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Garden entrance and pruning on the way

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Moderator

Re: Garden entrance and pruning on the way

Cant use "most people" argument as a good thing without also pointing out bad aspects of what  "most people" think constitutes good credit. 

People come here, often surprised at the fact that one 120 day late caused them a denial. 

People think their credit is in perfect shape because they paid minimum payments and were never late. 

People were surprised they got terrible rate when car shopping, and were shocked that nearly maxed card caused a huge score drop. They thought they were doing great because they pay their bill on time and in full. 

 

So "most people" is somewhat relative. If most people knew what was good for them, they would not act like "most people" 

 

25 cards works just fine for some. They have their reasons just like Three Card Brigade has theirs. 

 

Close what you think you'll never use, or cards you got at the beginning of the rebuild. Leave some for utilization padding because scoring system is flawed and as long as trended data is not used, there will be times when you'll need that extra cushion. It's a lot easier than having to apply when you're in no position to do so (should that ever happen, because we all know how life likes to fling 💩 when we least expect it). 

 

I'm not advocating you keep all the cards, but keep enough to avoid having to worry about credit reindeer games. 

 

 

 

 

 

 

Message 11 of 22
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Valued Contributor

Re: Garden entrance and pruning on the way

I have closed all my Cap One cards except one,don't like them much either.

If you just wait long enough they will cancel themselves. Had a 25K Synchrony Home

card close on me 2 months ago and just found out about it last week. No usage in

2 years.Ca Sera Sera....

 

Message 12 of 22
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Moderator

Re: Garden entrance and pruning on the way

Good for you.. I am getting in one of those moods to close some as well, but it gets harder and harder for me personally as the CL's get bigger and the APR's usually have been getting better..  I usually try to prune one card for each new one I get, but hasn't been working out to good lately with that method as my safe is getting more full with plastic.  Something to be said about simplicity, although I am a hypocrite Smiley Happy.

Message 13 of 22
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Established Contributor

Re: Garden entrance and pruning on the way


@Jnbmom wrote:

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

 

 

 


How is BECU cashback card? Can you pay the card from another bank directly? Does the card show you actual spending in the money manager? Sorry for all the questions but very few people have this card here and I'm planning to get one in the near future.

 

And FYI, I am minimalist and I'm all about closing unused cards. I just closed two of my oldest cards 3 months ago and I'm planning to close another one down the road. 

Message 14 of 22
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New Visitor

Re: Garden entrance and pruning on the way

what's the advantage of CU cards? 

Message 15 of 22
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Community Leader
Senior Contributor

Re: Garden entrance and pruning on the way

Typically CUs have lower APR cards, often significantly lower. My own local CU has rates around 7.99%.


Rose Gold NPSL | BCP | Delta Gold | Hilton Surpass | Hilton Honors | PenFed PCR | IT Cash | IT Chrome | GHSFCU Visa Plat | Quicksilver | Target | VS | Home Depot | Lowes | Sams MC | Firestone | Overstock | Kohl’s | 2017 Audi A6 Prestige S-Line





TCL $85,100| Agg. Util under 5%
Message 16 of 22
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Super Contributor

Re: Garden entrance and pruning on the way


@bridgesgo wrote:

what's the advantage of CU cards? 


They do things more in favor of the consumer most of the time. Lower APRs, less fees. My NFCU Platinum, for example, has a 8.24% purchase APR, 10.24% cash advance APR, no FTF, and every other month since I pay more than 2x my minimum payment I could skip a payment if I wanted to with no penalty (my statements are generated with no minimum due on odd numbered months because I always PIF). 

 

8.24% is the lowest APR they offer on that card and it’s frankly amazing I got approved for that APR between low income and a less than perfect score. My lowest APR among the bank cards is 18.49% on my Discover IT. 




Message 17 of 22
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Valued Contributor

Re: Garden entrance and pruning on the way

All of the reasons others myFicoers

 gave you about joining a CU are valid

. I will give you yet another.

Once a year my local CU adds the money ,

from profits made during

last fiscal year,

to me and my fellow members accounts.

This year mine was in the

3 digits...all for just being a member

and getting great service.

Hard to beat that :-)

Cheers

Was busy getting my daughter to 

get to bed last night so I was not

very specific on my CU money sharing DP.

One of my CU's is PSECU

they gave 22 million back to their members last year.

I'm really not sure about GEO restrictions

but it is a fantastic CU if you can get in

Message 18 of 22
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Valued Contributor

Re: Garden entrance and pruning on the way

Sounds like a couple rounds of layoffs are coming to your cards. I'm sure your cards are worried if they are going to be let go or not lol.
Scores, HPs/24 mos. (updated 10/09/20):
    Experian FICO Score 8 = 825, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 815, 1/24
    Equifax = 819, 0/24

Total 2019 rewards, incl. offers/deals = $1,709.07
Avg. rewards rate, incl. offers/deals = 3.92%

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 19 of 22
Highlighted
Frequent Contributor

Re: Garden entrance and pruning on the way

I’ve closed a few myself:
Langley FCU Platinum $2500 SL
Marvel $2,500 SL
Petal $2,500 SL
TDECU $2,000 SL
Considering:
BBVA $3,400 SL
Overstock $1,000 SL
Amex Gold


Message 20 of 22
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