have a use for that was taking up my 5th Amex revolver spot.