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So I am now 5 yrs post BK. Scores are averaging 705. A long way from the 500s back in 2012-2013 Re-fi the mortgage at 15 yrs 3.25% paid off one car loan. Decided to cut the stack LOL
Closed the following:
1. Venture One-10k
2. JCP-7k
3. Macy's -3k
4. Cathay Pacific Visa -10k
5. Cabelas Visa -7k
6. AK Air BofA Pkat-2k- close as soon as bonus miles post.
7. BC Cash Forward - Will transfer 4.5k CL to ARR+
8. Virgin America Visa - will wait to close until after 12/31/17. Hoping it will PC to AK Air Siggy.
I PC NFCU Cash Rewards to Flagship Visa did not want to give up 31k CL due to UT issues
I PC PFCU AX Travel card CL to Power cash Rewards card (new card) Lol!
Will keep open
1. Discover-rotating categories
2.PFCU-Plat Rewards-Gas-Groceries
3. AK Air Siggy- for my frequent AK Air purchases
4. BC Arrival + Travel purchases
5. BC Ring -low APR
6. AK USA FCU -UT purposes
7. NFCU Go Rewards - Restaurant and BT - Carrying promo balance
8. NFCU Flagship-UT purposes
9. PFCU - Power Cash Rewards-2% general spend
10. Blispay-2% General spend
11. CITI Costco-Costco, Gas, Restaurant
Will keep open the following store cards
1. Target-5%
2. Nordstroms
3. Kohls
4. Chase Amazon Prime Visa - Use a lot!
5. Blue Nile - Carrying promo balance - wife's favorite card- (will probably close once promo balance is paid off )
6. GAP Visa-5% - wife's third favorite card
7. VS - wife's second favorite card
I also have a paypal acct and 15k LOC from NFCU
I AM ON THE FENCE ABOUT MY CO VENTURE - 24k CL? What is the consensus about keeping this card. Have only been using for Zero APR BT deals. Also on the fence about the Nordstroms and VS cards. Use them monthly.
I will still apply for (churn) one card at a time 4-6 X per year but close as soon as spend is completed. Next up is the 3rd ARR+ and Cathay Pacific -50 k bonus. Going to also focus on raising existing CL. Still have around 175k available credit with about 3.5% current UT.
Need to to wait awhile before I can get Legacy cards, AX cards etc. That will be the final chapter of the rebuild. AX-next year, CHASE and CITI in 2 years. Wife will stay under 5/24 so as to get those some CHASE cards in 2018-2019.
Man, that's a lot of cards. Good to see you cutting away the dead weight. I have 8 cards and often question whether or not having that many is necessary. Managing 8, well really 6, as 2 are in the SD to me is a lot of work. I couldn't imagine 20-30+... and still considering apping for more.
I cancelled 8 cards so far this year, and added 1, bringing my new total to 7, and I consider that number to be too high. If I were you, I would focus on growing a few cards and close down a few more.
Let me just say I'm proud of you for being able to keep them all straight! LOL I'd lose my mind.
I'm all for simplifying. the 24k CL card, cut it if you don't need to worry about UTL or you actually use it.
Sometimes you have to cut a few at a time and see how you feel. Cut the definites, and if you're still on the fence for that one, maybe just wait for now.
I think that cutting the definites is okay, but I would just stop using the others and check them once a week for fraud. Eventually, some will get closed for inactivity, but you will still get the benefit for ten years of average age of accounts. You may suffer a drop in your scores due to utilization ratio going up (Available credit vs actual credit used) but if cards drop off every so often, it shouldn't be much.
Then I would carry the three (or less) most useful for everyday spend and SD the rest.
I have four major cards, plus target, and I look for fraud on all every morning, and even that is a PITA !!
So from counting it appears you plan on keeping approx 20ish open lol.... Not sure how much more your life is going to be simplified? I closed 4 accounts recently, but opened 4 so ya I didn't gain anything other then 1 of the accts closed was personal and 1 new one opened was business so one less TL on personal credit is all. Along with more diversication of lenders.