Is it time to close some cards?

bustinloose82 · ‎05-25-2021

I feel like I'm now where I wanted to be as far as credit goes. But now it seems I have too many cards. I think I would rather amass most of my credit with AMEX platinum because there's the most value in that. Some of my cards have lower limits, some because they never gave me CLIs and some because they knocked me down due to lack of use. Thinking of ditching some of these, but wanted to hear your thoughts on why any are worth keeping.

These are my cards (in order from best to lowest limits):

AMEX Platinum - primary card for points (NSL)

BOA Celebrity Visa $17,500 - we cruise a lot, so I thought this would be a good pickup. I realized the value is better with AMEX platinum due to the same point valuation for travel, but the AMEX also gives me a $100 onboard cruise credit. Has a great limit, so don't think I want to do away with it. - Opened May 2021

Chase Sapphire Preferred $17,500 Opened April 2020

PNC Visa - Currently using as a BT card $12,750 - Opened March 2020

AMEX Delta $12,000 - Opened March 2014

Barclays NFL card #$10,750 - Opened August 2017

Amazon Store Card $10,500

AMEX Every Day $9,000 - Opened May 2014

Marvel Mastercard - $9,000 Closed yesterday ahead of Synchrony closing it as they are closing all accounts - Opened August 2017

Bayport Credit Union Platinum $9,000

Discover IT $8,000 - Opened August 2017

Paypal $8,000 - Opened October 2016

Wells Fargo Platinum $7,500 - currently using as a BT card - Opened March 2021

Citi Costco $6,000 - Opened April 2018

Chase Freedom $5,500 - Opened August 2017

Macy's Store Card $5,000 - Opened December 2010

Nordstrom Visa - knocked me down from $16,000 to $5,000 because I didn't use it over the last year. - Opened February 2016

AMEX Hilton $4,000 (doing CLIs on this one) - Opened September 2017

Citi Diamond Preferred $4,000 - Opened October 2020

Chase Slate (thinking of ditching this $3,500 card) - Opened June 2019

US Bank State Farm (thinking of ditching this $3,000 limit card) - Opened March 2018

Citi Simplicity (thinking of ditching this $2,700 limit card) - Opened August 2017

jcooks · ‎05-25-2021

If you travel a lot, you can go for the Amex trifecta. Use the Platinum for travel purchases (5x), use the Gold for groceries and dining out (4x), and Blue Business Plus for everything else(2x). No more 1 point per dollar. Only drawback is the $800 AF.

designated_knitter · ‎05-25-2021

It seems reasonable to close cards you don't want or need. However, I would avoid going all in on Amex or any other lender. You never know when things can go south and one dreaded 4506 request could jeapordize thos cards.

Just be careful to maintain diversity in your lineup. Perhaps keep one card from each major lender (chase, citi, and a credit union)

Started Over Again after Cap1 Death Penalty:
06/15/2019:

03/02/2021:

04/06/2021:

05/28/2021:

Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!

bustinloose82 · ‎05-25-2021

Does the 4x groceries count if I do gold second card with my platinum?

@jcooks wrote:
If you travel a lot, you can go for the Amex trifecta. Use the Platinum for travel purchases (5x), use the Gold for groceries and dining out (4x), and Blue Business Plus for everything else(2x). No more 1 point per dollar. Only drawback is the $800 AF.

jcooks · ‎05-25-2021

The gold gets 4x on groceries regardless if you have the Plat or not. Might want to use Plat if you currently have the 10x on gas and groceries on the Platinum offer. But that would be the general Amex trifecta.

Anonymous · ‎05-25-2021

@bustinloose82 wrote:
I feel like I'm now where I wanted to be as far as credit goes. But now it seems I have too many cards. I think I would rather amass most of my credit with AMEX platinum because there's the most value in that. Some of my cards have lower limits, some because they never gave me CLIs and some because they knocked me down due to lack of use. Thinking of ditching some of these, but wanted to hear your thoughts on why any are worth keeping.

These are my cards (in order from best to lowest limits):
AMEX Platinum - primary card for points (NSL)
BOA Celebrity Visa $17,500 - we cruise a lot, so I thought this would be a good pickup. I realized the value is better with AMEX platinum due to the same point valuation for travel, but the AMEX also gives me a $100 onboard cruise credit. Has a great limit, so don't think I want to do away with it. - Opened May 2021
Chase Sapphire Preferred $17,500 Opened April 2020
PNC Visa - Currently using as a BT card $12,750 - Opened March 2020
AMEX Delta $12,000 - Opened March 2014
Barclays NFL card #$10,750 - Opened August 2017
Amazon Store Card $10,500
AMEX Every Day $9,000 - Opened May 2014
Marvel Mastercard - $9,000 Closed yesterday ahead of Synchrony closing it as they are closing all accounts - Opened August 2017
Bayport Credit Union Platinum $9,000
Discover IT $8,000 - Opened August 2017
Paypal $8,000 - Opened October 2016
Wells Fargo Platinum $7,500 - currently using as a BT card - Opened March 2021
Citi Costco $6,000 - Opened April 2018
Chase Freedom $5,500 - Opened August 2017
Macy's Store Card $5,000 - Opened December 2010
Nordstrom Visa - knocked me down from $16,000 to $5,000 because I didn't use it over the last year. - Opened February 2016
AMEX Hilton $4,000 (doing CLIs on this one) - Opened September 2017
Citi Diamond Preferred $4,000 - Opened October 2020
Chase Slate (thinking of ditching this $3,500 card) - Opened June 2019
US Bank State Farm (thinking of ditching this $3,000 limit card) - Opened March 2018
Citi Simplicity (thinking of ditching this $2,700 limit card) - Opened August 2017

I agree ditch the bottom three and probably Nordstrom too.

Before closing Slate tranfer 3k of CL to Freedom and then close. Have to leave $500 on Slate.

JMO not that it's worth much.

Hoben02 · ‎05-25-2021

You have to consider length of credit in closing the cards. Any card where there is no annual fee I keep open and put a charge every few months. I have closed cards where there is an annual fee if I feel I no longer get the benefits

Chase (CSP,CF,CFU,southwest premier)
Barclay(jetblue, arrival)
Bofa(US pride, premium, travel, cash, Suzy komen)
Citi(Premier, Double cash, Costco)
Fnbo(Mlife)
Amex(everyday, cash, Hilton)
Blockfi
Caesars rewards
Sofi
Gemini
Cap One Savor One

bustinloose82 · ‎05-25-2021

Noted. Given the dates I have above, what are your thoughts?

@Hoben02 wrote:
You have to consider length of credit in closing the cards. Any card where there is no annual fee I keep open and put a charge every few months. I have closed cards where there is an annual fee if I feel I no longer get the benefits

Slabenstein · ‎05-25-2021

W/ regards to closing cards and length of credit, closed accounts are included in FICO aging metrics, so closing an account shouldn't have any effect on that part of your FICO score in the near term. Closed accounts do eventually fall off your reports, usually in 10 years or less, and they will affect your aging metrics at that time. That's why it's recommended to keep your oldest no-AF cards open, even if you don't use them anymore, so they can provide an anchor for your ages long-term. If you're concerned about it, you could calculate your AAoA, AAoRA, etc, try to predict what they might be in the future, and see what closing accounts now might do then, but it looks like the three you indicated as being on the chopping block in your original post are in the middle of your pack as far as ages go, so if you want to close them to reduce maintenance and clutter, I think you'd be fine.