Well as the new year has begun I have been thinking really hard and realize I have way too many cards. I really want to simplify things a bit. I guess when I started building/rebuilding and started to get decent cards, I kinda lived for the "thrill" of those instant approvals or generous CLIs.
Of course I realize that my credit file is very nice now and I carry between 3%-6% utilization sometimes a bit higher but always under 10%. I think I was so focused on my FICO scores and always wanted to keep that extra padding for utilization purposes, that I did get carried way.
Soooo I am going to be trimming down a lot of cards and would greatly appreciate everyone's opinion and advice, don't hold back I can take it
Below is a list of my cards, right off the bat I want to keep my NFCU cards but also don't want everything in "one basket", I want to keep the PF cards as well but maybe with these 2 CU's I could combine at some point. I would like to keep Discover and Citi although that is not the best card with Citi, but have been denied every other with them so I will keep this , blacklisted for so long kind of an "accomplishment" thing which brings me to AMEX, I know I have waaaayyyyy too many with them, I have tried to combine but they shot me down not sure if I am not doing it right?
I am going to get myself removed from my dh's cards so that will lower my count and now I need to see about the store cards. Again any advice is very much appreciated I use the carecredit for the 0% financing , my daughter has several dental procedures coming up , but no use for the car credit card and might just dump the MARVEL as well.
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Thank you. My AAOA is 2 years 7 months oldest account 19 years 7 months.
I am probably going to call AMEX today and see if I can combine any accounts. I did transfer 1K from the Hilton to the BC so now that limit is 3K, would like to just keep BC and Magnet, so if they won't let me more any more, I will just close them.
Yes love the wayfair line, but with the new CLI on my navy CR, almost a wash there. And yes Citi has no real benefit I agree.
I appreciate your input. Thank you
Nice to simplify....Amex will let you combine limits between cards....and you can do it yourself online....go to Account Services and then to Transfer Available Credit to Another Card...there it will let you move credit from one card to another. There are rules here, I believe you have to leave at least $500 on the donor card AND that donor card must be at least 13 months old. There are threads on here that explain it in detail, just search. Good luck!!!
Most of your accounts are 15 months old or less. My recommendation is to take NO action and reassess Q4 2019.At that point, you can determine which cards bring you the most values and which lenders are most responsive to your spending habits and overall credit profile. At that time, you'll have a better idea of what you value (cashback, points/loyalty, or low rates) so that you can decide which lenders you want to focus your relationship with.
Additional considerations (IMHO)...
Thank you all for the inputs. A few things to ponder: Appreciate the insights.
If you try to combine the two PenFed cards, they will usually do a hard pull.