topic Re: Thinning the herd in Credit Cards

Thinning the herd

Wu-Credit — Sun, 07 Apr 2024 19:14:36 GMT

Have any of you done some CC thinning if the herd recently?

Welp! After a heavy spree once I closed on my mortgage in late 2021, I can say I've reached my no AF, mostly cash back end game (haha who am I kidding lol). I also decided to close a bunch of unused cards over the last year+. I try not to have more than 8 open credit cards for my sanity lol. Credit impact was minimal as I have a pretty robust 2+ year file.

Keeper Cards:

Addition Financial CU Premier Rewards (5% rotating, 3% travel, no FTF Visa, cell protection)

Amex Delta Gold (upgrade offer, AF waived first year, Amex offers, purchase protection and extended warranty)

BofA National Education Association CCR (4.5% online, 3% groceries and wholesale)

BofA UCF Alumni CCR (4.5% home improvement, furnishings, 3% groceries and wholesale)

BofA Unlimited Rewards (2.25% unlimited)

Citi Customer Cash (5% groceries most of the time, gas and restaurants other times)

Discover it (5% rotating)

US Bank Altitude Go (4% restaurants, no FTF Visa, $15 streaming credit)

Closed Cards:

Affinity Cash Rewards (RIP High-5 categories), Amex BCE (rarely used after sub and BCP upgrade/downgrade), Amex Hilton Honors (never used after sub), Chase FF (would have kept but was bucketed at $500), Regions Prestige (never used after sub), Truist Enjoy Cash (impulse app, used once for $1 purchase), SunTrust Cash Rewards (never used after first year 5% promo ended), SoFi (never used after BofA Unlimited), US Bank Cash+ (never used after PayPal nerfed bill pay for my utilities), and CareCredit (never used after emergency pet visit)

Plan to close in a year:

Addition Financial CU Premier Cash (only opened for sub on same HP)

Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.

Re: Thinning the herd

CorpCrMgr1 — Sun, 07 Apr 2024 19:27:34 GMT

Last year Overstock closed. I never used the new Fingerhut. It's now gone. I'm letting Buckle close since I seldom used it. Probably the same with Express. Goodyear will follow suit. Recently, I transferred most of my CL from one Cap1 card to another Cap1 card. Not certain if the defunded card will stay in rotation or go away on its own. I'm in agreement with you @Wu-Credit , I also have too many CC.

Re: Thinning the herd

Wu-Credit — Sun, 07 Apr 2024 19:40:13 GMT

Thanks for sharing @CorpCrMgr1! I know closing some cards can be hard to let go. I struggled closing the Affinity, BCE, CCF, SoFi, and Cash+ cards. But the relief of no longer having to manage them after closing was worth i

I do have some remorse closing the SoFi card after the recent 10% boost though. That's the only one. It would have still been unique as an unlimited 2.2% no FTF MC in my lineup. Oh well.

Re: Thinning the herd

tcbofade — Sun, 07 Apr 2024 19:55:25 GMT

I need to do some trimming, but can't bring myself to do it.

After whatever period of non use, they seem to trim themselves.

Re: Thinning the herd

CorpCrMgr1 — Sun, 07 Apr 2024 20:08:07 GMT

@tcbofade there are a number of people who state one should close the card. I believe in letting the natural order of trimming.

Re: Thinning the herd

NoHardLimits — Sun, 07 Apr 2024 21:29:41 GMT

@Wu-Credit wrote:

Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.

I also live in Florida and have never heard about insurance rates being tied to average CLs. I might have to dedicate some time to requesting CLIs if that's the case. Would you happen to know if there is an average CL threshold for the best insurance rates?

Re: Thinning the herd

Wu-Credit — Sun, 07 Apr 2024 21:49:28 GMT

@NoHardLimits wrote:
@Wu-Credit wrote:

Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.
I also live in Florida and have never heard about insurance rates being tied to average CLs. I might have to dedicate some time to requesting CLIs if that's the case. Would you happen to know if there is an average CL threshold for the best insurance rates?

My insurance agent said the best rate will cap at average of $9k+ CL per account.

Re: Thinning the herd

NoHardLimits — Sun, 07 Apr 2024 21:54:35 GMT

@Wu-Credit wrote:
@NoHardLimits wrote:
@Wu-Credit wrote:

Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.
I also live in Florida and have never heard about insurance rates being tied to average CLs. I might have to dedicate some time to requesting CLIs if that's the case. Would you happen to know if there is an average CL threshold for the best insurance rates?
My insurance agent said the best rate will cap at average of $9k+ CL per account.

