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Closing 8-9 accounts! Simplifying things!

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morgacj2004
Valued Contributor

Closing 8-9 accounts! Simplifying things!

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. 

 

 

 

 

 

 

 


AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 1 of 20
19 REPLIES 19
Anonymous
Not applicable

Re: Closing 8-9 accounts! Simplifying things!

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.

Message 2 of 20
UpperNwGuy
Valued Contributor

Re: Closing 8-9 accounts! Simplifying things!

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.

Daily Carry: PenFed Power Cash • NFCU Flagship • NFCU More Rewards • Chase Freedom
Sock Drawer: PenFed Promise • NFCU cashRewards • Chase Sapphire Preferred • Chase Freedom Unlimited • United Explorer • UNFCU Azure
Message 3 of 20
AverageJoesCredit
Legendary Contributor

Re: Closing 8-9 accounts! Simplifying things!

Great job MorgacjSmiley Happy i cancelled 1 card this year so i know how you feelSmiley Wink

Keep the Venture and and let CO cld iit, lol, this way you keep it but lose deadweight credit limit, lolSmiley Happy

JKSmiley Happy, Or am eyeSmiley Wink
Message 4 of 20
Chickenpotpie
Frequent Contributor

Re: Closing 8-9 accounts! Simplifying things!

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.

Message 5 of 20
Anonymous
Not applicable

Re: Closing 8-9 accounts! Simplifying things!

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 !!   Smiley Wink

Message 6 of 20
CreditCuriosity
Moderator Emeritus

Re: Closing 8-9 accounts! Simplifying things!

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.

Message 7 of 20
Anonymous
Not applicable

Re: Closing 8-9 accounts! Simplifying things!

Sounds like a good plan.

I have 38 open bank cards and 1 store card. Each get used monthly.
Message 8 of 20
morgacj2004
Valued Contributor

Re: Closing 8-9 accounts! Simplifying things!

In the end I will have gone from around 40 cards ( previous cull) to around 15 cards. 15 is manageable on that 5 will be store cards for specific purchases only. The cards that I churn 1-2 at a time get closed as soon as spend is met and bonus collected. I will make a rule that when I open an account that I wish to keep I will need to close another card.

AX Hilton Aspire 20k, AX Bonvoy Brilliant 15k, AX BCP 2k, AX Blue Bus Cash 15k, AX Delta Air Platinum 49k, (AU) AX Delta Gold 15k, AX Amazon Prime Bus 25k, BC Uber 29k, AKUSA FCU -10k , CITI AAdvantage Exec World Elite MC 16.5k, Discover (2) 16k, Kohls-4k, VS Comenity $3k, BofA AK Air Siggy 9.8k, WF Propel AX 5k, JCP $10k PFCU Plat Rewards Siggy 39.5k, PFCU Power Cash Rewards AX 10.5k, NFCU Flagship 50k, CLOC 15k, CITI Costco 9.5k, GAP VISA Synchrony $9k,Target MC 9k, Ulta MC Comenity 9k, Pay Pal 1k, CO Venture One 23k, US Bank Radisson Rewards Signature 10k, US Bank Fred Meyers World MC, 11k, US Bank Plat VISA 15.7k, VS Comenity 2k, 240k total available credit. Utiliz-2%, Current FICO EQ-724, EX 763,TU 802 ,Chapt 7 BK D/C 11-2012. Starting scores 520-550
Message 9 of 20
pizza1
Community Leader
Super Contributor

Re: Closing 8-9 accounts! Simplifying things!

If your Nordstrom is still the retail card, call in and ask if it can be upgraded to the Visa Siggy. Its not a new acct, and you can use it more. I got upgraded last year. Smiley Happy
Message 10 of 20
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