Closing cards and reducing credit can both be fun. I mentioned at end of year that my goal was to reduce total credit lines down from 234k (too much overall credit) down to around 170-180k. Income is north of 150k and although I'm not a BoA fan, they mentioned having too much credit when i was just showing 205k (other tradelines were not showing yet). So I would not do it for them, but I'll do it for several reasons:
1) Streamlining makes sense
2) Wanting to present the best possible picture for future applications (in garden for at least a year)
3) Acquiring cards with greater benefits and eliminating those with minimal benefit
4) Having a manageable amount of credit
5) Assessing what I need versus what I can acquire (i.e, just because someone will give me credit does not mean it is the wisest decision for me to amass as much as I can)
6) Continually assessing needs and profile and modifying profile appropriately
7) Interest in creating a bit of "wiggle room" for future CLI's that I would like to request
Closed two Comenity Visas (5k each CL) in the fall and it felt great. Recently closed J Crew ($17,500 credit limit) and Bloomingdale's ($14,500 credit limit). I didn't have many store cards anyway, but can definitely get far better benefits from my other cash back, rewards, and miles cards. Plus, I added two Amex cards in November and Chase Hyatt in December. Those were cards that I really wanted and have been using quite a bit, and I did not feel comfortable adding more without reducing the herd.
Which cards will you close this year? 
@icyhot wrote:
Macy's ($10K) and Hilton, though I want to roll the Hilton limit onto Delta
Sounds like a good plan, icyhot, and I definitely applaud divesting yourself of a DSNB card
@Anonymous wrote:
@icyhot wrote:
Macy's ($10K) and Hilton, though I want to roll the Hilton limit onto DeltaSounds like a good plan, icyhot, and I definitely applaud divesting yourself of a DSNB card
Kudos!! bye bye DSNB!
I wonder what opinions are for ideal or healthy ratios of revolving credit limits to income is? Is using a ratio for this even close to a good way to look at it?
@ScoreOrBeScored wrote:Yes GAWD !!!!!! Congrats on triming that fat. I will be closing :
1)Kohl's - $3k
2) Capital One PlayStation - $5,500
3 ) Express - $3,000
4) Walamrt - $10,000
5) Amazon - $10,000
6) Kay's - $12,000
@Anonymous currently at $183k in limits @ 2% Utl across 2 cards with $70k income.
making room for CSP & Hyatt April 2017
Sounds great, scoreorbescored! I was thinking of you and your interest in reducing and glad you posted, too. Those all sound like excellent choices, good candidates for reduction, and I like your comment about " making room."
