topic Re: Thinning the herd again in Credit Cards

Thinning the herd again

Jnbmom — Sun, 07 Jul 2024 12:27:49 GMT

Well I normally do this twice a year, a little later this time around . I closed 2AMEX cards that I never use Hilton and Delta . Now to figure out who is next on the chopping block 😂

Re: Thinning the herd again

CreditCuriosity — Sun, 07 Jul 2024 14:45:06 GMT

Two AF cards are a good way to start.

Re: Thinning the herd again

Jnbmom — Sun, 07 Jul 2024 14:47:42 GMT

Yup I am gonna close my truist cards never ever use . And then will look for others I don't use . Just hard to keep rotating the SD cards and tired of it , grateful for all I have it was definitely hard work but now that I have decent lines for quite some time I need to cut quite a few.

Re: Thinning the herd again

AverageJoesCredit — Sun, 07 Jul 2024 15:10:20 GMT

@Jnbmom wrote:
Yup I am gonna close my truist cards never ever use . And then will look for others I don't use . Just hard to keep rotating the SD cards and tired of it , grateful for all I have it was definitely hard work but now that I have decent lines for quite some time I need to cut quite a few.

How many do you currently hold Mom if you don't mind me asking?

Re: Thinning the herd again

Jnbmom — Sun, 07 Jul 2024 15:14:49 GMT

@AverageJoesCredit wrote:
@Jnbmom wrote:
Yup I am gonna close my truist cards never ever use . And then will look for others I don't use . Just hard to keep rotating the SD cards and tired of it , grateful for all I have it was definitely hard work but now that I have decent lines for quite some time I need to cut quite a few.
How many do you currently hold Mom if you don't mind me asking?

I don't mind 42 now with closed AMEX, would like to get down to 30, then reevaluate again in January .

Re: Thinning the herd again

Anonymous — Sun, 07 Jul 2024 16:46:05 GMT

If I were less stubborn, the advice of someone not in to credit cards can be a good motivation/sanity check for thinning. Recently I had some strangeness with NASA, and my wife, who really isn't into cards at all asked why we have it. "Well, sometimes we get a $100 back a year" "Is it really worth it?" Of course the MyFico answer is "What are you smoking??? $100 in free money!!!!" but in general these sort of questions are good. How much extra $X justifies keeping the card, taking into account any effort in remembering to use it and maybe keep it alive.... And some cards we keep for perhaps sentimental reasons, which doesn't mean they should be chopped, but we should recognize that there isn't a financial case.

Re: Thinning the herd again

Jnbmom — Sun, 07 Jul 2024 16:49:47 GMT

@Anonymous Yes I agree on your points, mainly I am just tired of rotating all these cards . It's become stressful and I almost was late on one of my cards recently b/c I had forgotten I used it to keep active . After that I was like I have got to review these cards lol

Re: Thinning the herd again

gingerflower — Sun, 07 Jul 2024 17:01:22 GMT

@Jnbmom

I am debating whether to close my Hilton and Delta especially with the Delta annual fee of $150 is coming soon. Will closing both these Cc hurt my rating with AMX?

Re: Thinning the herd again

Jnbmom — Sun, 07 Jul 2024 17:02:48 GMT

@gingerflower wrote:
@Jnbmom
I am debating whether to close my Hilton and Delta especially with the Delta annual fee of $150 is coming soon. Will closing both these Cc hurt my rating with AMX?

I doubt it , I have closed previously cards with them with no issues .

Re: Thinning the herd again

gingerflower — Mon, 08 Jul 2024 05:17:11 GMT

@Jnbmom

Thank you for the advice will close the accounts today. .

Re: Thinning the herd again

xenon3030 — Sun, 07 Jul 2024 17:24:40 GMT

@Jnbmom wrote:
@AverageJoesCredit wrote:
@Jnbmom wrote:
Yup I am gonna close my truist cards never ever use . And then will look for others I don't use . Just hard to keep rotating the SD cards and tired of it , grateful for all I have it was definitely hard work but now that I have decent lines for quite some time I need to cut quite a few.
How many do you currently hold Mom if you don't mind me asking?
I don't mind 42 now with closed AMEX, would like to get down to 30, then reevaluate again in January .

Do you plan to close these 12 cards together? Or would you do it slowly e.g. 3-4 cards per month?

Re: Thinning the herd again

Jnbmom — Sun, 07 Jul 2024 17:32:17 GMT

@xenon3030 wrote:
@Jnbmom wrote:
@AverageJoesCredit wrote:
@Jnbmom wrote:
Yup I am gonna close my truist cards never ever use . And then will look for others I don't use . Just hard to keep rotating the SD cards and tired of it , grateful for all I have it was definitely hard work but now that I have decent lines for quite some time I need to cut quite a few.
How many do you currently hold Mom if you don't mind me asking?
I don't mind 42 now with closed AMEX, would like to get down to 30, then reevaluate again in January .
Do you plan to close these 12 cards together? Or would you do it slowly e.g. 3-4 cards per month?

