topic Re: In with the new out with the old. in Credit Cards

In with the new out with the old.

pt145 — Wed, 04 Jun 2014 20:46:16 GMT

I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.

I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.

Re: In with the new out with the old.

14Fiesta — Wed, 04 Jun 2014 20:51:42 GMT

@pt145 wrote:
I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.

I hope they weren't your oldest cards you had!

Re: In with the new out with the old.

j_casteel — Wed, 04 Jun 2014 20:54:13 GMT

Even if they were the oldest cards the AAoA won't be effected for 10 years.

Re: In with the new out with the old.

Bman70 — Wed, 04 Jun 2014 20:54:21 GMT

I've been reading here and around the Internet of people having total credit twice their income, or 150% of income, without any adverse effects. So I wouldn't say it's necessary to keep any specific ratio

Re: In with the new out with the old.

Involver — Wed, 04 Jun 2014 21:01:56 GMT

So you chopped 10k worth of old accounts to add 4k worth of new accounts?

I don't get it.

Re: In with the new out with the old.

pt145 — Wed, 04 Jun 2014 21:18:14 GMT

They were not my oldest cards and to keep that Kawasaki card open is a pain. Only place to use it is at a dealership for parts. No motorcycle no need.

My overall util is still under 10%. I see no harm.

Re: In with the new out with the old.

SunriseEarth — Wed, 04 Jun 2014 21:15:54 GMT

@pt145 wrote:
I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.

I'm generally in favor of keep accounts open, so long as they don't cost you money. However, there are definitely good reason to trim. AFAIK, Cap One doesn't PC cobranded cards, so if it no longer served a purpose, then closing it probably wasn't a bad option. It sounds like you'd simply prefer to grow with other lenders that have products that better suit your needs.

(edited for typo)

Re: In with the new out with the old.

pt145 — Wed, 04 Jun 2014 21:27:19 GMT

I've considered chopping more to keep my profile simple. I don't need much credit wise. But I'll leave well enough alone for now.

Re: In with the new out with the old.

awiser — Wed, 04 Jun 2014 22:15:40 GMT

OP, there is a lot of great advice on this forum, but you do what you need to do as long as it keeps you moving onward and upward. I've been trimming my accounts, too. It feels good to simplify your credit profile and grow into better cards that work for you. Congrats and way to go!

Re: In with the new out with the old.

bk510 — Wed, 04 Jun 2014 22:25:13 GMT

@pt145 wrote:
They were not my oldest cards and to keep that Kawasaki card open is a pain. Only place to use it is at a dealership for parts. No motorcycle no need.

My overall util is still under 10%. I see no harm.

Re: In with the new out with the old.

OneDay_750 — Wed, 04 Jun 2014 22:29:12 GMT

@awiser wrote:
OP, there is a lot of great advice on this forum, but you do what you need to do as long as it keeps you moving onward and upward. I've been trimming my accounts, too. It feels good to simplify your credit profile and grow into better cards that work for you. Congrats and way to go!

+ 1^. WELL SAID, Awiser.

Re: In with the new out with the old.

bk510 — Wed, 04 Jun 2014 22:31:49 GMT

@SunriseEarth wrote:
@pt145 wrote:
I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.
I'm generally in favor of keep accounts open, so long as they don't cost you money. However, there are definitely good reason to trim. AFAIK, Cap One doesn't PC cobranded cards, so if it no longer served a purpose, then closing it probably wasn't a bad option. It sounds like you'd simply prefer to grow with other lenders that have products that better suit your needs.

(edited for typo)

Hey I noticed u have a Sony Visa fron Cap1 like I do..... what are ur plans with ur sony visa may I ask?

I tried to PC my sony visa to either QS1 or QS but its not happening I found out.

This card has a bogus point system where everything is freakin' high for no reason. I have close to 9000 points and all I can get is a 1 dvd.

my limit is 2250.....just dont know what to do with it.lol

Re: In with the new out with the old.

bk510 — Wed, 04 Jun 2014 22:32:49 GMT

@bk510 wrote:
@SunriseEarth wrote:
@pt145 wrote:
I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.
I'm generally in favor of keep accounts open, so long as they don't cost you money. However, there are definitely good reason to trim. AFAIK, Cap One doesn't PC cobranded cards, so if it no longer served a purpose, then closing it probably wasn't a bad option. It sounds like you'd simply prefer to grow with other lenders that have products that better suit your needs.

(edited for typo)
Hey I noticed u have a Sony Visa fron Cap1 like I do..... what are ur plans with ur sony visa may I ask?

I tried to PC my sony visa to either QS1 or QS but its not happening I found out.

