Have any of you done some CC thinning if the herd recently?
Welp! After a heavy spree once I closed on my mortgage in late 2021, I can say I've reached my no AF, mostly cash back end game (haha who am I kidding lol). I also decided to close a bunch of unused cards over the last year+. I try not to have more than 8 open credit cards for my sanity lol. Credit impact was minimal as I have a pretty robust 2+ year file.
Keeper Cards:
Addition Financial CU Premier Rewards (5% rotating, 3% travel, no FTF Visa, cell protection)
Amex Delta Gold (upgrade offer, AF waived first year, Amex offers, purchase protection and extended warranty)
BofA National Education Association CCR (4.5% online, 3% groceries and wholesale)
BofA UCF Alumni CCR (4.5% home improvement, furnishings, 3% groceries and wholesale)
BofA Unlimited Rewards (2.25% unlimited)
Citi Customer Cash (5% groceries most of the time, gas and restaurants other times)
Discover it (5% rotating)
US Bank Altitude Go (4% restaurants, no FTF Visa, $15 streaming credit)
Closed Cards:
Affinity Cash Rewards (RIP High-5 categories), Amex BCE (rarely used after sub and BCP upgrade/downgrade), Amex Hilton Honors (never used after sub), Chase FF (would have kept but was bucketed at $500), Regions Prestige (never used after sub), Truist Enjoy Cash (impulse app, used once for $1 purchase), SunTrust Cash Rewards (never used after first year 5% promo ended), SoFi (never used after BofA Unlimited), US Bank Cash+ (never used after PayPal nerfed bill pay for my utilities), and CareCredit (never used after emergency pet visit)
Plan to close in a year:
Addition Financial CU Premier Cash (only opened for sub on same HP)
Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.
Thanks for sharing @CorpCrMgr1! I know closing some cards can be hard to let go. I struggled closing the Affinity, BCE, CCF, SoFi, and Cash+ cards. But the relief of no longer having to manage them after closing was worth i
I do have some remorse closing the SoFi card after the recent 10% boost though. That's the only one. It would have still been unique as an unlimited 2.2% no FTF MC in my lineup. Oh well.
@Wu-Credit wrote:
Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.
I also live in Florida and have never heard about insurance rates being tied to average CLs. I might have to dedicate some time to requesting CLIs if that's the case. Would you happen to know if there is an average CL threshold for the best insurance rates?
@NoHardLimits wrote:
@Wu-Credit wrote:
Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.
I also live in Florida and have never heard about insurance rates being tied to average CLs. I might have to dedicate some time to requesting CLIs if that's the case. Would you happen to know if there is an average CL threshold for the best insurance rates?
My insurance agent said the best rate will cap at average of $9k+ CL per account.
@Wu-Credit wrote:
@NoHardLimits wrote:
@Wu-Credit wrote:
Also, here in Florida insurance companies factor in your average CL across accounts to get the best rate, which is another main reason for me closing so many unused no AF cards. Thankfully I was able to move credit from the Amex cards before closing them.
I also live in Florida and have never heard about insurance rates being tied to average CLs. I might have to dedicate some time to requesting CLIs if that's the case. Would you happen to know if there is an average CL threshold for the best insurance rates?
My insurance agent said the best rate will cap at average of $9k+ CL per account.
Thanks for that info! I'm way over the $9k mark, so I guess there's no need for me to expend any effort on manually requesting CLIs.
@Wu-Credit wrote:My insurance agent said the best rate will cap at average of $9k+ CL per account.
That is why I trimmed the fat last year.
@markbeiser wrote:
@Wu-Credit wrote:My insurance agent said the best rate will cap at average of $9k+ CL per account.
That is why I trimmed the fat last year.
Did you notice a difference in your premium amounts after that? I've noticed right away a $50 decrease on my auto for upcoming renewal. First time since 2018 I saw a decrease after my credit cleaned up.