@SouthJamaica wrote:
@LuckyBird wrote:Hi guys. Would like some input regarding pruning and/or possible effects of certain things. Card line-up is in my sig. I'd rather focus on a few high-quality accounts and have fewer to deal with. There are no balances on any cards, so that's not a consideration.
Definitely on the chopping block:
1. Planning to close BofA Visa. Several years old but has never grown. Won't take a HP for a CLI, especially since no real benefits to the card.
2. Planning to close USAA Visa. No real rewards with the account & I never use it. Kind of hate to lose a $7,000 credit line, but it's just sitting there.
Maybe on the chopping block:
1. Citi Simplicity. Again, kind of a large credit line to lose & it is a good balance transfer card, but I RARELY carry balances and there are usually BT offers available on some of the cards I'll be keeping.
*Can this one be combined with DC? Does Citi do that? Would rather avoid a HP, if that would be involved.
2. Amex ED. This one I'm really struggling with, just due to account age (dated 1994). I know that it won't affect AAOA until it falls off in 10 years, but I'm unsure about giving up that back-dating since it's something we can no longer get back. (but how important is that, really?) It's a points card & I really have come to like CB better so I just don't use it.
*Question about this one: Can I move the CL to BCP? It will put me over the theoretical $25,000 card limit for FR. Stated income is accurate (but is mostly hubby's) but I don't really want to go through that hassle...also not too keen on 4506-T idea as that gives them access to lots of other info they don't really need, IMO.
3. Chase Freedom. *Question about this card: Do we think it's going away? I really like this card but mostly use it for categories. Probably wouldn't choose to close it right now but If it's being replaced by CFU I wouldn't really be interested in that & would just let it die.
4. Kohl's. On the fence about this one. Provides pretty good discounts but I don't shop there THAT much. I opened it last summer when buying lots of clothing prior to a trip & the discount for opening was over $200 - too good to pass up. Have only used it a couple of times since then. Even though it's under consideration, though, my main focus right now is paring down majors.
The help I need:
Pros/cons I may not have thought of on any specific cards. Particularly concerned about Amex ED. Vaguely feel that I *should* keep it open but not sure there's any REAL detriment to closing it. What is your take on the possibility of combining with BCP?
ALSO: What would be the best method? Do you think it matters if I close a few at once, or should I spread it out over time?
Thanks for any help/input/advice!
1. The only one I would outright close is BOA.
2. I would try to PC the USAA card into a card that's more useful to you; a relationship with USAA is too precious to discard.
3. Good idea to try to PC the ED into the BCP, and the Simplicity into the Double Cash.
4. Certainly if you're going to close more than one you should do it gradually rather than abruptly so you can guage the impact on your scores.
Well, I still would be a member, I guess...but are there benefits I'm not aware of? I haven't actually found them to be that great so far - NFCU has been much more to my liking. I got an auto insurance quote from USAA a while back that was considerably higher than what we're currently paying so the credit card is my only business with them. Is there something else I'm missing?
Chase Sapphire Reserve $30,000 | Amex BCP $30,000 | Discover It $30,000 | Citi Simp $16,500 | NFCU Cash Rewards $14,400 | Citi DC $9,800 | Chase Freedom $9,000 | VS $4,100 | Kohl's $3,000 | Loft $3,000
@LuckyBird wrote:
@SouthJamaica wrote:
@LuckyBird wrote:Hi guys. Would like some input regarding pruning and/or possible effects of certain things. Card line-up is in my sig. I'd rather focus on a few high-quality accounts and have fewer to deal with. There are no balances on any cards, so that's not a consideration.
Definitely on the chopping block:
1. Planning to close BofA Visa. Several years old but has never grown. Won't take a HP for a CLI, especially since no real benefits to the card.
2. Planning to close USAA Visa. No real rewards with the account & I never use it. Kind of hate to lose a $7,000 credit line, but it's just sitting there.
Maybe on the chopping block:
1. Citi Simplicity. Again, kind of a large credit line to lose & it is a good balance transfer card, but I RARELY carry balances and there are usually BT offers available on some of the cards I'll be keeping.
*Can this one be combined with DC? Does Citi do that? Would rather avoid a HP, if that would be involved.
2. Amex ED. This one I'm really struggling with, just due to account age (dated 1994). I know that it won't affect AAOA until it falls off in 10 years, but I'm unsure about giving up that back-dating since it's something we can no longer get back. (but how important is that, really?) It's a points card & I really have come to like CB better so I just don't use it.
*Question about this one: Can I move the CL to BCP? It will put me over the theoretical $25,000 card limit for FR. Stated income is accurate (but is mostly hubby's) but I don't really want to go through that hassle...also not too keen on 4506-T idea as that gives them access to lots of other info they don't really need, IMO.
3. Chase Freedom. *Question about this card: Do we think it's going away? I really like this card but mostly use it for categories. Probably wouldn't choose to close it right now but If it's being replaced by CFU I wouldn't really be interested in that & would just let it die.
4. Kohl's. On the fence about this one. Provides pretty good discounts but I don't shop there THAT much. I opened it last summer when buying lots of clothing prior to a trip & the discount for opening was over $200 - too good to pass up. Have only used it a couple of times since then. Even though it's under consideration, though, my main focus right now is paring down majors.
The help I need:
Pros/cons I may not have thought of on any specific cards. Particularly concerned about Amex ED. Vaguely feel that I *should* keep it open but not sure there's any REAL detriment to closing it. What is your take on the possibility of combining with BCP?
ALSO: What would be the best method? Do you think it matters if I close a few at once, or should I spread it out over time?
Thanks for any help/input/advice!
1. The only one I would outright close is BOA.
2. I would try to PC the USAA card into a card that's more useful to you; a relationship with USAA is too precious to discard.
3. Good idea to try to PC the ED into the BCP, and the Simplicity into the Double Cash.
4. Certainly if you're going to close more than one you should do it gradually rather than abruptly so you can guage the impact on your scores.
Well, I still would be a member, I guess...but are there benefits I'm not aware of? I haven't actually found them to be that great so far - NFCU has been much more to my liking. I got an auto insurance quote from USAA a while back that was considerably higher than what we're currently paying so the credit card is my only business with them. Is there something else I'm missing?
I have no first hand knowledge about it; I've just seen so many glowing reports here.
You know more about it than I do, it appears 
@kdm31091 wrote:I understand the BOA won't grow and you don't want to take a hard pull for an increase, but have you thought about calling in for a product change? It's very possible they can add rewards to the card to make it more useful.
It's the Cash Rewards card so it does have rewards, they're just not very good. 3% on gas (which I also have on BCP), 2% on grocery (blown away by 6% on BCP), 1% on everything else (I have DC for all non-category spend). Really just a useless card for me. I don't think BoA has anything better (or even as good) as the cards I already have.
