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Pruning Ideas

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zerofire
Valued Contributor

Pruning Ideas

I was looking through my portfolio of cards and noticed that while many have evolved and stayed with the times some have rotted in my collection. Now I do understand that as time goes forward I should expect change but being a picky fellow I believe I made many wise choices over my 12.5yr of credit use. I currently average 5.75yr in length. So I have selected the following for pruning and seek opinions.

00,500 5yr0mo Barclays AARP Essential Rewards MasterCard

05,000 6yr3mo Capital One Quicksilver Visa

10,000 5yr5mo FedEx Employees Credit Association Visa

09,500 1yr9mo HSBC Cash Rewards MasterCard 

 

The rest of my cards are in my signature and I believe these ones are more or less redundant. Maybe I am missing something?

TU:837 09/19/23 Bank of America--EX: 841 09/20/23 Experian--EQ:832 09/21/23 myFICO--Gardening since N/A
Active:
Bank of America (Unlimited Cash Rewards WMC, Customized Cash Rewards WMC, Customized Cash Rewards VSC), Capital One Walmart WMC, Chase(Amazon Prime VSC, Freedom Flex WEMC [x2], Freedom Unlimited VC), Citi Dividend MC, Citizens GreenSense MC, Curve WEMC, Discover It C, FedEx Employee Credit Association V, FNBO Ducks Unlimited VSC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank PayPal Cashback MC, UMB Bank Simply Rewards VC[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC [x2])
Wishlist: AAA Daily Advantage Visa, AOD Signature, Bellco Colorado Rewards, Citi Custom Cash, EBates, Nusenda Platinum Cash Rewards, Ollo Optimum, Redstone Signature, Security Service Power Travel Rewards, Vantage West Connect Rewards
Message 1 of 7
6 REPLIES 6
NRB525
Super Contributor

Re: Pruning Ideas

I'd cut all four. None of them stand out with unique earnings or benefits, and you've got plenty of cards to manage that will be open. The wish list cards will also take attention when you get them. 

In a few months you'll wonder why you waited this long to close them. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 2 of 7
redpat
Senior Contributor

Re: Pruning Ideas

Close them and you could probably thin the herd further.

 

If you have a wish list get those and dump the rest.  It"s not how many cards you have, it"s about the benefits and rewards you get.  

If you combined the SD of Myfico forums you would have a credit limit of a small nation......

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 3 of 7
Citylights18
Valued Contributor

Re: Pruning Ideas

One advantage also of cutting cards/credit you don't use is it reduces your overall issuance relative to your income.

 

When I was going on my PLOC spree I had a few banks cut me off since I had in their eyes too much outstanding credit.

Official travel point totals as of 12/26/23 (1,382,693 Total Points)
Chase Ultimate Rewards 661,525 | IHG One Rewards 144,443 | Hilton Honors 143,801 | AMEX Membership Rewards 102,729 | World of Hyatt 90,413 | Marriott Bonvoy 65,343 | Citi Thank You 62,712 | Wells Fargo Rewards 33,652 | Southwest Rapid Rewards 28,105 | United MileagePlus 13,316 | British Airways Avios 12,333 | Jet Blue TrueBlue 11,661 | NASA Platinum Rewards 1,883 | AA Advantage 1,744 | Navy Federal Rewards 792 | Delta Sky Miles 175 | Virgin Atlantic Virgin Points 100 | Lowes Business Rewards 6,992 ($69.92) | Amazon Rewards 475 ($4.75) | Discover CB 499 ($4.99)
Message 4 of 7
zerofire
Valued Contributor

Re: Pruning Ideas


@NRB525 wrote:

I'd cut all four. None of them stand out with unique earnings or benefits, and you've got plenty of cards to manage that will be open. The wish list cards will also take attention when you get them. 

In a few months you'll wonder why you waited this long to close them. 