Thanks for that info! I'm way over the $9k mark, so I guess there's no need for me to expend any effort on manually requesting CLIs.

Re: Thinning the herd

markbeiser — Mon, 08 Apr 2024 00:07:55 GMT

@Wu-Credit wrote:
My insurance agent said the best rate will cap at average of $9k+ CL per account.

That is why I trimmed the fat last year.

Re: Thinning the herd

Wu-Credit — Mon, 08 Apr 2024 00:14:43 GMT

@markbeiser wrote:
@Wu-Credit wrote:
My insurance agent said the best rate will cap at average of $9k+ CL per account.
That is why I trimmed the fat last year.

Did you notice a difference in your premium amounts after that? I've noticed right away a $50 decrease on my auto for upcoming renewal. First time since 2018 I saw a decrease after my credit cleaned up.

Re: Thinning the herd

Rdbeetle — Mon, 08 Apr 2024 00:19:31 GMT

I trimmed the herd about 6 months ago down to 3, but I added one today

Re: Thinning the herd

markbeiser — Mon, 08 Apr 2024 00:21:29 GMT

@Wu-Credit wrote:
@markbeiser wrote:
@Wu-Credit wrote:
My insurance agent said the best rate will cap at average of $9k+ CL per account.
That is why I trimmed the fat last year.
Did you notice a difference in your premium amounts after that? I've noticed right away a $50 decrease on my auto for upcoming renewal. First time since 2018 I saw a decrease after my credit cleaned up.

I have switched home insurance providers once and auto twice since then, and had multiple credit factors improve before my last reshop.
While I'm paying substantially less for both home and auto insurance now than I was 2 years ago, it is impossible to nail down the effect of ny particular change.

Re: Thinning the herd

1LostArk — Mon, 08 Apr 2024 01:33:37 GMT

Only 9 of my cards are active keepers. 7 in the sock drawer, 4 I plan on closing. Truthfully, I could let the sock drawer cards close too with zero impact to my life. But I have a lot of fun with this hobby so I keep my sock drawer alive and keep a list of all the cards I don't need but want to open

Re: Thinning the herd

Wu-Credit — Mon, 08 Apr 2024 01:47:41 GMT

@Rdbeetle wrote:
I trimmed the herd about 6 months ago down to 3, but I added one today

It's hard resisting the urge for a new card! 😂

Re: Thinning the herd

Wu-Credit — Mon, 08 Apr 2024 01:49:59 GMT

@1LostArk wrote:
Only 9 of my cards are active keepers. 7 in the sock drawer, 4 I plan on closing. Truthfully, I could let the sock drawer cards close too with zero impact to my life. But I have a lot of fun with this hobby so I keep my sock drawer alive and keep a list of all the cards I don't need but want to open

Yeah part of me wishes I would have just sock drawered the SoFi and maybe Affinity since I still bank with them.

Re: Thinning the herd

FlaDude — Mon, 08 Apr 2024 02:18:40 GMT

Did you close any Amex cards with an AF? If so, how hard did they try to keep the card open? My experience with trying to close Amex AF cards is they will try very hard (bonus offers) to keep them open. I'm planning to close my Hilton Surpass and Delta Gold before the AF hits since they have both gone up to $150/yr, and the Hilton card lost Priority Pass. I'm curious how hard they will try to change my mind.

Re: Thinning the herd

Wu-Credit — Mon, 08 Apr 2024 02:37:03 GMT

@FlaDude wrote:
Did you close any Amex cards with an AF? If so, how hard did they try to keep the card open? My experience with trying to close Amex AF cards is they will try very hard (bonus offers) to keep them open. I'm planning to close my Hilton Surpass and Delta Gold before the AF hits since they have both gone up to $150/yr, and the Hilton card lost Priority Pass. I'm curious how hard they will try to change my mind.

Neither was an AF card, they were the BCE and HH. The HH had a 50k points upgrade offer but I did not want to pay the $150 AF so I passed.

No retention offer for the BCE. I recently had downgraded from the BCP after upgrading a year prior.

Re: Thinning the herd

ptatohed — Mon, 08 Apr 2024 04:19:41 GMT

@Wu-Credit wrote:
Have any of you done some CC thinning if the herd recently?

