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Thinning the herd feels good

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Established Contributor

Re: Thinning the herd feels good

I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me. 



Message 11 of 22
Frequent Contributor

Re: Thinning the herd feels good


@EdMan63 wrote:

I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me. 


I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.



Message 12 of 22
Established Contributor

Re: Thinning the herd feels good


@SoCalifornia wrote:

@EdMan63 wrote:

I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me. 


I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.


Your signature looks like a perfect collection to carry you through life unless Chase drastically nerfs their cards.



Message 13 of 22
Super Contributor

Re: Thinning the herd feels good


@SoCalifornia wrote:

@EdMan63 wrote:

I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me. 


I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.


So I guess at 32+ Cards, I am out of ControlSmiley LOL

and there are people on the forum that have a Lot more than that!

 

it's what ever works best for The Individual, some like it simple, others like to collect.

some have 1 or 2 comic books or Rare coins worth hundreds of thousands,

some have a few hundred worth $5-10K.

 

Personally I don't Close Cards. if I had sub prime and were getting better,  or Annual Fee cards not being Utilized, well then "YES"!

or if I were in My Later Years, and did not care of Having a Thick Profile and a Long Average Age of ALL, 20 years down the road.

 

it's The Old Saying: If The Shoe Fits, wear it!

 

All JMHO

Message 14 of 22
Frequent Contributor

Re: Thinning the herd feels good


@M_Smart007 wrote:

@SoCalifornia wrote:

@EdMan63 wrote:

I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me. 


I echo that mentality. Less is more in life and that lesson comes with age and experience. Also, it has more ti do with what fits and works for you- especially at the current moment of your journey. 19 cards seems a bit reckless IMO.


So I guess at 32+ Cards, I am out of ControlSmiley LOL

and there are people on the forum that have a Lot more than that!

 

it's what ever works best for The Individual, some like it simple, others like to collect.

some have 1 or 2 comic books or Rare coins worth hundreds of thousands,

some have a few hundred worth $5-10K.

 

Personally I don't Close Cards. if I had sub prime and were getting better,  or Annual Fee cards not being Utilized, well then "YES"!

or if I were in My Later Years, and did not care of Having a Thick Profile and a Long Average Age of ALL, 20 years down the road.

 

it's The Old Saying: If The Shoe Fits, wear it!

 

All JMHO


Working on a playing deck, huh agent99 Smiley Tongue 

Yeah, it's all according to your lifestyle. I feel having certain cards during a short time can benefit long-term cards in the meantime. 



Message 15 of 22
Frequent Contributor

Re: Thinning the herd feels good


@EdMan63 wrote:

I have always subscribed to the “less is more” camp when it comes to credit cards. When first coming to this forum it’s easy to get caught up in the app hoopla. Seeing all those cards in signatures. Managing them is another story. A few cards with high limits is the best long term strategy to me. 


I agree.

 

I wish I exhibited more patience and restraint a few years ago. I acquired a number of accounts across multiple lenders. With minimal use and no opportunity to transfer or consolidate the credit lines, I’m plannng to close 5 accounts (50K CLs) this year. 

 

 

MMXX intentions: Listen, forgive, and move forward
My Garden Goal: Mortgage ready and below 5/24

Last spade:Current spade:
Message 16 of 22
New Contributor

Re: Thinning the herd feels good

I’m in the process of doing the same, it feels good, got rid of a 5yr secures and a high interest with AF card, next week will eliminate the rest of my bucketed cap1 cards so I can rid myself of the toxicity that cap1 possesses over cli and bucketing cards! Congrats on your shedding
Message 17 of 22
Frequent Contributor

Re: Thinning the herd feels good


@Batwood1 wrote:
I’m in the process of doing the same, it feels good, got rid of a 5yr secures and a high interest with AF card, next week will eliminate the rest of my bucketed cap1 cards so I can rid myself of the toxicity that cap1 possesses over cli and bucketing cards! Congrats on your shedding

CapOne served its purpose at the time and it’s okay when it’s time to move on.

 

Kudos on killing the high-interest, AF card!! When you receive the security deposit, put it into an account where YOU can earn the money 💰 

 

 

MMXX intentions: Listen, forgive, and move forward
My Garden Goal: Mortgage ready and below 5/24

Last spade:Current spade:
Message 18 of 22
New Contributor

Re: Thinning the herd feels good

I can't wait to do the same. I already have a list of cards I'm ready to close, and as I pay off more I'll probably add a few more to that list.

 

I'm just keeping them all open for right now because they're the only thing helping my utilization.






Message 19 of 22
Valued Contributor

Re: Thinning the herd feels good

I just closed my first two cards, EVER! It does feel good oddly enough! More will follow in a few months!

One was a bucketed QS1 with a ridiculous APR and the AF. The other was an AmEx Delta Gold that I just didn’t have a use for that was taking up my 5th Amex revolver spot.
WALLET; US Bank Altitude Reserve & Citi Double Cash
PERSONAL; Amex | BBVA | Capital 1 | Chase | Citi | Discover | NFCU | Synchrony | US Bank
BUSINESS; Amex | Citi
F8 Current EQ•775 | TU•768 | EX•762
TOTAL PERSONAL CL > $220k
Message 20 of 22
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