Closing a couple cards?

[UpperNwGuy]

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@pinkandgrey wrote:

I have 5 cards currently. You can see them in my signature. Going into 2019, I kind of want to simplify even further. I would love to go down to just 2 or 3. 

Let me start by saying: I’m well aware of all the “consequences” of closing cards— available credit, AAoA, utilization....etc. so don’t waste time trying to convince me to keep anything open for those types of reasons. None of my cards are significantly older than the others anyway. Also, my utilization is never over 10% on any individual card or overall. 

So. Any suggestions on which I should close? I know I want to keep the BCE and the DC, so of the remaining 3, any opinions/advice? 

Thanks!

EDIT: I think I’m almost looking for a “nudge” to close down the cards I want to close LOL. I have reasons to keep each one of them, but I. Want. To. Trim. 

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I would close Amex BCE and Barclays Apple.

[longtimelurker]

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@UpperNwGuy wrote:

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I would close Amex BCE and Barclays Apple.

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That would be my first choice too.   But as nearly always it depends on your goals and spending pattern.   I tend to focus only on rewards (potential) so my question would be which of the cards provides most (or least) value.

From a rewards persepctive, the BCE is a very marginal card.   Assuming you max it out (at places that REALLY count as supermarkets) you earn $60 a year more than the DC.   Not sure that would justify keeping a space for it over the others.   Cash+ and Discover, with 5% categories could be much more.   But you may have other reasons for wanting to keep it, such as its large CL, but if you are really minimizing, it's good to consider the value of each kept over those dropped.

[pinkandgrey]

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@longtimelurker wrote:

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@UpperNwGuy wrote:

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I would close Amex BCE and Barclays Apple.

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That would be my first choice too.   But as nearly always it depends on your goals and spending pattern.   I tend to focus only on rewards (potential) so my question would be which of the cards provides most (or least) value.

From a rewards persepctive, the BCE is a very marginal card.   Assuming you max it out (at places that REALLY count as supermarkets) you earn $60 a year more than the DC.   Not sure that would justify keeping a space for it over the others.   Cash+ and Discover, with 5% categories could be much more.   But you may have other reasons for wanting to keep it, such as its large CL, but if you are really minimizing, it's good to consider the value of each kept over those dropped.

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Yeah, given that it’s my highest limit, and that I spend a lot on gas and groceries, and I love Amex service, and the option of using Plan It.... I want to keep the BCE LOL. I do like the Cash+, but really ONLY for the 5% on phone bill.. Discover is my longest relationship and I do have a savings acct with them, and again great service, so I’m hesitant to close that one too. The Barclays is the most obvious choice because it’s not a true cashback card and the rewards aren’t great anyway. But that annoying little voice in my head keeps telling me how much I like Apple products LOL. I hate trying to make decisions 

[pinkandgrey]

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@UpperNwGuy wrote:

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@pinkandgrey wrote:

I have 5 cards currently. You can see them in my signature. Going into 2019, I kind of want to simplify even further. I would love to go down to just 2 or 3. 

Let me start by saying: I’m well aware of all the “consequences” of closing cards— available credit, AAoA, utilization....etc. so don’t waste time trying to convince me to keep anything open for those types of reasons. None of my cards are significantly older than the others anyway. Also, my utilization is never over 10% on any individual card or overall. 

So. Any suggestions on which I should close? I know I want to keep the BCE and the DC, so of the remaining 3, any opinions/advice? 

Thanks!

EDIT: I think I’m almost looking for a “nudge” to close down the cards I want to close LOL. I have reasons to keep each one of them, but I. Want. To. Trim. 

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I would close Amex BCE and Barclays Apple.

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Interesting. Why the BCE?

[UpperNwGuy]

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@pinkandgrey wrote:

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@UpperNwGuy wrote:

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@pinkandgrey wrote:

I have 5 cards currently. You can see them in my signature. Going into 2019, I kind of want to simplify even further. I would love to go down to just 2 or 3. 

Let me start by saying: I’m well aware of all the “consequences” of closing cards— available credit, AAoA, utilization....etc. so don’t waste time trying to convince me to keep anything open for those types of reasons. None of my cards are significantly older than the others anyway. Also, my utilization is never over 10% on any individual card or overall. 

So. Any suggestions on which I should close? I know I want to keep the BCE and the DC, so of the remaining 3, any opinions/advice? 

Thanks!

