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NFCU More Rewards

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Valued Contributor

Re: NFCU More Rewards


@Dalmus wrote:

@Aim_High wrote:

@Dalmus wrote:  "...Now I find myself in the insane position of any cards under $10K being up for consideration to close down.  My total available credit for majors is over $200K.  Way way way more than I need!"


+1

Insane it may seem, but good thinking! Smiley Happy

That's how to leverage your total limits to higher approvals. 


4 years ago I never would have thought I'd be considering DROPPING $20K in credit lines.

Cards I'm thinking of dropping...

$1K - Cap1 Cabela's - Refuses to grow - but to be fair, never use it..

$2K - Cap1 Playstation - Going to Comenity anyway

$2.3K - Local bank branded Elan Platinum - no rewards

$6.8K - IT #2 - Only got the second to do the double cashback again.  The #1 is actually the newer account, so I might try combining #1 into #2 to keep the AAoA growing

$8.5K - Cap1 QS - I never use it because I use the 2% Venture for all my non category spending


All that makes great sense and I think you've got a good plan.

We talk about "gardening" as in taking a break from applying for new credit but ...

 

... a vital part of "gardening" is also periodically PRUNING what we already have and pulling up the "weeds" so our "flowers" (better cards) can grow.

 

I've done the same thing over the years. 

My two $10K personal cards are "temporary cards" I added for the SUBs and credit lines.  (They were approved at $33K and $30K but I already moved some of the credit over to my other Chase cards.)  I plan to close them eventually and move the rest of the credit to my core Chase cards. 

That and then raise my Apple and Quicksilver limits a little more, so that my minimum limits are $25K across the board. (except for the $9K INK Business.)

Closing those low-limit cards makes room for new, healthier, more useful lines of credit.  And it helps push your lenders to raise your limits as they compete for your business, or to give you higher SL's when you apply for new cards.  It works quite well if you play it correctly!  Smiley Happy

 




Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 26+ years;
AAoA = 9+ years; AoYA = less than 1 year (Nov 2019)
Total Open Credit Lines Over $440K. Utilization Less Than 1%. Inquiries until May 2020 (TU:2 -- EQ:2 -- EX:6)
*Hover cursor over each card to see name, CL
Message 21 of 22
Regular Contributor

Re: NFCU More Rewards

Late Congrats!

 

I was just wondering if your More Rewards card was the new design or the old design.  I just PC'd from GoRewards, wondering if everyone gets the new design.



"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."
Message 22 of 22
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