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Time for a round of voluntary CC closures...

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Community Leader
Super Contributor

Time for a round of voluntary CC closures...

Did some thinking, and its been probably a good year since I had added up all my available credit, and I was astonished to say the least! Well over $450K! (eyes popped wide open). Ive had a very amazing rebuild since my BK7 in 2013. Its been fast and furious, with alot of HP's, and dedication! LOL 

 

Anyway..decided to shed a few cards that had been  "challenge cards" for me post BK DC, along with "how high can I get my limit". 

 

Closed the following....(doesnt hurt my overall utilzation, still at 1%. Fico rounds up, so I'm always at "1%")

 

Lowe's personal - $25K (synch)

Lowe's Business - $15K (synch)

Container Store - $25K (synch)

USAA Visa - $15K (have another Visa with them at $15K, they wont combine, so closed one to get CLI on the other one)

US Bank Business Visa - $6K (have WEMC with them at $12K, and trying for CLI on that one since I use that mostly)

 

** I added  Verizon Visa Siggy today $5K, so shed some synch to make room for CLI on that card. 

 


My rebuild worked for me, but won't necessarily work for you!
BK7 D/C- 08/2013
Message 1 of 32
31 REPLIES 31
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Super Contributor

Re: Time for a round of voluntary CC closures...

Congratulations on your closures! Sometimes it's best to thin the herd.

Message 2 of 32
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Valued Contributor

Re: Time for a round of voluntary CC closures...


@pizza1 wrote:

added up all my available credit...  Well over $450K! (eyes popped wide open)  ...decided to shed a few cards that had been  "challenge cards" for me post BK DC, along with "how high can I get my limit". 


Good plan.  I have been adding cards in the past two years but a few years ago I closed many cards.  My previous focus was as much on balance transfer cards (while trying to pay down some very large debts) as it was on rewards and low permanent APRs.  After the debt was paid down, I strategically closed unnecessary cards but left open my rewards cards, oldest cards, and highest limits.  I closed several store cards or what I deemed to be duplicates in some way shape or form. 

 

The cards I've added recently have enriched my rewards payouts or given me more options with low APRs or lender diversity.  (A year ago, I didn't have any card that paid 2% or more in all uncapped and uncategorized spending.  Now I have three if you include the Apple card purchases on Apple Pay ... or even four if you count my Chase Freedom Unlimited's 2.25% earning for travel when combined with my CSR.)  I also didn't have cards with normal APRs under 10% and now I have a few including the Navy FCU Platinum at 5.99%!   As a by-product, I've also substantially raised my limits.  Still, I may go back within a few years and do another thinning-out of cards of lesser value.  It feels good having TCL's over a half million dollars now, but God knows I'll never use anywhere close to that!!  Smiley Surprised 



Updated 07/03/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (July 2020)
Total Open Credit Lines Over $510K. Utilization Less Than 1%. Inquiries until Nov 2020 (TU:2 -- EQ:4 -- EX:7)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 3 of 32
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Super Contributor

Re: Time for a round of voluntary CC closures...

I like big SUBs and don't mind AFs. That way pretty much every card ends up being worthwhile, and inevitable nerfs and changes in my travel/spend habits nudge me to close cards. That helps limit the overall complexity (which to me is the number of websites I need to log into, and the number of complicated rewards programs).

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 4 of 32
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Super Contributor

Re: Time for a round of voluntary CC closures...

Congrats on getting rid of some cards. Good reasons for that. 
I guess the challenge has started... I need to close a card Smiley Wink 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 5 of 32
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Mega Contributor

Re: Time for a round of voluntary CC closures...

Congrats on thinning the herd!

"It's true hard work never killed anybody, but I figure, why take the chance?"
Message 6 of 32
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Established Contributor

Re: Time for a round of voluntary CC closures...

Congrats! I need to close several useless cards myself! 

Challenge Accepted!

Amex Green NPSL, Amex Hilton Surpass 5k, Amex Marriott Bonvoy 1k, AMEX BBP 1k, AMEX Biz Cash 6k, BOA Cash Rewards 5k, BOA Better Balance Rewards 2k, Care Credit 15k, Chase Amazon Visa 19.825k, Discover 11.8k, Discover 12.5k, Nordstrom Store 4.5k , Fidelity Visa 10k, Cap 1 QS 15k, Cap 1 Savor 10.5k, Citi Rewards+ 4.4k, Citi DC 8k, Citi Advantage Platinum 5.5k, US Cash+ 3.5k, Altitude Reserve 12.5k, Paypal Mastercard 4k, Apple Card 6.5k, Wells Fargo Cash Wise 5k, BOA Premium Rewards 8k, Citi AA Biz 1.5k, Flexperks Biz 3k
Message 7 of 32
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Super Contributor

Re: Time for a round of voluntary CC closures...

So what's on the possible chopping block for everyone?

 

CFU and DC for me. Neither serves a purpose. But I've kept them as I figured I'd be logging into Citi and Chase, anyway.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, Freedom x 2, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCP, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 8 of 32
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Senior Contributor

Re: Time for a round of voluntary CC closures...

I got rid of 5/3.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.



RIP:






Scores updated May 2020, unless otherwise noted. 5 revolvers reporting a balance, where it's normally 1, but took an HP on EX.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 9 of 32
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Valued Contributor

Re: Time for a round of voluntary CC closures...

I plan to downgrade my $450 Chase Sapphire Reserve to a no-fee Freedom Unlimited in August because I won't be traveling until the COVID-19 crisis ends.  That won't happen until 2022.  The CFU won't see much use because it's a 1.5% card in a 2% world.

 

I plan to downgrade my $95 Chase United Explorer to a no-fee United card in August because I won't be traveling until the COVID-19 crisis ends.  That won't happen until 2022.  The downgraded card won't see much use.  Its only value will be additional award seat availability.

 

My 1.5% NFCU cashRewards hasn't seen any use since I got the 2% NFCU Flagship.

 

My no-rewards PenFed Promise hasn't seen any use for five years.  I no longer need a balance transfer card.

 

I should probably close all four of these cards, but that would mean giving up $95,000 of combined credit limits, so I won't do it.  Perhaps I will close one or two.  I'm realizing that most Chase credit cards have little value unless you travel.  I'm also learning that cards that once seemed important are no longer important.

 

In 2017 I closed 8 cards (3 general purpose cards and 5 store cards).  2020 won't be as draconian.

PenFed Power Cash • Promise • NFCU Flagship • More Rewards • cashRewards
Chase Sapphire Reserve • Freedom • United Explorer • UNFCU Azure
Message 10 of 32
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