Welp! After a heavy spree once I closed on my mortgage in late 2021, I can say I've reached my no AF, mostly cash back end game (haha who am I kidding lol). I also decided to close a bunch of unused cards over the last year+. I try not to have more than 8 open credit cards for my sanity lol. Credit impact was minimal as I have a pretty robust 2+ year file.

Keeper Cards:
Addition Financial CU Premier Rewards (5% rotating, 3% travel, no FTF Visa, cell protection)

Amex Delta Gold (upgrade offer, AF waived first year, Amex offers, purchase protection and extended warranty)

BofA National Education Association CCR (4.5% online, 3% groceries and wholesale)

BofA UCF Alumni CCR (4.5% home improvement, furnishings, 3% groceries and wholesale)

BofA Unlimited Rewards (2.25% unlimited)

Citi Customer Cash (5% groceries most of the time, gas and restaurants other times)

Discover it (5% rotating)

US Bank Altitude Go (4% restaurants, no FTF Visa, $15 streaming credit)

Closed Cards:
Affinity Cash Rewards (RIP High-5 categories), Amex BCE (rarely used after sub and BCP upgrade/downgrade), Amex Hilton Honors (never used after sub), Chase FF (would have kept but was bucketed at $500), Regions Prestige (never used after sub), Truist Enjoy Cash (impulse app, used once for $1 purchase), SunTrust Cash Rewards (never used after first year 5% promo ended), SoFi (never used after BofA Unlimited), US Bank Cash+ (never used after PayPal nerfed bill pay for my utilities), and CareCredit (never used after emergency pet visit)

Plan to close in a year:
Addition Financial CU Premier Cash (only opened for sub on same HP)

Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.

Good for you Wu. You have a nice lineup. I maybe would have kept the Affinity just in case something special comes back, the SoFi (since they recently moved to 2.2%), and you can't go wrong with the USB Cash+ for 5% in 2 cats.

Re: Thinning the herd

keekers — Mon, 08 Apr 2024 04:59:29 GMT

@CorpCrMgr1 wrote:
@tcbofade there are a number of people who state one should close the card. I believe in letting the natural order of trimming.

Same. Although there are one or two I may close on my own down the road once I get my last couple of cards on my wish list.

Re: Thinning the herd

Gollum — Mon, 08 Apr 2024 07:18:46 GMT

@Wu-Credit wrote:
Have any of you done some CC thinning if the herd recently?

Welp! After a heavy spree once I closed on my mortgage in late 2021, I can say I've reached my no AF, mostly cash back end game (haha who am I kidding lol). I also decided to close a bunch of unused cards over the last year+. I try not to have more than 8 open credit cards for my sanity lol. Credit impact was minimal as I have a pretty robust 2+ year file.

Keeper Cards:
Addition Financial CU Premier Rewards (5% rotating, 3% travel, no FTF Visa, cell protection)

Amex Delta Gold (upgrade offer, AF waived first year, Amex offers, purchase protection and extended warranty)

BofA National Education Association CCR (4.5% online, 3% groceries and wholesale)

BofA UCF Alumni CCR (4.5% home improvement, furnishings, 3% groceries and wholesale)

BofA Unlimited Rewards (2.25% unlimited)

Citi Customer Cash (5% groceries most of the time, gas and restaurants other times)

Discover it (5% rotating)

US Bank Altitude Go (4% restaurants, no FTF Visa, $15 streaming credit)

Closed Cards:
Affinity Cash Rewards (RIP High-5 categories), Amex BCE (rarely used after sub and BCP upgrade/downgrade), Amex Hilton Honors (never used after sub), Chase FF (would have kept but was bucketed at $500), Regions Prestige (never used after sub), Truist Enjoy Cash (impulse app, used once for $1 purchase), SunTrust Cash Rewards (never used after first year 5% promo ended), SoFi (never used after BofA Unlimited), US Bank Cash+ (never used after PayPal nerfed bill pay for my utilities), and CareCredit (never used after emergency pet visit)

Plan to close in a year:
Addition Financial CU Premier Cash (only opened for sub on same HP)

Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.

No.

I "only" have five credit cards. I might close my Capital One card, but I still have some sort of fantasy that my Capital One card might get product changed to a SavorOne card, so I haven't closed it yet.