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Garden entrance and pruning on the way

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Community Leader
Senior Contributor

Garden entrance and pruning on the way

Now they I have gotten approved for the BECU cashback visa and my recent Penfed CLIs and new card with them, I have decided it is that time again. I have WAY too many cards and although I handle them well through rotation, I think it is time to simplify my portfolio yet again.

 

I am glad to have a few CU acoounts now and that way I don't have all my eggs in one basketSmiley Happy I try to keep utlization around 3% but never above 6%, so these closing should not really hurt my ratios.

 

I have decided to close the following:

 

Wayfair 24.5K CL  I used this on a few occasions, but nothing in awhile

Macys   25K CL    Again used this last christmas, but can use cashback cards or not shop there at all

Marvel   5K CL      Love the look of the card, oh I do lol. But honesntly don't need it

Walmart 10K  Soon to be Cap one  I seriously do not like Cap one and think I am just going to close this before the takeover.

 

So that will be 4 down and may still cut some others loose on my next go around

 

Good planSmiley Happy I hope

 

 

 

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21 REPLIES 21
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Super Contributor

Re: Garden entrance and pruning on the way

None of those have an AF.  Unless your afraid of hitting the upper limits with these lenders, why?


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Message 2 of 22
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Re: Garden entrance and pruning on the way


@Meanmchine wrote:

None of those have an AF.  Unless your afraid of hitting the upper limits with these lenders, why?


@Meanmchine 

 

I know they have no fees, I just think I am need of a trim down?

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Message 3 of 22
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Re: Garden entrance and pruning on the way

I can’t say that I blame you here. I could use a credit trim myself but I’m just not willing to cut CU cards and that makes up 3 of the 5 candidates. 




Message 4 of 22
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Re: Garden entrance and pruning on the way


@Saeren wrote:

I can’t say that I blame you here. I could use a credit trim myself but I’m just not willing to cut CU cards and that makes up 3 of the 5 candidates. 


@Saeren 

 

Oh I don't blame you there, cutting store card and co branded are much easier, cutting CU cards not so much.

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Message 5 of 22
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Re: Garden entrance and pruning on the way


@Jnbmom wrote:

@Saeren wrote:

I can’t say that I blame you here. I could use a credit trim myself but I’m just not willing to cut CU cards and that makes up 3 of the 5 candidates. 


@Saeren 

 

Oh I don't blame you there, cutting store card and co branded are much easier, cutting CU cards not so much.


Yeah I want to cut PayPal and Payboo but SSFCU, DCU, and my NFCU cashRewards are all redundant cards. 

 

The rest of my cards I actually use. I use the cashRewards too but it’s a copy of my QS and that card is 3 years older than my next oldest card so it’s not getting closed. 

 

Its just easier to keep them all I guess. 😂




Message 6 of 22
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Senior Contributor

Re: Garden entrance and pruning on the way

@Saeren, that’s the problem I run into also. I can actually justify every card I have, with the only weak justify being the QS, which is a converted Plat rather than a real QS. That one I justify because of no FTFs and my daughter is headed overseas to Italy for 8 days next fall. If I get another no-FTF V/MC before then, it’ll go since it’s a bucketed starter that is unlikely to grow much beyond its current $600 CL.

Only reason I keep Target is that it’s a $2900 limit and I don’t want to lose that chunk. I have the Target debit card though and once I grow a few more majors to higher limits, Target is a candidate to die...except that it’s approaching 6 years old, whereas everything else I have save for Home Depot is under two years. But Home Depot buffers my age factors as it’s 13 years old but still, closing the second-oldest might not be great even though it’ll remain for another 10 years.

I’m like you I think - I want to trim, but do I REALLY want to trim?


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Message 7 of 22
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Re: Garden entrance and pruning on the way

I think when trimming, people can find all sorts of reasons to justify keeping cards. Removing one aged card from a profile of, say, 20 cards is not going to significantly hurt anything. 10 years from now your profile will have advanced 10 years when that older account falls off anyway. AAoA is only 15% of your score, so it matters, but it isn't the biggest factor at all, and not worth all that much stress. Time is always marching forward and AAoA recovers. Doesn't mean you need to keep otherwise useless accounts.

 

CU or not, if the card serves no purpose, I'd just get rid of it, but that's just me.

 

I see a lot of credit forums and blogs out there making it sound like people are committing mortal sins by closing some of their excessive credit cards and I just don't buy it, especially when you have several other accounts in good standing.

 

It is important not to have all your eggs in one basket,  but I think that mantra leads people to keep a lot of accounts they don't need. Most people in the "regular world" have around 3 cards with maybe 3 different lenders. Just keep that in mind.

 

The last thing I would point out is that I see a lot of simplifying, and then adding new accounts again weeks or months later, and the cycle repeats. So if you're deciding to simplify, do it, be done with it, and commit to no new accounts.

Message 8 of 22
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Re: Garden entrance and pruning on the way

@Jnbmom ... following your pruning. Read the updated listing on retail store closing for the rest of 2019 and in my mind we will have less need for retail cards?

Closed one gas station card (will use cash back with 5%). Also, looking to close a bank with their LOC and credit card in September. Spreading the closing out. Still need to loose some more as I just am a very small spender now Smiley Sad
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Message 9 of 22
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Re: Garden entrance and pruning on the way


@kdm31091 wrote:

I think when trimming, people can find all sorts of reasons to justify keeping cards. Removing one aged card from a profile of, say, 20 cards is not going to significantly hurt anything. 10 years from now your profile will have advanced 10 years when that older account falls off anyway. AAoA is only 15% of your score, so it matters, but it isn't the biggest factor at all, and not worth all that much stress. Time is always marching forward and AAoA recovers. Doesn't mean you need to keep otherwise useless accounts.

 

CU or not, if the card serves no purpose, I'd just get rid of it, but that's just me.

 

I see a lot of credit forums and blogs out there making it sound like people are committing mortal sins by closing some of their excessive credit cards and I just don't buy it, especially when you have several other accounts in good standing.

 

It is important not to have all your eggs in one basket,  but I think that mantra leads people to keep a lot of accounts they don't need. Most people in the "regular world" have around 3 cards with maybe 3 different lenders. Just keep that in mind.

 

The last thing I would point out is that I see a lot of simplifying, and then adding new accounts again weeks or months later, and the cycle repeats. So if you're deciding to simplify, do it, be done with it, and commit to no new accounts.


The reason why you don’t get rid of CU cards is because they are an easy way to keep your CU membership active. While it’s not always so important to have access to CU credit cards, it’s definitely useful to have relationships with CUs for other loans since CUs are much more likely to lend to you when you need it than banks are.

 

The rest of it I agree with more or less. You neglected to mention that you should keep your oldest account if it has no AF if at all possible. I won’t close my QS because it’s older than any of my other cards by 3 years. AoOA is important too. I have no doubt that my solid 5 years with my QS has clinched me a number of approvals. 




Message 10 of 22
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