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CH-7-Mission-Accomplished · ‎08-31-2019

I now have 8 credit cards and 2 lines of credit with a total of 240K in available revolving credit and a car loan that I've already paid off 50% since January (31K to 15K). I have 35 closed accounts. In one year all my old IIB accounts will drop off but my AAoA will not fall by much.

I'm happy with my decisions. I manage my partner's accounts and that's another 15 cards for a total of 275K and another auto loan.

I'm just happy I never opened a Credit One or First Premier or any subprime cards and I have never had a Comenity account!

MisterWives · ‎08-31-2019

@Anonymous wrote:
As others have stated, opening and closing cards is counterproductive. If the cards don't have an annual fee, then it benefits you more to keep them opened.

Yeah not sure why you would close them if they don't have an annual fee I don't even bother putting small charges on mine to keep them alive they're all just in a drawer and I only use 2 or 3 cards.

Discover IT Chrome $8,550 | Opened 9/2017 | 2% Restaurant & Gas / 1% Everything

Best Buy Store Card $10,000 | Opened 11/2018

Amazon Store Card $10,000 | Opened 12/2018 | 5% Amazon Purchases (Requires Prime)

PNC Cash Reward Visa $10,500 | Opened 12/2018 | 4% Gas / 3% Restaurant / 2% Grocery / 1% Everything

Chase Freedom $5,200 | Opened 1/2019 | 5% Category Rotation

Amex Blue Cash Everyday $5,000 | Opened 4/2019 | 3% Grocery / 2% Gas / 1% Everything

Banana Republic $10,000 | Opened 6/2019 | Banana Republic 5x pts per $1 / Everything 1x pt per $1

Costco Anywhere Visa $10,000 | Opened 7/2019 | 4% Gas / 3% Restaurant / 2% Costco & Grocery / 1% Everything

Citi Rewards+ $2,000 | Opened 8/2019 | 2x pts Grocery & Gas | 1x pts Everything

BB&T Rewards $4,500 | Opened 8/2019 | 3% Gas / 2% Utilities & Grocery / 1% Everything

PNC Points Visa $1,800 | Opened 8/2019 (PC in 2020) | 4pts per $1

Home Depot Store Card $5,001 | Opened 10/2019

Discover IT $14,500 | Opened 11/2019 | 5% Category Rotation

Synchrony Mastercard $7,500 | Opened 12/2019 | 2% Everything

Capital One Quicksilver $1,000 | Opened 12/2019 (PC in 2020) | 1.5% Everything

Wells Fargo Platinum Visa $6,500 | Opened 4/2020 | No Rewards

Ulta Mastercard $4,900 | Opened 6/2020 | Ulta 1x pt per $1 / Everything 1x pt per $3

Amex Hilton Honors $6,000 | Opened 6/2020 | 7x pts Hilton / 5x pts Restaurants & Gas & Grocery / 3pts Everything

PSECU $10,000 | Opened 6/2020 | 1.5% Everything (2% with Checking and Deposits)

First National Bank of Omaha Platinum Visa $15,000 | Opened 10/2020 | No Rewards

Apple Card $5,000 | Opened 1/2021 | 3% Apple / 2% Apple Pay / 1% Everything

Venmo Credit Card $7,000 | Opened 1/2021 | 3% Category / 2% Category

PenFed Power Cash Rewards Visa $17,500 | Opened 1/2021 | 1.5% Everything(2% with Checking)

Citi Custom Cash $5,000 | Opened 5/2022 | 5% Category

Wants: PenFed Pathfinder Rewards(4x pts travel), PenFed Platinum Rewards Visa Signature (5pts Gas, 3pts Restaurants and Grocery), U.S. Bank Cash+ (5% Categories), Chase Freedom Flex (5% Rotating Categories, 5% Travel, 3% Restaurants)

CH-7-Mission-Accomplished · ‎08-31-2019

When I couldn't get credit it meant a lot to me to be able to get credit. Now I've pretty much got it from everybody who will take a BK7. The reason I have reduced the number of accounts is I want less to manage. If you make one liittle mistake and miss an annual fee or some silly $2 charge you might wind up with a 30-day late by mistake. I think most "normal" people have maybe 4 cards total. At least all my frends with FICO's in the 800s.

It's just a choice. There's a time to build up and a time to cut down. I'm in that second phase. I only want cards with 30K - 50K limits though BofA and Barclay's won't let me go there since I burned them.

As long as you dont run up debt you can't pay or miss a payment, it's all good. I keep my utilization to one card reporting $10/month.

chhull00 · ‎08-31-2019

@CH-7-Mission-Accomplished wrote:
When I couldn't get credit it meant a lot to me to be able to get credit. Now I've pretty much got it from everybody who will take a BK7. The reason I have reduced the number of accounts is I want less to manage. If you make one liittle mistake and miss an annual fee or some silly $2 charge you might wind up with a 30-day late by mistake. I think most "normal" people have maybe 4 cards total. At least all my frends with FICO's in the 800s.

It's just a choice. There's a time to build up and a time to cut down. I'm in that second phase. I only want cards with 30K - 50K limits though BofA and Barclay's won't let me go there since I burned them.

As long as you dont run up debt you can't pay or miss a payment, it's all good. I keep my utilization to one card reporting $10/month.Sounds like a good plan to me, happy for you success

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