topic Re: Small end of the year purge of CC or PC's in Credit Cards

Small end of the year purge of CC or PC's

CreditCuriosity — Tue, 26 Dec 2023 15:48:22 GMT

So as mentioned in this thread I went through and closed quite a few checking/savings accounts and as a result chose or had to end some of my CC as part of this and did another one as a downgrade.

https://ficoforums.myfico.com/t5/Relationships-and-Money/Guilt-of-closing-Checking-Savings-accounts-but-some-purges-have/m-p/6728484#M8519

Closed Mid Florida CU card - 20k limit was nerfed again to a 1.5% card and deposits accounts no zelle and put 10 day holds on ACH deposits from other places made CU worthless to me

Closed TD Bank Cash card. 6k CL (lowest by far and just your 3-2-1 rewards card if not mistakn so no rea purpose for me as have aod #% flat across board among many others) other than two chase cards that I purposely keep at 5k(freedm/IHJG) while other Chase cards being Ritz/CSP have 40k each on the

Downgraded Aviator Red with $99 AF to no AF version card from Barclay's first they said they couldn't then called and got transferred to retentions and magically the conversion was available. Sits with a 22k CL. So no harm/foul with keeping this at the moment so don't lose AA miles, but will get the Citi AA one again when it is elevated bonus again.

Fairly small purge of CC's. Would like to get rid of Delta Gold Personal from Amex, but only had a year will keep that for 1 more year meaning pay one more AF to keep the Amex gods happy as have the business Platinum Delta which will be the keeper as honestly gold was just for an elevated sign-up bonus.

It was a very modest purge this time. I am sure you will as always see approvals from me next year as well as cycle CC's for max rewards and of course sign-up bonsues

Re: Small end of the year purge of CC or PC's

NoMoreE46 — Wed, 27 Dec 2023 18:48:11 GMT

Still over $1mm in CL?

@CreditCuriosity wrote:
So as mentioned in this thread I went through and closed quite a few checking/savings accounts and as a result chose or had to end some of my CC as part of this and did another one as a downgrade.

https://ficoforums.myfico.com/t5/Relationships-and-Money/Guilt-of-closing-Checking-Savings-accounts-but-some-purges-have/m-p/6728484#M8519

Closed Mid Florida CU card - 20k limit was nerfed again to a 1.5% card and deposits accounts no zelle and put 10 day holds on ACH deposits from other places made CU worthless to me

Closed TD Bank Cash card. 6k CL (lowest by far and just your 3-2-1 rewards card if not mistakn so no rea purpose for me as have aod #% flat across board among many others) other than two chase cards that I purposely keep at 5k(freedm/IHJG) while other Chase cards being Ritz/CSP have 40k each on the

Downgraded Aviator Red with $99 AF to no AF version card from Barclay's first they said they couldn't then called and got transferred to retentions and magically the conversion was available. Sits with a 22k CL. So no harm/foul with keeping this at the moment so don't lose AA miles, but will get the Citi AA one again when it is elevated bonus again.

Fairly small purge of CC's. Would like to get rid of Delta Gold Personal from Amex, but only had a year will keep that for 1 more year meaning pay one more AF to keep the Amex gods happy as have the business Platinum Delta which will be the keeper as honestly gold was just for an elevated sign-up bonus.

It was a very modest purge this time. I am sure you will as always see approvals from me next year as well as cycle CC's for max rewards and of course sign-up bonsues

Re: Small end of the year purge of CC or PC's

CreditCuriosity — Wed, 27 Dec 2023 18:57:25 GMT

@NoMoreE46 wrote:
Still over $1mm in CL?

Would have to count probably slightly under depending if including business credit, etc. I always say I am going to drop down to like 300k in credit, but who am I kidding . Like 6 cards at 50k each is more than I would ever need, but I am greedy now I suppose? I like variety

Re: Small end of the year purge of CC or PC's

Kforce — Wed, 27 Dec 2023 19:29:40 GMT

@CreditCuriosity wrote:
@NoMoreE46 wrote:
Still over $1mm in CL?

Would have to count probably slightly under depending if including business credit, etc. I always say I am going to drop down to like 300k in credit, but who am I kidding . Like 6 cards at 50k each is more than I would ever need, but I am greedy now I suppose? I like variety

Must be something wrong with me.

I look at my investments numbers every other day, but don't care at all about credit card limits.

With only 6 cards, not a lot to purge any more.

Re: Small end of the year purge of CC or PC's

CreditCuriosity — Wed, 27 Dec 2023 19:48:17 GMT

@Kforce wrote:
@CreditCuriosity wrote:
@NoMoreE46 wrote:
Still over $1mm in CL?

Would have to count probably slightly under depending if including business credit, etc. I always say I am going to drop down to like 300k in credit, but who am I kidding . Like 6 cards at 50k each is more than I would ever need, but I am greedy now I suppose? I like variety
Must be something wrong with me.
I look at my investments numbers every other day, but don't care at all about credit card limits.
With only 6 cards, not a lot to purge any more.