This card has a bogus point system where everything is freakin' high for no reason. I have close to 9000 points and all I can get is a 1 dvd.

my limit is 2250.....just dont know what to do with it.lol

I've not seen 1 person who has more than 2500 limit on this card on this forum. ever

Re: In with the new out with the old.

Anonymous — Wed, 04 Jun 2014 22:34:01 GMT

I cancelled my Zync account - it can sometimes be too much to try to keep track of everything and it wasn't doing much for me since I have the PRG. It may have not been as bad as a move, considering you can 3x CLI that Amex in 60 days. It was a great Crapital 1 limit tho! Especially since your income is lower, it might hold you back from CLI's on cards you want because of your available credit to income ratio. Freeing up some room could allow your other cards to grow if lenders would take that into factor when requesting CLI's. Congrats on the new approvals!

Re: In with the new out with the old.

E150GT — Wed, 04 Jun 2014 23:00:15 GMT

I have thought about axing a few cards. Mainly the discover and USAA. I dont ever use them any more. I have focused all my spending on the chase cards and my limts have exceeded my income as well. I am not sure about axing them though because then most of my eggs would be in chase's basket and if they were to ever take AA for some reason Id have just the amex to fall on.

Re: In with the new out with the old.

woodyman100 — Wed, 04 Jun 2014 23:00:22 GMT

I think it was a smart move that showed responsibility. I have also been closing some accounts lately. I have added several prime cards that have a higher limit. I have been weeding out some store cards and gas cards as well as some that won't grow as easily. I am loyal however to who " helped" me when times were tough.

Capital one and US bank have been great. I have thinned out some GE cards, but am sticking with the MC/Visa versions.

Re: In with the new out with the old.

bk510 — Wed, 04 Jun 2014 23:09:06 GMT

@woodyman100 wrote:
I think it was a smart move that showed responsibility. I have also been closing some accounts lately. I have added several prime cards that have a higher limit. I have been weeding out some store cards and gas cards as well as some that won't grow as easily. I am loyal however to who " helped" me when times were tough.
Capital one and US bank have been great. I have thinned out some GE cards, but am sticking with the MC/Visa versions.

My attitude is the same.

Re: In with the new out with the old.

SunriseEarth — Wed, 04 Jun 2014 23:15:40 GMT

@bk510 wrote:
@SunriseEarth wrote:
@pt145 wrote:
I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.

I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.
I'm generally in favor of keep accounts open, so long as they don't cost you money. However, there are definitely good reason to trim. AFAIK, Cap One doesn't PC cobranded cards, so if it no longer served a purpose, then closing it probably wasn't a bad option. It sounds like you'd simply prefer to grow with other lenders that have products that better suit your needs.

(edited for typo)
Hey I noticed u have a Sony Visa fron Cap1 like I do..... what are ur plans with ur sony visa may I ask?

I tried to PC my sony visa to either QS1 or QS but its not happening I found out.

This card has a bogus point system where everything is freakin' high for no reason. I have close to 9000 points and all I can get is a 1 dvd.

my limit is 2250.....just dont know what to do with it.lol

Right now, I'm using it for dining and movies (including Redbox) for the 3X points. I'm going for the AMEX TE in January for maximum backdating. Once I get that, I'll likely SD the Sony Card. I'm mostlikely closing my QS1, unless Cap One boosts the CL and removes the AF. If so, I may use it if I travel and need a CC with no FTF.

As for points, my goal is to get a Sony gift card for use at the Sony store. I might need a new TV down the line or I might want the PS4.

Re: In with the new out with the old.

Bman70 — Wed, 04 Jun 2014 23:16:20 GMT

@bk510 wrote:
@woodyman100 wrote:
I think it was a smart move that showed responsibility. I have also been closing some accounts lately. I have added several prime cards that have a higher limit. I have been weeding out some store cards and gas cards as well as some that won't grow as easily. I am loyal however to who " helped" me when times were tough.
Capital one and US bank have been great. I have thinned out some GE cards, but am sticking with the MC/Visa versions.
My attitude is the same.

I agree, your credit profile should feel good to you. And moving into TLs you actually enjoy and will use is a great feeling

Re: In with the new out with the old.

SunriseEarth — Wed, 04 Jun 2014 23:17:55 GMT

@bk510 wrote:
@woodyman100 wrote:
I think it was a smart move that showed responsibility. I have also been closing some accounts lately. I have added several prime cards that have a higher limit. I have been weeding out some store cards and gas cards as well as some that won't grow as easily. I am loyal however to who " helped" me when times were tough.
Capital one and US bank have been great. I have thinned out some GE cards, but am sticking with the MC/Visa versions.
My attitude is the same.

+1. JCP, for example, has been extremely important in my rebuild, so I'll most likely keep that one for as long as JCP stays open. I'll likely prune some of the store cards in time, if they no longer have a use.