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.
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!!
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).
Congrats on getting rid of some cards. Good reasons for that.
I guess the challenge has started... I need to close a card
Congrats on thinning the herd!
Congrats! I need to close several useless cards myself!
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.
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.