No nothing is wrong with you it is honestly me. I look at my investment #'s daily and still want to cry although end of year has ended up decently. Only took 3 years to get back or a bit above where we were three years ago. Only thing kicking myself again thought was another pump and dump at beginning of dec and moved most of 401k into as close to cash equivalent as could as thought ppl would dupe me again and lasted through Dec apparently. That little move cost me many of 10 of thousands likely. Will wait for the correction then put back into appropriate funds.

Re: Small end of the year purge of CC or PC's

Blender — Thu, 28 Dec 2023 01:42:56 GMT

@CreditCuriosity wrote:
@Kforce wrote:
@CreditCuriosity wrote:
@NoMoreE46 wrote:
Still over $1mm in CL?

Would have to count probably slightly under depending if including business credit, etc. I always say I am going to drop down to like 300k in credit, but who am I kidding . Like 6 cards at 50k each is more than I would ever need, but I am greedy now I suppose? I like variety
Must be something wrong with me.
I look at my investments numbers every other day, but don't care at all about credit card limits.
With only 6 cards, not a lot to purge any more.
No nothing is wrong with you it is honestly me. I look at my investment #'s daily and still want to cry although end of year has ended up decently. Only took 3 years to get back or a bit above where we were three years ago. Only thing kicking myself again thought was another pump and dump at beginning of dec and moved most of 401k into as close to cash equivalent as could as thought ppl would dupe me again and lasted through Dec apparently. That little move cost me many of 10 of thousands likely. Will wait for the correction then put back into appropriate funds.

I just moved my 401k to bonds this evening (employer sponsored planned, not many options).Ascending wedge on the daily getting tight. Accidentally went long on SPXS in my ROTH 😂 so like you, just gotta wait it out.

Re: Small end of the year purge of CC or PC's

ptatohed — Fri, 29 Dec 2023 11:15:48 GMT

@Kforce wrote:
@CreditCuriosity wrote:
@NoMoreE46 wrote:
Still over $1mm in CL?

Would have to count probably slightly under depending if including business credit, etc. I always say I am going to drop down to like 300k in credit, but who am I kidding . Like 6 cards at 50k each is more than I would ever need, but I am greedy now I suppose? I like variety
Must be something wrong with me.
I look at my investments numbers every other day, but don't care at all about credit card limits.
With only 6 cards, not a lot to purge any more.

Can't agree more. I have never once cared about my credit card limits. They have always been more than I would spend on that particular card and I never once saw the point of asking for a CLI that I did not need. The only exception was/is my AOD that was was at $5k CL and every so often, it just wasn't enough. So, I took the HP / full new application and got it to $10k CL and I am a happy camper and whatever my other cards' CLs are, they are.

We are the minority around here I think Kf.

Re: Small end of the year purge of CC or PC's

MarkintheHV — Fri, 29 Dec 2023 12:17:17 GMT

I used to care about credit lines, but now, I could care less. I would never run up the cards I have, so they will be plenty. I have several cards that are going to be purged, just waiting for them to hit the one year mark (very soon)

Re: Small end of the year purge of CC or PC's

CreditCuriosity — Fri, 29 Dec 2023 13:21:41 GMT

Let face it 99% of the forum would be toast if we ran up all our CC and would all be in BK myself included whether it is 6 cards or 30 cards. That is where personal discipline comes in which many of us have and some do not have (multiple bk's). Anyways agree as mentioned I could drop myself down to 6-8 cards and make my life a lot more simple, but somehow I justify the majority of my CC's for the one off scenarios that likely will never happen.

Re: Small end of the year purge of CC or PC's

MarkintheHV — Fri, 29 Dec 2023 14:00:55 GMT

@CreditCuriosity wrote:
somehow I justify the majority of my CC's for the one off scenarios that likely will never happen.

Ditto here. No reason for me to carry around over 200k of CL in my wallet. I always carry both Mastercard and Visa in the extremely rare event that one is down (I think Visa had an outage recently).

Re: Small end of the year purge of CC or PC's

UncleB — Tue, 09 Jan 2024 00:45:35 GMT

@CreditCuriosity wrote:
Let face it 99% of the forum would be toast if we ran up all our CC and would all be in BK myself included whether it is 6 cards or 30 cards. That is where personal discipline comes in which many of us have and some do not have (multiple bk's). Anyways agree as mentioned I could drop myself down to 6-8 cards and make my life a lot more simple, but somehow I justify the majority of my CC's for the one off scenarios that likely will never happen.

LOL, this describes me perfectly!

Every time I consider closing a card (or two) I talk myself out of it. I tell myself there's a chance it will be useful at some point, and if there's no AF then what's the harm in keeping it open? While that might be true, it's left me with a stack of cards that aren't very likely to be used. And let's not even talk about the cards opened for the bonuses...

I did close my Amex Gold and Schwab Platinum last year, but those both had AFs so there was a bit more urgency. I've not closed a no-AF card in, well, a very long time.

Congrats on doing a bit of pruning! We'll see if I'm able to do the same in 2024.