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Axing a lot of cards.

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Frequent Contributor

Axing a lot of cards.

As I reach the end of College I kind of do not see the point in having so many cards. I am going to keep my NFCU Go Rewards Visa. My Capital One no af Quicksilver Mastercard. My 2014 Discover IT (Plan to wait till the IT card is CLI eligble then request the miles limit be moved to it and closed. And Finally keep my Amex Green (Or an Amex that can carry a balance.) Then I do plan to keep my Lowes card as it is a store only card. Then open a bestbuy store card. Not the Visa. I want to simplify and stop signing into so many accounts and worrying about so many accounts as I lose my cards frequently.

Message 1 of 25
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Valued Member

Re: Axing a lot of cards.

Please don't keep the Amex Green. Get an Everyday or Everyday Preferred instead. The Green is useless for that $95 AF
AMEX PRG- NPSL, AMEX ED- $2.7K, AMEX Delta Gold- $1K, AMEX BCE- $1K, Discover it Students- $2.6K, Barclays Uber- $1K, Chase FU- $500, Capital One QS- $500
Message 2 of 25
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Valued Contributor

Re: Axing a lot of cards.

I agree that the Amex Green should get axed.

Chase Sapphire Reserve • PenFed Power Cash Rewards • and five cards in the sock drawer

No CC debt • No bonus chasing • No app sprees • No gift cards • No AZEO • No airline incidentals • No hotel cards • No store cards • No business cards • No authorized users
Message 3 of 25
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Valued Contributor

Re: Axing a lot of cards.


@ragkapur99 wrote:
Please don't keep the Amex Green. Get an Everyday or Everyday Preferred instead. The Green is useless for that $95 AF

I agree as well

















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Message 4 of 25
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Frequent Contributor

Re: Axing a lot of cards.

If you don't mind providing this information, what is your credit score? Average age of accounts? 

 

What do you use the AmEx Green card for currently?

Stop trying to save a nickel; start trying to earn a dollar.
Message 5 of 25
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Moderator

Re: Axing a lot of cards.

OP, didn't you go through a similar exercise about a year ago?

 

https://ficoforums.myfico.com/t5/Credit-Cards/Closing-all-but-2-cards/m-p/5003827

 

 

Message 6 of 25
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Established Contributor

Re: Axing a lot of cards.

Not only did he do the same thing in 2017, but it appears that he let us know he was doing the same thing in 2016.  https://ficoforums.myfico.com/t5/Credit-Cards/Going-down-to-only-2-cards-Major-Closings/m-p/4676218

 

Every year he must be closing all his cards.  I am waiting for the 2019 purge.

Message 7 of 25
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Valued Contributor

Re: Axing a lot of cards.

It's OK to close some every year.

You just shouldn't get new ones to replace them.

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Message 8 of 25
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Mega Contributor

Re: Axing a lot of cards.

I've been around for both roundsSmiley Wink. Op, if credit cards are too much of hassle it might be best to either take a break for awile or stick with one card that works for your spend. Jmho.
Message 9 of 25
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Established Contributor

Re: Axing a lot of cards.


@Kforce wrote:

It's OK to close some every year.

You just shouldn't get new ones to replace them.


You are absolutely right. 

 

In March, 2015 he announced his intention to have no more inquiries or accounts until he took out a mortgage on his 21st birthday.   "It's official.  I am in the garden."   https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Credit-Scores-finally-improving/m-p/3847450

 

In July,  2015 at 18 or 19 he had 22 inquires on all three bureaus.  https://ficoforums.myfico.com/t5/Credit-Card-Applications/Venture1-Denied/m-p/4082407#M68681

 

In August 2015 he had closeed two cards and was down to 7.  https://ficoforums.myfico.com/t5/Credit-Cards/I-m-starting-to-feel-addicted/m-p/4189027#M1187679

 

In November, 2015 he was 19, had 10 cards but was frustrated that he wasn't getting more prequalified offers.  https://ficoforums.myfico.com/t5/Credit-Card-Applications/I-am-only-19-Is-this-why-I-can-t/m-p/43376...

 

 

In January 2016 he told us that "people struggle with credit because they are irresponsible." https://ficoforums.myfico.com/t5/Credit-Card-Applications/Sears-MC-Declined-and-the-funny-reps/m-p/4...

 

In March, 2006 he told us he couldn't meet his credit card debt and was letting $3,000 go into collections, unless "his mama paid it."  https://ficoforums.myfico.com/t5/Credit-Cards/letting-3k-go-to-collections/td-p/4520092.  He had gotten the card in October, 2015.

 

Then in July 2016 that he was going down to just two cards because he was tired of having so many cards,  he then told us in November of that year that he had gone on a "major app spree" and got approved for five new cards.  https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Major-App-Spree-approvals/m-p/4799260

 

In June of 2017 he was 21 years old and had "23-24 credit cards."  https://ficoforums.myfico.com/t5/Credit-Card-Applications/Bulk-App-o-rama-questions/m-p/4971255#M164...

 

One month later in July of 2017 he was closing all but two cards.  https://ficoforums.myfico.com/t5/Credit-Cards/Closing-all-but-2-cards/m-p/5003827

 

Now in August 2018 he is "axing a lot of cards" but keeping five of them.

 

Of course all this is his decision.  It simply appears that he either hasn't followed through with his stated intentions or every year he keeps going on major app sprees.  This must play havoc with his scores due to the inquiries and reduction in AAoA.  No judgment from me, just pointing out the pattern.

Message 10 of 25
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