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Where to go from here?

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Anonymous
Not applicable

Where to go from here?

In just 2.5 years from no credit to now, I've amassed all the cards in my signature. I think I've done fairly well to obtain them all in this amount of time. I'm starting to think it's a little too much. Where should I start chopping away, and what cards should I replace with more useful cards?

 

Thanks for any advice!

Message 1 of 7
6 REPLIES 6
OmarGB9
Community Leader
Super Contributor

Re: Where to go from here?

I'd try to get the QS1 upgraded to the regular QS with no AF first. Then the apple financing I'd try to PC to something a bit more useful like Barclays Rewards or Sallie Mae. OR if you can/want to spare an inquiry on TU, apply for a rewards or sallie Mae card and then add the limit from the apple financing to the new card if approved and close down the apple financing. Finally, I would also close down the Chase Disney and move its small toy limit over to your freedom and get a nice round $7k on it.

As for new cards, if you like to travel extensively, you could go for a CSP or a Venture.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 7
kdm31091
Super Contributor

Re: Where to go from here?

The problem is you did not mention what you get use out of. For some people the Disney card can be useful, not so much for the actual rewards, but if you're a real Disney fan, you do get nice discounts at the Store and online, occasional special deals, etc. So worth keeping alive just for that if you're a big fan. The rewards are not very exciting but the fringe benefits are nice. My grandmother has had one a long time and she likes the extra benefits.

 

Now, looking at your list, I think the PNC Cash Builder can go as your QS gives you 1.5%. The Slate is useless beyond a BT and is only a $600 limit, so I'd move the limit and/or close it out. I think having Double Cash on top of QS can be redundant, so depending which one you like more, you could pare down one or the other. (I have both at the moment but am keeping both because of the lower limit on DC).

 

You also have a QS1 that you could close. There's no point in paying for it when you have a plain QS. There's also no point wasting time to get your fee removed since you already have the better card. Unless you plan to use the Apple financing again, it's a waste IMO. Total one time use card.

 

Discover and Freedom are very very similar throughout the year. Opinions vary but you probably don't need both unless you are heavily transferring your Freedom points to CSP. On a pure cash back basis I find Discover more broadly useful with less tightly defined categories during the year (home improvement vs just Lowe's on Freedom etc). However if you really prefer Freedom then you may not need the Discover. Also, do you spend enough and travel enough to really justify the CSP long term? If not, that's a case for preferring Discover.

 

Finally, your Amex ED is not very useful at $700. Either try to get a CLI if it's old enough or just close it. It's doing nothing for you.

 

So to sum it up -- QS1, Slate, Cash Builder, Apple and Freedom/Discover are definitely candidates for closure IMO. By my quick count you have 20+ cards and I definitely agree it's too many. I'd also evaluate your store cards like American Eagle and JCP etc and really decide if you use them enough to warrant them.

Message 3 of 7
Anonymous
Not applicable

Re: Where to go from here?


@OmarGB9 wrote:
I'd try to get the QS1 upgraded to the regular QS with no AF first. Then the apple financing I'd try to PC to something a bit more useful like Barclays Rewards or Sallie Mae. OR if you can/want to spare an inquiry on TU, apply for a rewards or sallie Mae card and then add the limit from the apple financing to the new card if approved and close down the apple financing. Finally, I would also close down the Chase Disney and move its small toy limit over to your freedom and get a nice round $7k on it.

As for new cards, if you like to travel extensively, you could go for a CSP or a Venture.

Since you already have the combo, the Freedom/CSP is a double whammy when it comes to UR points.  

 

I would consolidate where I could consolidate, Chase, Capital One, AMEX (I believe) and Barclays all allow merging accounts into one for high CLs. 

Message 4 of 7
OmarGB9
Community Leader
Super Contributor

Re: Where to go from here?

Cap1 doesn't allow combining limits at the moment. They temporarily took the feature offline for tweaking.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 5 of 7
Anonymous
Not applicable

Re: Where to go from here?

It feels a bit liberating. The following cards are no more!

 

Chase Disney - $500

Chase Slate - $600

Chase Amazon - $500

Target RedCard - $300

US Bank - $500

FNBO Fiat - $2,500

American Eagle - $2,500

Barclay Apple Financing - $1,000 transferred to Ring card

 

The limits on the Chase cards could not be moved because "a minimum of $500 must remain on the cards." I just went ahead and cancelled them all. 

 

It looks like when my balance on my AMEX ED is paid off, I can look to move that limit to my BCP. 

 

When Capital One allows, I can likely transfer my QuickSilver One limit to my QuickSIlver card.

 

Any further suggestions? Would it be wise to try to consolidate my 5k CSP and $6.5k Freedom?

Message 6 of 7
kdm31091
Super Contributor

Re: Where to go from here?

If you do not derive significant benefit from csp close it and move it to freedom.
Message 7 of 7
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