Is Fewer Better After a Certain Point?

[changingmantra2]

Thanks for the feedback - I will try to address all of your points and questions -

1.  Age of cards -  My store cards are my oldest cards at this point - They are probably all about 6 years old.    The discover is 4 - All others are 2 - 1.5 years -

2.  Yes - Sallie Mae gets heavy usage - It is just me - so  I do not often go over the $250 cap for groceries or gas - if I do - I use a different card -   I shop on Amazon fairly regularly 

3. I like the Arrival + and  I do use their Reward Boosts portal -  I rarely read people posting about it here - I have gotten as many as 4x extra points on purchases -   I will most likely keep this but downgrade to the no manuals fee one.  The annual fee is due next month.  I did pay last year -  and I did make more than enough in cashback bonuses to cover that fee - and then some

4. I pay my balances in full - and my utilization is always low - as I make multiple payments throughout the month - and rarely have balances on more than 3 cards.  Right now - I think only my Barclay cards have balances.

5. Some of you make great points - I have not been using the TY Preferred - for example - for 2% categories because it has been simpler to just use the Arrival + knowing I got at least double the points on everything - without trying to remember which card gave me what thing this particular month

6. I have not traveled extensively - but this year - I have put several flights to and from the Caribbean on the Arrival + earning the usual 2 x points plus 1 extra point for booking through Expedia using the Boost Rewards portal -  I will be booking such travel from now on 3-5 times a year from a while.

7. I had just learned about the Discover Miles card a few days ago - and thought that if I downgraded the Arrival + I could then do well with that D -Miles. Now,  after reading some posts, I am thinking that   instead of apping for another card - it sounds like PCing the TY Preferred to DC might be a better option.  I tried to PC the Simplicity last year - tried several times - but was told there was no option to do so. 

8.  I keep the Simplicity open purely because I do use the points - especially for the daily deals for gift cards -although it is a pain in the butt to try to catch them.  Sometimes they have magazine subscriptions - that cost me noting but points.  I just do not know for how long I want to keep trying to find ways to use points - on a card for which I have no other use.

9. I have the AMEX Blue Cash Everyday 

10.  I last apped for a card - in June or July 2014 -

[NRB525]

Well, you are free to close any cards you decide, but with so many no-AF cards, take your time to do the decision.

It sounds like each card you have does provide some small benefit, so, again, I would not rush into any changes or cancellations.

[red259]

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@changingmantra2 wrote:

Seven years ago - I was a newbie here - eager and envious - hoping for the day of $5,000 CLs - "prime" cards - and a 700 + credit score.  Now I have all of that - and the thrill and angst associated with apping and trying to get CLI no longer exists.  I have virtually no emtional attchment to it - no longer look at my stash of cards with pride and anticipation of adding to it.  Rather - I look to downsize -  Last week I closed my Chase Sapphire and moved the CL over to Freedom.  I have nice CLs that I hope to never have to use - and too many cards to juggle.  Other than one other bump on my CR - and still being way below an 800 CS - I have pretty much arrived - as far as credit cards are concerned, that is. 

 I wonder if -at this point what best helps my credit file - is just having a few cards - with significant CLs.  I wonder if when I go for a mortgage - if  it would  look better that I have maybe 4 well-managed CC accounts each with at least a $10,000 CL, as opposed to 8 or so major credit cards and 5 or so store cards.   

Currently I have the following: 

$22,000  American Express  (Rarely use it  - only reasons  to keep it is that its the only card I have where I can set the CL of my AU - and CL)

$18,500  Discover (Have not used much lately due to heavy usage of Barclay cards - But will keep it   Discover is good to me - gave a $5000 CLI tonight - and I love their customer service)

$15,000  Simplicity ( Were it not for the 1,000 + Citi Deals points I have - I would close on the spot - but I actually us the points - not the card)

$15,000  Arrival + (Primary card - which MIGHT get downgraded - and replaced for some purchases by Discover Miles - I like the extra miles I get through the Boost Rewards Portal - It does make a difference)

$13,000  Freedom (The only Visa in the bunch that might be worth keeping, but I rarely use this card - I use it when I can get extra rewards through the UR Mall)

$10,000  Thank You Preferred (I have one monthly purchase on this card of $7.99 -  Got a $3,500 CLI last week -but... cannot say that will increase usage)

$  7,400  Sallie Mae  (All groceries - Gas - Amazon go on this card - It gets heavy usage)

$  5,000  Credit Union (I use this like once a year - only got it to establish a credit history with my credit union - hoping it would look for a future mortgage / car loan)

Then there are the Former GE cards - that I got in the rebuilding stage that I am not so sure I need any longer. Given the changes to the arrival plus I don't think its worth paying the AF.

1. Amazon - which is pretty much been replaced by Sallie Mae

2. JC Penny -  I shop there once a year

3. Pay Pal  -  I shop on Ebay regularly - but have charges put onto other credit cards just so I can get points

4. Walmart -  Mostly replaced by major credit cards

Then there is Firestone  -  I like the coupons and 6 months no interst deals -

question 1 -  Is it time to just get rid of several of these cards?   2. Does a credit file look better - even more mature without having so many accounts - especially unused acconts?  3. Which would you close?

Thanks -

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In terms of score I don't think it really makes much of a difference at this point. As long as you have 3-4 properly managed cards then your score should be fine. If you really want to dump something I'd ditch the store cards that you don't use.  Maybe you could PC one of your citi cards to a double cash and make that your main card instead? The arrival+ is unlikely to be worth the AF and whatever card you change to will probably not be the best option for everyday spend. Other than the store cards I'd be very cautious about closing accounts, since your getting ready for a mortgage and would not be able to apply for a new card if you mess up. Take your time and really weigh the pros/cons of each card. Make sure you have a diversity of lenders, because you don't want all your eggs in one basket. Its good to make sure you have a MC/Visa/Amex. There will be times where you may want to buy something and some of them are not accepted by a merchant or you want to make a payment via a service and the rate on one card may be higher than the others.