I will close a few every month til end of the year . In January I closed 6 in one month which didn't effect anything

Re: Thinning the herd again

Thomas_Thumb — Sun, 07 Jul 2024 18:47:30 GMT

@Jnbmom wrote:
@AverageJoesCredit wrote:
@Jnbmom wrote:
Yup I am gonna close my truist cards never ever use . And then will look for others I don't use . Just hard to keep rotating the SD cards and tired of it , grateful for all I have it was definitely hard work but now that I have decent lines for quite some time I need to cut quite a few.
How many do you currently hold Mom if you don't mind me asking?
I don't mind 42 now with closed AMEX, would like to get down to 30, then reevaluate again in January .

Get er done. Perhaps to below 25 by the end of 2025.

Re: Thinning the herd again

FicoMike0 — Sun, 07 Jul 2024 19:04:06 GMT

Since my oldest open card is < 2 years, I'm a little slow to close any. I have a visa with commerce bank I plan to close. It's cb is useless, cl $2000 and I have no other accounts with them. Its a year old, my first visa, I opened it for a $250 sub. I now have three other visas.

I would close my quicksilver, but they occasionally come up with a deal I like in online offers. I have a Capone savings I use some, and a Capone checking I opened for $350 sub, should close that.

I suppose I find it little bother to have a card with a bank I have other accounts with, I have their app anyway.

Re: Thinning the herd again

CreditCuriosity — Mon, 08 Jul 2024 11:27:43 GMT

@Jnbmom wrote:
@Anonymous Yes I agree on your points, mainly I am just tired of rotating all these cards . It's become stressful and I almost was late on one of my cards recently b/c I had forgotten I used it to keep active . After that I was like I have got to review these cards lol

Yes it can be a job.. I think I am down to around 28-30ish between personal/business and would love to drop another 10 of them and likely will. I try to justify a few of them due to CL vs use and reality of benefits and use. I do charge once every 6 months $5 reloads on amazin on ones I dont use normally and just pay them all in one go but tired of that as well. I think around 10 is likely # of cards I would finally be happy with that wouldnt be to much extra work/stress and maxiimize rewards and other perks. Some of my cards are just for "free" hotel nights such as IHG and work the 49$ a year so those wont be going anywhere.

Re: Thinning the herd again

Wu-Credit — Mon, 08 Jul 2024 12:49:58 GMT

@gingerflower wrote:
@Jnbmom
I am debating whether to close my Hilton and Delta especially with the Delta annual fee of $150 is coming soon. Will closing both these Cc hurt my rating with AMX?

@gingerflower i have the same two, and often think the same as you. If not too late, I recommend just downgrading them and waiting for a future upgrade offer. I also like keeping an Amex or two for the offers and extended warranty on purchases.

Re: Thinning the herd again

Wu-Credit — Mon, 08 Jul 2024 12:55:26 GMT

@FicoMike0 wrote:
Since my oldest open card is < 2 years, I'm a little slow to close any. I have a visa with commerce bank I plan to close. It's cb is useless, cl $2000 and I have no other accounts with them. Its a year old, my first visa, I opened it for a $250 sub. I now have three other visas.
I would close my quicksilver, but they occasionally come up with a deal I like in online offers. I have a Capone savings I use some, and a Capone checking I opened for $350 sub, should close that.
I suppose I find it little bother to have a card with a bank I have other accounts with, I have their app anyway.

@FicoMike0 my oldest card is from November 2021. I've closed 10 cards since early 2023 with the only the ones in my sig remaining (some recently opened) and 4 other cards I plan to close by April 2025. If you have enough cards with substantial limits the credit impact should still be minimal, but of course I am not a credit advisor lol. YMMV.

Re: Thinning the herd again

gingerflower — Mon, 08 Jul 2024 17:22:59 GMT

@Wu-Credit

I actually downgraded to the Delta blue AMX with no annual fee. Regarding the Hilton it has no annual fee so I decided to keep card.

Re: Thinning the herd again

SouthJamaica — Mon, 08 Jul 2024 20:13:58 GMT

@gingerflower wrote:
@Jnbmom
I am debating whether to close my Hilton and Delta especially with the Delta annual fee of $150 is coming soon. Will closing both these Cc hurt my rating with AMX?

No, it wouldn't hurt your rating with Amex.

Re: Thinning the herd again

gingerflower — Tue, 09 Jul 2024 05:13:36 GMT

@SouthJamaica

Thank you for the feedback.