Weeding out CCs?

[LCC_mk14]

Long time no see!

I’ve been with myFICO awhile and love the information on these forums! Now that I’ve gotten my scores up and have everything paid off, I think it’s time to thin the herd.
I’ve never cancelled a card, and I know there are mixed views and opinions here about card closures. I’d love some advice on my plan of action!

Keep:
Venture (9k) and Quicksilver (750) with limits combined for one account.
Discover (1.5k)/Discover (4.5k) keep both and combine later on.
BOA Cash Rewards (1.2k)
AMEX Delta (1k)
AMEX PRG (NPSL/Pay over Time 10k)
Ulta (750 - I cant deny the points!😂)
Amazon Store (3K)

Cancel
American Eagle (2k)
Victoria Secret (750)
Citi DC (2.2K)

After cancellation and combinations, I would go from 12 credit card accounts down to 7.
I think for my lifestyle 7 would be more manageable. The only downside is is that a lot of the cards I want to keep are newer and I’m worried about my age of accounts.

Also, I have loans on my credit report so I’m not worried about a score drop for going under 10 accounts!

[tcbofade]

I agree with most of that... if it were me, I'd leave DC open and sock drawer it... it may come in handy.

Up to you, of course.  Good luck!

[Meanmchine]

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@tcbofade wrote:

I agree with most of that... if it were me, I'd leave DC open and sock drawer it... it may come in handy.

Up to you, of course.  Good luck!

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ditto

[Anonymous]

For sure keep the Citi DC card—it's a bankcard from a prime bank.  

The VS card has a low limit, and the American Eagle card, althought has a 2k limit, has a high interest rate and little to no rewards that are worth it, in my honest opinion. 

Nice card lineup by the way, OP!

[LCC_mk14]

Thank you guys!

I have gone back and forth on the Citi, so I absolutely understand what you guys are saying in regards to that one. Plus, it will keep my AoA up. Is it crazy that I think the credit people will come after me for so many cards? Yes, it is crazy, but seeing my excel spreadsheet with this many makes my blood pressure rise, haha.

The VS and AE have got to go though. Part of me would love to ditch amazon as well, but I'm keeping it around for an anticipated move in a year. I would love to utilize the finance option or 5% on those big purchases.

Another reason I am looking to cut down is that I want to really utilize what I have instead of spradic purchases on cards to keep them active. 

[Anonymous]

Were u planning on combining into the Venture or the Quicksilver? Venture has a AF while Citi DC does not so I would definitely keep the DC open if you ever get tired of paying 95$ a year for the card. Even if you are sure you don’t need it, PCing to something more useful is an option.

I certianly understand you though. I currently have 17 cards and I seriously want to get down to 10 without screwing up my total utilization too much.

[LCC_mk14]

No, I am going to combine the QS into the Venture becuase the Venture is my oldest card. 

I think I actually have the Venture One (PC'd an old platinum) which is no AF. 

I know a lot of people don't like the Venture/Venture One because its kind of a rip off, but from what I understand by playing around with the rewards is that they have the same valuation as AMEX when it comes to gift cards at least. I have upgrades available on the venture one to either a full venture or a QS but I haven't found it necessary to bite the bullet. I'm trying to weed things out and find the best uses for everything.

It is daunting sometimes when you realize what you have acquired! I mean I still love CC's and trying to get the most out of my spend, but I simply don't need or want this many cards at this point. Especially when I feel that I have already reached "diversity" in rewards and have good card for most occassions.

For instance, I apped for the BOA for the 3% gas stations becuase I drive 700 miles a week. That was a no brainer.

Disco for the 5% categories (One of mine is on cashback match as well), I pay my rent on my PRG to keep large payment history with them to build my profile, I fly a good bit so I have Delta for extra miles/free baggage/zone 1 boarding, Venture One is my oldest with a large CL, so that's just convenient. That's my emergency card, haha. Amazon has 5% and financing options, and ulta is simply my weak spot. Their points also have a decent amount of value, though I haven't broken it down. 

That about covers all of my purposes. I suppose I could then use Citi for everything that falls into a 1% category above because it is 2%.

I think the best way to approach is to look at where I get the most value and what cards are foundational to my score.

[Anonymous]

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@LCC_mk14 wrote:

No, I am going to combine the QS into the Venture becuase the Venture is my oldest card. 

I think I actually have the Venture One (PC'd an old platinum) which is no AF. 

I know a lot of people don't like the Venture/Venture One because its kind of a rip off, but from what I understand by playing around with the rewards is that they have the same valuation as AMEX when it comes to gift cards at least. I have upgrades available on the venture one to either a full venture or a QS but I haven't found it necessary to bite the bullet. I'm trying to weed things out and find the best uses for everything.

It is daunting sometimes when you realize what you have acquired! I mean I still love CC's and trying to get the most out of my spend, but I simply don't need or want this many cards at this point. Especially when I feel that I have already reached "diversity" in rewards and have good card for most occassions.

For instance, I apped for the BOA for the 3% gas stations becuase I drive 700 miles a week. That was a no brainer.

Disco for the 5% categories (One of mine is on cashback match as well), I pay my rent on my PRG to keep large payment history with them to build my profile, I fly a good bit so I have Delta for extra miles/free baggage/zone 1 boarding, Venture One is my oldest with a large CL, so that's just convenient. That's my emergency card, haha. Amazon has 5% and financing options, and ulta is simply my weak spot. Their points also have a decent amount of value, though I haven't broken it down. 

That about covers all of my purposes. I suppose I could then use Citi for everything that falls into a 1% category above because it is 2%.

I think the best way to approach is to look at where I get the most value and what cards are foundational to my score.

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I can certainly understand keeping your oldest card. I actually just got the Venture (AF one) for SUB mostly but one thing I love about Cap 1 cards is the instant reward posting. Granted,  the card itself may seem as a rip off due to it being a 2% card with a AF that’s limited to travel redemption. With that being said, if my AF isn’t waived after year 1, I will certainly combine it to my Savor (3rd oldest account). Pointless to pay for a card when I have similar cards with No AF. Venture will definitely be my daily driver till my AF is due though because I love the simplicity of the redemptions.

i have a similar system that I just recently toned down to avoid diluting my rewards. I use to try to max out every dollar spent but then I realized it would take me ages to reach minimum redemptions due to my limited to spend in most bonus categories. I now just use a 2% card for all purchases that don’t give me 5% anywhere else. The only exception is my Savor which gives me 3% back at dining all the time. This card is currently in SD due to discover having 5% back on restaurants the next 3 months though. 

[SOGGIE]

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@tcbofade wrote:

I agree with most of that... if it were me, I'd leave DC open and sock drawer it... it may come in handy.

Up to you, of course.  Good luck!

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+1

[LCC_mk14]

I LOVE instant reward posting. It is by far one of my favorite Cap 1 features.

I think the concensus is is that simplicity can be great, haha.