Closed 4 accounts today left with 1.

[Anonymous]

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@kdm31091 wrote:

Of course you would opt to pay off whatever emergency comes up using a savings fund whenever possible. I would never intentionally carry a large balance unless it was unavoidable - yes I have an emergency fund. And I am looking into, at some point adding a low APR card to my lineup for emergency purposes. Those of us who do not make six figure incomes can't always afford to pay off everything to may come up right away. It's a fact of life. I know it's so taboo around here to say anything other than "PIF", but stuff happens!

I'm not suggesting people don't PIF, I'm just saying, sooner or later you may end up carrying a small balance for whatever reason and you'd be happier with a lower APR. I mean, there's no downside to seeking the lowest APR, so you may as well consider it when looking into cards. There's no downside to having a card with a lower APR!

As for OP, I can't really tell him how to live his life. I applaud the decision of simplicity and I hope that it was made on his own behalf, but considering he previously had 5 cards (I think), dropping down to 1 is a bit drastic all at once unless it was instructed by someone i.e. wife. But again, that's none of my business

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Don't understand why you keep referring to PIF when I don't mention it once in my response to you.

Second, there might be a danger in getting low APR.  A lot of people, including some on this very board, have gotten into heavy debt because they had a low APR and were "confident" they could handle the extra charges.  Some of those same people if they had 20% APRs might have contained their urges...  humans are like that.

Third you completely ignored my point that even if the OP had the emergency excuse there are much better choices for that than Quicksilver.

[kdm31091]

I wasn't really defending the OP's emergency excuse, I was just saying moreso that it's better to have a lower APR than a higher one if for some reason you need to carry a balance. I mentioned PIF because obviously APR is otherwise irrelevant, so since we are debating about high vs. low APR, it only comes into play if one doesn't PIF. And yes, a low APR can be a false sense of security and cause you to spend more. You have to remain financially responsible even if given a low APR. Easier said than done.

Should you use a card like Quicksilver for emergencies? Ideally, no. If you are a credit forum user or credit-as-a-hobby type like we are, you know there are better options for carrying a balance than the Quicksilver. However, you have to remember that the majority of average consumers, if faced with an emergency and not enough cash, are going to charge it to their card, and may carry a balance. That's the American spending way, whether I agree with it or not, people carry balances. Some go to far and get into debt. Hence it is wise to seek low APRs obviously.

Anyway, the OP did what they did and the accounts are closed. We will see if they end up regretting it but they sound happy with the decision.  They do not sound like someone who needs credit for emergencies, anyway. They sound like they have plenty of money for emergencies. It sounds more like they just wanted to simplify.

[Anonymous]

So sad to hear ... that brought down your available limit ratio which in your case was really good. i would just alternate between cards to keep them all open and still use one at a time!

[Man-Of-Steel]

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@Anonymous wrote:

I closed four credit cards today and feel good about it. I know I am going to get criticized here but I did not need them. I spend average $2,000 a month and $10,000 CL is enough for me. Now I only have to worry about 1 account.

Closed accounts 

1. Citi Double Cash $18,000 CL

2. Sallie Mae $10,000 CL

3. Salle Mae $10,000 CL

4. BOA Cash $2,000 CL

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This appears to be an unprecedented move on the myFico forums.  Personally, I really liked the card line up you had previously.  But I can understand doing what you feel is right to simplify your life. 

As others have mentioned, I'm curious to know how long these accounts were open.  Also, did any of the CCCs put up a fight to try and keep your business before agreeing to close your accounts?  Good luck to you. 

[Anonymous]

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@Man-Of-Steel wrote:

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@Anonymous wrote:

I closed four credit cards today and feel good about it. I know I am going to get criticized here but I did not need them. I spend average $2,000 a month and $10,000 CL is enough for me. Now I only have to worry about 1 account.

Closed accounts 

1. Citi Double Cash $18,000 CL

2. Sallie Mae $10,000 CL

3. Salle Mae $10,000 CL

4. BOA Cash $2,000 CL

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This appears to be an unprecedented move on the myFico forums.  Personally, I really liked the card line up you had previously.  But I can understand doing what you feel is right to simplify your life. 

As others have mentioned, I'm curious to know how long these accounts were open.  Also, did any of the CCCs put up a fight to try and keep your business before agreeing to close your accounts?  Good luck to you. 

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Citi and BOA opened in 10/14, Sallie Mae 12/14. Citi and Barclay tried their best. Barclay said if you decide to reopen your account in 30 days we will be glad to take a look at it. Citi said if you want we can try to increase your CL ect... BOA said they would have to do a hard pull to reopen.

