Reducing my credit exposure in light of the current recession

[AverageJoesCredit]

With 500k in available credit, one can afford to simplify  their credit card portfolio. 

[kdm31091]

Although generally outside of major AFs there is no rush to close a bunch of cards, I stilll wonder why I keep seeing people saying you're going to "spook" lenders by closing accounts. Again, I cannot recall ever reading a case of this actually happening to someone. We've seen AA for different reasons, after opening an account, doing a BT, random account reviews,  requesting APR reduction, whatever...

But I've never heard of someone voluntarily closing accounts causing an issue. So unless we really have examples or evidence I'm not sure it really is true, or one of those things that's just repeated so much it's assumed to be true.

[Anonymous]

I don't think the actual closing will spook them, but the actions it causes. Such as possible UT increase followed by those closures could look concerning on the outside. But if they look closer they'll see the accounts were closed by the consumer, so nothing will propbably happen. 

If closing acounts don't affect UT or AAoA, then I don't see the harm in doing so. Especially if it simplifies one's life.

[Brian_Earl_Spilner]

Smdh...closing your accounts isn't going to "spook" anyone. I would have, however, waited until after this blows over. But, at the same time, I don't have 400k in available credit for emergencies.

[morgacj2004]

Honestly I am no longer a card collector and don't want a lot of cards sitting around that I never plan to use.  Doing that in my humble opinion raises the risk of fraud and identity theft. When I first started my rebuild on 2013 I was collecting cards and trying to raise my scores. That goal is now accomplished and when my BK falls off in 2022 (Ex and EQ already off of TU) I will be able to get almost any card I want. That is my only negative and my scores are now in the very good excellent range with low UT and no late payments since 2012.  I am now focusing on which cards offer the greatest benefit for my particular spend.  I am keeping a few retail cards open as they offer 5% + for spend in those stores along with other incentives. I need to get smarter in my strategies esp in light of the current COVID situation. 

[NRB525]

Siggy update ?

Maybe set up a section of your siggy to say "I closed these cards because I wanted to poke the bear and see if I can get AA"

[morgacj2004]

Not worried in the least about AA. I don't care about the bear either.  Tired of creditors such as Barclay and Cap One who act like they are handing out Centurion cards when you apply for their products.  A few years ago both BC and CO were handing out cards like candy and CO was giving people nasdivecstarting CL. Then they started CLD as did BC. BC had one really good card Arrival+ that they downgraded and now you can't even apply for.  CO is denying people with 800 + scores for their Savor products? 

ok rant is over!   Lol 

[AverageJoesCredit]

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@morgacj2004 wrote:

Not worried in the least about AA. I don't care about the bear either.  Tired of creditors such as Barclay and Cap One who act like they are handing out Centurion cards when you apply for their products.  A few years ago both BC and CO were handing out cards like candy and CO was giving people nasdivecstarting CL. Then they started CLD as did BC. BC had one really good card Arrival+ that they downgraded and now you can't even apply for.  CO is denying people with 800 + scores for their Savor products? 

ok rant is over!   Lol 

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You have to rant 2 more times to qualify for a Cap One Rant (3 rps)

[kdm31091]

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@morgacj2004 wrote:

Not worried in the least about AA. I don't care about the bear either.  Tired of creditors such as Barclay and Cap One who act like they are handing out Centurion cards when you apply for their products.  

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This made me laugh, especially with Barclay. They're free to have whatever credit policies they want, but on a recon with them you'd think you are asking for the world. Which is kind of strange to me considering almost nobody I know has even heard of Barclays and they are literally headquartered in my state (DE). I'm sure if you aren't in this state they are even less well known. It's not like they are Amex or Citi or Chase where almost everyone is familar with them.

I'm wondering if it has something to do with their UK origins. Perhaps credit is much tighter over there - I'm really not sure.

[Brian_Earl_Spilner]

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@kdm31091 wrote:

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@morgacj2004 wrote:

Not worried in the least about AA. I don't care about the bear either.  Tired of creditors such as Barclay and Cap One who act like they are handing out Centurion cards when you apply for their products.  

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This made me laugh, especially with Barclay. They're free to have whatever credit policies they want, but on a recon with them you'd think you are asking for the world. Which is kind of strange to me considering almost nobody I know has even heard of Barclays and they are literally headquartered in my state (DE). I'm sure if you aren't in this state they are even less well known. It's not like they are Amex or Citi or Chase where almost everyone is familar with them.

I'm wondering if it has something to do with their UK origins. Perhaps credit is much tighter over there - I'm really not sure.

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They actually have a prequal site in the uk