I know exactly why I waited this long for each of them. There were reasons. Also I can easily manage the cards I have plus everything on the wishlist. The reason there is a wishlist is that some just are out of my immediate reach. Likewise each card did have something unique to it that I appreciated. For example the FedEx card is the only fixed rate card I have plus it is single digits APR. Kind of useless when aiming for cash back with it not having rewards. Likewise HSBC was at 3% for the first year on 10k in spend. I waited through the Citizens transition to try to revitalize it but I was not moved. Barclays card was managed by Chase at first and gave me a different rewards program that worked better. After transition it flipped like everything Barclays does. I pulled credit line before as a precaution. Lastly the Capital One is still iffy as they keep rolling out enhancement programs but it does not work. At least they are trying.

 

@redpat wrote:

Close them and you could probably thin the herd further.


If you have a wish list get those and dump the rest. It"s not how many cards you have, it"s about the benefits and rewards you get.

If you combined the SD of Myfico forums you would have a credit limit of a small nation......

 

I am getting my cards for long term value. The large quantity is not a collection but a set I want to use. What you see selected is long term rot. I try to guess ahead but that doesn't work always. If you think there is more to clear out feel free to point a card out.

TU:837 09/19/23 Bank of America--EX: 841 09/20/23 Experian--EQ:832 09/21/23 myFICO--Gardening since N/A
Active:
Bank of America (Unlimited Cash Rewards WMC, Customized Cash Rewards WMC, Customized Cash Rewards VSC), Capital One Walmart WMC, Chase(Amazon Prime VSC, Freedom Flex WEMC [x2], Freedom Unlimited VC), Citi Dividend MC, Citizens GreenSense MC, Curve WEMC, Discover It C, FedEx Employee Credit Association V, FNBO Ducks Unlimited VSC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank PayPal Cashback MC, UMB Bank Simply Rewards VC[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC [x2])
Wishlist: AAA Daily Advantage Visa, AOD Signature, Bellco Colorado Rewards, Citi Custom Cash, EBates, Nusenda Platinum Cash Rewards, Ollo Optimum, Redstone Signature, Security Service Power Travel Rewards, Vantage West Connect Rewards
Message 5 of 7
NRB525
Super Contributor

Re: Pruning Ideas

So each of the four has now deflated as to reasons to have them, either rewards or APR, to be not interesting. Thus your proposal to close them. I doubt anyone will be able to provide reasons to keep any of these open, if that is what you seek. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 6 of 7
zerofire
Valued Contributor

Re: Pruning Ideas

Deflated is a good way to describe the HSBC and Barclays cards. The Capital One card was opened for international travel but was quickly replaced. Lately they tried to enhance it with partnered business but I think that part is broken as I have never been correctly credited yet. Always had to call in. The FedEx card went in a direction that I generally do not normally go in because normally APR is variable. Overall FedEx and HSBC had the "Ohh, look at this cool issuer" vibe to add to having the card.

 

I think I will let the Capital One Quicksilver hang around for a bit longer to get my last purchase properly credited. I will take the FedEx card out of it's misery as soon as I get it under control. The Barclays card I need to check the offers on the account another time but I might call to close. I will have to call HSBC and figure out what they can offer. Probably a closer once they cannot do anything.

TU:837 09/19/23 Bank of America--EX: 841 09/20/23 Experian--EQ:832 09/21/23 myFICO--Gardening since N/A
Active:
Bank of America (Unlimited Cash Rewards WMC, Customized Cash Rewards WMC, Customized Cash Rewards VSC), Capital One Walmart WMC, Chase(Amazon Prime VSC, Freedom Flex WEMC [x2], Freedom Unlimited VC), Citi Dividend MC, Citizens GreenSense MC, Curve WEMC, Discover It C, FedEx Employee Credit Association V, FNBO Ducks Unlimited VSC, PenFed (Platinum Rewards VSC, Pathfinder Rewards VSC), Synchrony Bank PayPal Cashback MC, UMB Bank Simply Rewards VC[Milford Federal], US Bank (Altitude Go VSC, Cash+ VSC [x2])
Wishlist: AAA Daily Advantage Visa, AOD Signature, Bellco Colorado Rewards, Citi Custom Cash, EBates, Nusenda Platinum Cash Rewards, Ollo Optimum, Redstone Signature, Security Service Power Travel Rewards, Vantage West Connect Rewards
Message 7 of 7
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