Reducing credit cards, a new adventure

[AverageJoesCredit]

Im making this post in hopes that i can follow what ive decided to do on this next phase on my Credit journey. Where it remains , i no clue but its been a rough month on the credit seas and in life in general but ive decided to set my Credit Resolution for 2018 now. Reducing my credit card collection amongst other goals.

Coming from very humble economic means ive come along way in my 2 years of building back from my bankruptcy of 10 years ago. Sometimes the constant rejections and reasonings , even with good credit scores can be downright depressing but ive decided to look at my failures as a means to take the bulls by the horns and start attacking what i can control. My goals for 2018:
1) Reduce all credit card debt to zero
2) pay off personal loan
3) reduce credit cards of 24 to maybe 3-5 by 2019
4) no longer request credit limit increases
5)eliminate all hps from reports

This game can be great but it can take as much as it gives. So as of 9 Nov 17, i have closed the following cards

1) Chase Amazon Visa ( will never grow and a money bank)
2) Penfed Promise ( will never grow and income not sufficient for Pf growth)

Next up on block.....Discover, once i get my cashback, smashing hurts , no luv, im just gonna move on. Ill update this thread as i continue to slash. I hope it stays here in CC but if a mod moves it could you kindly let me know where it was moved so i can track my new journey. Thank you

[Anonymous]

i had no idea you had 24 cards! oh my!

[marty56]

As long as those CCs don't have a anual fee I would not close them.  Sock drawer them or rotate them once a month to charge a small amount.

[Anonymous]

I got my first credit card in forever this March (Discover Secured) and once I get my next 2-3 cards, I think I'll close down all the cards I got before October this year other than possibly Chase Freedom Unlimited.

They were rebuilders mostly, but Amazon Store Card is pretty useless for me (I buy 1-2 things a year at Amazon, typically in the $5000 per item range, and I can use a friend's card for that and they'll give me the 5% back).  Capital One Platinum is of course going in the trash when it graduates, and QS1 will get cut the minute the Spotify deal ends (unless it's replaced by something I actually use, which is doubtful).  Chase Freedom Unlimited is currently on the future chopping block unless I snag a CSR, and even then 2.25% towards travel just isn't so tasty compared to the 2.5% general spend cards out there.

Went from 1 card with 120D lates to 8 cards right now, can envision having 11 cards, but going to chop it all down to 5 cards minimum, 7 cards maximum.  Even 7 cards is more than I want but I do want every possible penny in rewards/cashback as possible.

I won't stop doing checking account signup bonuses, though, unless the terms are restrictive in when I can close the account.  The trust I created to "manage" some of my rentals pays me in direct deposits, so that part helps with checking sign-up bonuses, but I'm already exhausted with them except they pay pretty decently 2 out of 5 times.

[AverageJoesCredit]

Yes Sasha, it aint easy being AJC

Attempting to move some limits from my Amex ED to BCE as i will be using only one Amex. Will receive a letter with decision so probably a no go. I heard Amex no longer makes you wait 13 months on one card but if thats not the case probably why it wont get accepted. Both cards opened this year.

[AverageJoesCredit]

I understand the sd vs closing debate all too well. I honestly just dont want to do it. If i ever need another credit card perhaps ill get better rates and limits if i decide to app but this feels right to me.

$154k down to 151K .......

[BronzeTrader]

This is something I've said many times.  We are still the minority.

Of my recent purge, I've reduced my total credit line by $200,000.  Total 35 cards.  I plan to continue to trim the cards from 2nd tire banks and some of the cards with high AFs.

[AverageJoesCredit]

Officially out of the Penfed credit card business, card closed. No more having to convince them for an increase . Next awaiting official word from Chase.

[RadioRob]

Can I have your Chase limit? Just have them tack it onto my CSP!

[Anonymous]

Good work, Joseph!

You have closed two prime cards; did you have any feeling of regret after closing them? When I closed my 16 year-old Kohl's card this year it hurt bad LOL. But that went away after a few days.

I too need to trim the herd...on Sunday I picked up my "dream" card, the USAA Limitless...they gave me $2,500....this is a sign that for my income, I have way too much available credit (over $200K). I totally need to drop my worthless PenFed Promise card too. You doing it first has given me resolve to do the same...soon  

Keep us posted on your progress!