[Anonymous]

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@kdm31091 wrote:

Of course you would opt to pay off whatever emergency comes up using a savings fund whenever possible. I would never intentionally carry a large balance unless it was unavoidable - yes I have an emergency fund. And I am looking into, at some point adding a low APR card to my lineup for emergency purposes. Those of us who do not make six figure incomes can't always afford to pay off everything to may come up right away. It's a fact of life. I know it's so taboo around here to say anything other than "PIF", but stuff happens!

I'm not suggesting people don't PIF, I'm just saying, sooner or later you may end up carrying a small balance for whatever reason and you'd be happier with a lower APR. I mean, there's no downside to seeking the lowest APR, so you may as well consider it when looking into cards. There's no downside to having a card with a lower APR!

As for OP, I can't really tell him how to live his life. I applaud the decision of simplicity and I hope that it was made on his own behalf, but considering he previously had 5 cards (I think), dropping down to 1 is a bit drastic all at once unless it was instructed by someone i.e. wife. But again, that's none of my business

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I was not under pressure of anyone. My wife still don't know about me closing my accounts.

[Man-Of-Steel]

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@Anonymous wrote:

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Citi and BOA opened in 10/14, Sallie Mae 12/14. Citi and Barclay tried their best. Barclay said if you decide to reopen your account in 30 days we will be glad to take a look at it. Citi said if you want we can try to increase your CL ect... BOA said they would have to do a hard pull to reopen.

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Thanks for the info.  That's good to know.

[Anonymous]

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@Man-Of-Steel wrote:

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@Anonymous wrote:

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Citi and BOA opened in 10/14, Sallie Mae 12/14. Citi and Barclay tried their best. Barclay said if you decide to reopen your account in 30 days we will be glad to take a look at it. Citi said if you want we can try to increase your CL ect... BOA said they would have to do a hard pull to reopen.

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Thanks for the info.  That's good to know.

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After reading all of your replies and mainly I don't want to tell my wife that I closed 4 accounts. I might reopen Citi or Barclay for emergency purposes. Will see who has easier process.

[Chris679]

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@Anonymous wrote:

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@Anonymous wrote:

I closed four credit cards today and feel good about it. I know I am going to get criticized here but I did not need them. I spend average $2,000 a month and $10,000 CL is enough for me. Now I only have to worry about 1 account.

Closed accounts 

1. Citi Double Cash $18,000 CL

2. Sallie Mae $10,000 CL

3. Salle Mae $10,000 CL

4. BOA Cash $2,000 CL

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Congratulations on your decision. Do what works for you. And don't worry about the judgmental forum members. Just skip over their comments. 

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In all fairness I think OP knew what they were getting themselves into with this post.  As long as it is respectful I would expect nothing less than for people to express their view points.  Lots of good points for and against closing accounts. 

[Anonymous]

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@Anonymous wrote:

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@kdm31091 wrote:

Of course you would opt to pay off whatever emergency comes up using a savings fund whenever possible. I would never intentionally carry a large balance unless it was unavoidable - yes I have an emergency fund. And I am looking into, at some point adding a low APR card to my lineup for emergency purposes. Those of us who do not make six figure incomes can't always afford to pay off everything to may come up right away. It's a fact of life. I know it's so taboo around here to say anything other than "PIF", but stuff happens!

I'm not suggesting people don't PIF, I'm just saying, sooner or later you may end up carrying a small balance for whatever reason and you'd be happier with a lower APR. I mean, there's no downside to seeking the lowest APR, so you may as well consider it when looking into cards. There's no downside to having a card with a lower APR!

As for OP, I can't really tell him how to live his life. I applaud the decision of simplicity and I hope that it was made on his own behalf, but considering he previously had 5 cards (I think), dropping down to 1 is a bit drastic all at once unless it was instructed by someone i.e. wife. But again, that's none of my business

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Don't understand why you keep referring to PIF when I don't mention it once in my response to you.

Second, there might be a danger in getting low APR.  A lot of people, including some on this very board, have gotten into heavy debt because they had a low APR and were "confident" they could handle the extra charges.  Some of those same people if they had 20% APRs might have contained their urges...  humans are like that.

Third you completely ignored my point that even if the OP had the emergency excuse there are much better choices for that than Quicksilver.

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I do not agree to this part. It depends on the individual. After my BK I am very responsible. I have 0% APR on new purchases on Citi,BOA, and balance transfers Barclay. I use my cards still as I am going to pay them off each month. On the other hand it is good to have low APR incase for couple months some unexpected expense arise and I might need little bit time to pay it off.