topic Re: It was time to thin the Herd after rebuild. 18 to 10. in Credit Cards

It was time to thin the Herd after rebuild. 18 to 10.

FireMedic1 — Sat, 05 Aug 2023 16:02:58 GMT

Closed down 8 accounts today. Kept all cards from the day after BK. After 7 yrs it grew to 18 cards. So 18 down to 10. Many I never used again after better things came along. Or used what they offered to build credit in that moment of time. SSL's and other goodies. Im more than happy with what I got during the rebuild. Just became a bit too much. Nice seeing less icons on the desktop and apps on the phone.

So long:

NFCU More Rewards, PENFED Power Cash, Cap1 QS, Truist, Home Depot, PP Credit, and Shell.

Re: It was time to thin the Herd after rebuild. 18 to 10.

ACN323 — Sat, 05 Aug 2023 16:15:09 GMT

@FireMedic1 Congrats! Must feel so good!

Re: It was time to thin the Herd after rebuild. 18 to 10.

Kforce — Sat, 05 Aug 2023 16:18:45 GMT

Congrats!

Have been doing the same.

It feels good and makes things more simple.

Re: It was time to thin the Herd after rebuild. 18 to 10.

FireMedic1 — Sat, 05 Aug 2023 17:08:28 GMT

@ACN323 wrote:
@FireMedic1 Congrats! Must feel so good!

Yeah buddy. From a 1200 Plat out of BK to now. Im good with it.

Re: It was time to thin the Herd after rebuild. 18 to 10.

FireMedic1 — Sat, 05 Aug 2023 17:09:58 GMT

@Kforce wrote:
Congrats!
Have been doing the same.
It feels good and makes things more simple.

@Kforce Nice. Its weird. I didnt use them. But knowing they're gone. Like a stress relief in a way.

Re: It was time to thin the Herd after rebuild. 18 to 10.

Jnbmom — Sat, 05 Aug 2023 19:30:47 GMT

@FireMedic1

Congrats . I really need to do this myself I have way too many accounts having a hard time keeping track and rotating them . I had a few closed bc of non use which was fine .

Re: It was time to thin the Herd after rebuild. 18 to 10.

Aim_High — Sat, 05 Aug 2023 22:18:30 GMT

Congrats @FireMedic1 on thinning your herd!

You know from my posts on the forums that I am sometimes torn between simplicity and a degree of complexity due to my valuation of lender diversity, credit age, credit limit padding, rewards diversity and other variables. I've corresponded with and posted about some of our members who have simplified to various degrees and there's definitely a part of me that would enjoy having fewer cards! I've closed a fair number of cards over the years as-it-is, but I find myself drawn to opening new ones, at least for now. I agree there are excellent arguments for a more streamlined wallet and it does give some peace of mind! Enjoy!

Re: It was time to thin the Herd after rebuild. 18 to 10.

Citylights18 — Sat, 05 Aug 2023 22:35:22 GMT

In most situations I think you're better off padding with LOCs instead of CCs for utilization.

Also the utilization game helps you the most when you are trying to punch up scores. I did it mostly for that purpose and of course perks.

Re: It was time to thin the Herd after rebuild. 18 to 10.

FireMedic1 — Sat, 05 Aug 2023 22:55:50 GMT

@Aim_High wrote:
Congrats @FireMedic1 on thinning your herd!

You know from my posts on the forums that I am sometimes torn between simplicity and a degree of complexity due to my valuation of lender diversity, credit age, credit limit padding, rewards diversity and other variables. I've corresponded with and posted about some of our members who have simplified to various degrees and there's definitely a part of me that would enjoy having fewer cards! I've closed a fair number of cards over the years as-it-is, but I find myself drawn to opening new ones, at least for now. I agree there are excellent arguments for a more streamlined wallet and it does give some peace of mind! Enjoy!

@Aim_High Thanks. I wont give out my stats online. Yes I am close to retirement. All catagories are covered. There isnt a thing I dont get something back for any purchase. PP MC 2% CB. Cap1 QS 1.5% CB. Why keep it? Only Shell station here charges more for credit. Whoopie. There goes the savings per gallon. HP for CLI from Citi. NFCU was for SSL back when. More rewards was nice. Even got a warning. Put more in saving or we'll close it. Bye. Home Depot HP CLI. Loews keep growing. Warning for not using PP Credit or it gets closed. Bye. Never used it. Bye. I wont HP for any CLI. So whats left is the good cards. High limits for my stats since BK. I cant complain one bit. Getting the AMEX cards and the new 15k BCU was the icing for now on the cake.

Re: It was time to thin the Herd after rebuild. 18 to 10.

CreditCuriosity — Sat, 05 Aug 2023 23:46:41 GMT

Only thing I would of done different personally is PC'ed the more rewards amex to platinum as if interest rates ever go back down to what they were it would be a 5.99 card and possibly free BT's like they use to have. Many times have i talked about getting rid of cards, but when I do I open one to replace it and justify I can use it for this possible scenario that never happens

Re: It was time to thin the Herd after rebuild. 18 to 10.

NoMoreE46 — Sun, 06 Aug 2023 01:50:08 GMT

I will allow it

@FireMedic1 😜.

Did you get the option from C1 to reallocate the QS CL to your Savor?

Re: It was time to thin the Herd after rebuild. 18 to 10.

FireMedic1 — Sun, 06 Aug 2023 12:51:48 GMT

@NoMoreE46 wrote:
I will allow it
@FireMedic1 😜.

Did you get the option from C1 to reallocate the QS CL to your Savor?

No. Didnt even think about it. Sat down made the calls. And clicked on the close accounts on the sites that allowed it.