EDIT: I think I’m almost looking for a “nudge” to close down the cards I want to close LOL. I have reasons to keep each one of them, but I. Want. To. Trim. 

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I would close Amex BCE and Barclays Apple.

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Interesting. Why the BCE?

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My views on BCE are the same as those expressed above by longtimelurker.  I closed mine two years ago and don’t miss it.  It had a $20,000 credit limit.  It was my only Amex card at the time of closure.

[shoegal]

I would close Barclays, BCE  and Cash+.

[pinkandgrey]

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@shoegal wrote:

I would close Barclays, BCE  and Cash+.

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Another vote for BCE. I’m curious as to why...

[kdm31091]

BCE is really nothing special at this point IMO, no big loss if you close it.

[SouthJamaica]

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@pinkandgrey wrote:

I have 5 cards currently. You can see them in my signature. Going into 2019, I kind of want to simplify even further. I would love to go down to just 2 or 3. 

Let me start by saying: I’m well aware of all the “consequences” of closing cards— available credit, AAoA, utilization....etc. so don’t waste time trying to convince me to keep anything open for those types of reasons. None of my cards are significantly older than the others anyway. Also, my utilization is never over 10% on any individual card or overall. 

So. Any suggestions on which I should close? I know I want to keep the BCE and the DC, so of the remaining 3, any opinions/advice? 

Thanks!

EDIT: I think I’m almost looking for a “nudge” to close down the cards I want to close LOL. I have reasons to keep each one of them, but I. Want. To. Trim. 

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I don't know enough about you to know what's important to you but:

1. The Apple Rewards card is probably the least versatile in terms of rewards, and Barclays is the least trustworthy of your banks.

2. US Bank trusted you least, giving you the smallest credit limit.

3. Discover is the only one that is not accepted everywhere.

If it were me I'd probably drop the Barclays card.

[CramEiko]

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@trusty wrote:

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@pinkandgrey wrote:

I have 5 cards currently. You can see them in my signature. Going into 2019, I kind of want to simplify even further. I would love to go down to just 2 or 3. 

Let me start by saying: I’m well aware of all the “consequences” of closing cards— available credit, AAoA, utilization....etc. so don’t waste time trying to convince me to keep anything open for those types of reasons. None of my cards are significantly older than the others anyway. Also, my utilization is never over 10% on any individual card or overall. 

So. Any suggestions on which I should close? I know I want to keep the BCE and the DC, so of the remaining 3, any opinions/advice? 

Thanks!

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It seems pretty simple a choice. You have 2 high limit cards. Keep those, and if your target is 3, keep another one that you like the most.

I notice that you didn't mention scoring in your reasoning though. I hope you are aware that you will potentially harm your credit score behind closing cards, as you need about 5 cards to get maximum points.

If you have no self control, just close all of your cards and go the Dave Ramsey method. Heck, give your bank account information to Experian, and they'll help you with some utilities on your credit. https://www.experian.com/blogs/ask-experian/introducing-experian-boost/

However, if you do have self control, there's no reason to close any accounts, barring annual fees and such. You never know when American Express or Discover may go AWOL on you, and close your accounts. Look it up on the internet. These companies are not reliable. You definitely will need about 5 good accounts, for backups; so that you're not caught between a rock and a hard place, when you're on vacation. Heck, American Express and Discover are probably the two worst networks to rely on. Visa and MC are much more accepted - worldwide.

If you had 10 cards, you could safely close 5. But, if you only have 5 to begin with... than culling is going to have diminishing returns.

That said, I'm sure you have your reasons. I hope it all works out, whatever you decide.

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I'd like to question this theory a bit. I've read numbers all over the board about "how many cards should I have?". I'd say that's relivant to YMMV or am I off a bit? I have a friend that has 1card. A 10yr old BoA Cash Rewards card with a $5k limit (PIF every month). 1 paid in full Infiniti auto loan (paid off in 2yrs vs 4yrs) and now has 1 Porsche auto loan that is already paid off 30% of the original loan amount 8 mo into a 4yr loan. No mortgage and thats it. She has no debt other than her auto loan and she currently sits at a 830 Fico. And she has been in the US for 10 years now. She got the BoA card shortly after "Coming to America" (Eddie Murphy, Bruce Springsteen reference all at once). I'm just about at an 800 myself, but I have way more stuff than her, just not the AAOA. lol.

Happy New Year !