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Remaining credit lines will be $63K.
@Anonymous wrote:
@bourgogne wrote:smart move! what kind of limits do the cards have you are letting go and what will your remaining total available look like when you are done? funny, I have your 6K chase, you are keeping cards from solid lenders, very nice. you scores are exactly where I want to be, you have done a great job with your profile
Thanks!
Discover was $3,500
Marvel was $10K
Barclay was 6K
Diamond Perferred was $1,500
Dentalfirst was $6,900
lol was? did you already do this? a tad over 60K in credit is perfect imo
Yes, 60K is a nice amount of credit, not too much, not too little.
@bourgogne wrote:
@Anonymous wrote:
@bourgogne wrote:smart move! what kind of limits do the cards have you are letting go and what will your remaining total available look like when you are done? funny, I have your 6K chase, you are keeping cards from solid lenders, very nice. you scores are exactly where I want to be, you have done a great job with your profile
Thanks!
Discover was $3,500
Marvel was $10K
Barclay was 6K
Diamond Perferred was $1,500
Dentalfirst was $6,900
lol was? did you already do this? a tad over 60K in credit is perfect imo
If you sig is more than one line, you probally have too many cards, IMO of course.
@Anonymous wrote:I just don't use or have any need or want for the ones I'm going to close. Nice cards, but I have too many and I don't want any AA. I can't use them all if I try and I'm tired of getting stressed out trying to rotate or put spend on them. All have ZERO Balances.
Barclay Cashforward
Discover
Marvel
Amex
Citi
Comenity Dentalfirst
Going to Keep and gives me over 60K in available Credit. I don't carry balances past 10% MAX.
Venture
Venture One
Chase
Penfed Promise
Penfed PLOC
DCU VISA
As long as you find comfort and convenience in the cards of you choice, you go ahead and enjoy them. Congrats on your stress loosening!
@Anonymous wrote:
More, more, bigger, bigger and another just one MORE but the bottom line is one can only spend much, eat so much and do so much in life.
If the OP (like myself) wants to use /value his/her time & efforts on things other than CC collections more power to em and there isn't any big loss in doing so.
One can qualify for the best terms when applying for cars,homds etc without a Rolodex of CC accounts.
These three lines are the best part of your post IMO. There's a finite limit to what you can (and should) spend each month, and hopefully, that doesn't increase when you add more and more specialty cards. So because the total hasn't (hopefully) gone up, the spend is now divided amongst more accounts, so the rewards are scattered. You reach a plateau. Unfortunately, subconciously or not, that "special" card for xyz category probably does make some people spend more, which quickly wipes out any small gain they're recieving. And what about the unnecessary spend to keep accounts active? All these little things add up, and can rapidly exceed the extra 1% in rewards on xyz.
The time vs effort thing is a salient point as well. We can spend hours obsessing over opening cards to gain maybe $100 a year. When you break it down, it's pretty much peanuts. People feel bad for using "the wrong card" for transactions yet as you said there is no big loss.
There is also, as your last line states, a diminishing return with positive accounts. It's important to have a few tradelines in good standing to qualify for good rates, but people tend to extrapolate "a few" into wanting a card from every bank, every network, etc. It can become a collector's sort of thing. No harm in it of course, if that's what you want to do, but it's not necessary from a credit score/history POV.