Re: It was time to thin the Herd after rebuild. 18 to 10.

Aim_High — Sun, 06 Aug 2023 13:38:09 GMT

@FireMedic1 wrote:
@NoMoreE46 wrote:
Did you get the option from C1 to reallocate the QS CL to your Savor?
No. Didnt even think about it.

😳 Say W-H-A-T?? Heresy!!
Are you sure you're a My FICO-er, @FireMedic1? Lol 😂

Re: It was time to thin the Herd after rebuild. 18 to 10.

md_rebuild — Sun, 06 Aug 2023 15:22:44 GMT

Congrats @FireMedic1 !

I currenlty have 11 (or 12?) but I couldn't imagine keeping track of 18!

Re: It was time to thin the Herd after rebuild. 18 to 10.

FireMedic1 — Sun, 06 Aug 2023 17:16:07 GMT

@Aim_High wrote:
@FireMedic1 wrote:
@NoMoreE46 wrote:
Did you get the option from C1 to reallocate the QS CL to your Savor?
No. Didnt even think about it.
😳 Say W-H-A-T?? Heresy!!
Are you sure you're a My FICO-er, @FireMedic1? Lol 😂

@Aim_High Yep! I am one that give me enough of a SL in case I had to carry a balance to keep Util low. Then I'm a happy camper. FireMedic's dont make a ton of money. I'm worth more retired. My highest I ones I kept. The lower ones and/or did HP for CLI's. C-ya!

Re: It was time to thin the Herd after rebuild. 18 to 10.

reluctantgarden — Sun, 06 Aug 2023 22:58:15 GMT

Now that's some housecleaning! Curious about what percentage of your TCL went away with those eight cards. That's mainly what keeps me from thinning.

@FireMedic1 wrote:
@Aim_High wrote:
Congrats @FireMedic1 on thinning your herd!

You know from my posts on the forums that I am sometimes torn between simplicity and a degree of complexity due to my valuation of lender diversity, credit age, credit limit padding, rewards diversity and other variables. I've corresponded with and posted about some of our members who have simplified to various degrees and there's definitely a part of me that would enjoy having fewer cards! I've closed a fair number of cards over the years as-it-is, but I find myself drawn to opening new ones, at least for now. I agree there are excellent arguments for a more streamlined wallet and it does give some peace of mind! Enjoy!
@Aim_High Thanks. I wont give out my stats online. Yes I am close to retirement. All catagories are covered. There isnt a thing I dont get something back for any purchase. PP MC 2% CB. Cap1 QS 1.5% CB. Why keep it? Only Shell station here charges more for credit. Whoopie. There goes the savings per gallon. HP for CLI from Citi. NFCU was for SSL back when. More rewards was nice. Even got a warning. Put more in saving or we'll close it. Bye. Home Depot HP CLI. Loews keep growing. Warning for not using PP Credit or it gets closed. Bye. Never used it. Bye. I wont HP for any CLI. So whats left is the good cards. High limits for my stats since BK. I cant complain one bit. Getting the AMEX cards and the new 15k BCU was the icing for now on the cake.

Re: It was time to thin the Herd after rebuild. 18 to 10.

FireMedic1 — Mon, 07 Aug 2023 08:32:30 GMT

@reluctantgardenI kept 107,000. Dumped 76,000 +/-. I am not one who tries to go as high as I can. I do the you pay me to use your card. I wont pay you to use it and lose the CB from paying interest. Kinda defeats the purpose. The few times I did carry balances. It was paid in a couple months.

Re: It was time to thin the Herd after rebuild. 18 to 10.

GApeachy — Mon, 07 Aug 2023 09:19:22 GMT

@FireMedic1 So you're down to 10....guess what.....Me tooooooooooooo! Ahahaha we're a "10" and yes it feels great and looks good on the cr's. I mostly dumped AU accts. which I've been disputing (re-disputing when allowed) just to clean up my reports....hasn't hurt or helped but I like seeing less like you do. That's such an Un-myFico stmt...hmmmmm, what's happening?!?

You've turned the page, enjoy the next chapter Buddy!

Re: It was time to thin the Herd after rebuild. 18 to 10.

911gt34life — Mon, 07 Aug 2023 09:39:04 GMT

love the idea of having the best card in the game but same time cover everything ...

Re: It was time to thin the Herd after rebuild. 18 to 10.

Aim_High — Mon, 07 Aug 2023 18:07:10 GMT

@reluctantgarden wrote:
Now that's some housecleaning! Curious about what percentage of your TCL went away with those eight cards. That's mainly what keeps me from thinning
= = = = = = = = = = = = = = = = = = = = = = =

@FireMedic1 wrote:
@reluctantgardenI kept 107,000. Dumped 76,000 +/-. I am not one who tries to go as high as I can. I do the you pay me to use your card. I wont pay you to use it and lose the CB from paying interest. Kinda defeats the purpose. The few times I did carry balances. It was paid in a couple.

That's a significant chunk of credit, @FireMedic1! It works out to a 41.5% cut in TCL, but of course that sort of housekeeping is needed sometimes. I would imagine the $107K is still more than sufficient for your credit needs and then some utilization padding. I'm the first to admit that I have much more utilization padding than I need, like many of our members. And I can definitely understand ditching the SSLs, , ditching PayPal Credit (Synchrony closed mine for me anyway after they took it over and I didn't use it in six months), ditching Store/gas cards like Shell, ditching 1.5% in favor of 2% cards, and favoring cards that grow more easily (Lowe's versus Home Depot - plus I like Lowe's better anyway!)

Plus, sometimes it's good to clear the underbrush which can allow you add more appropriate cards if you choose to do so later on. I've been through that exercise before and later added more cards that were updated and useful.