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2018 Credit Recession (self induced)

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I plan to close at least one card per month in 2018 and will document it here to help me keep myself accountable.

 

Called to close BBVA (former 5% NBA card ) today. Now real effort to keep the account; 30k limit gone. Overall "available" still 7 figures. One less bookmark. One less account to check each week.

 

 

 

 

 

 

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I plan to close at least one card per month in 2018 and will document it here to help me keep myself accountable.

 

Called to close BBVA (former 5% NBA card ) today. Now real effort to keep the account; 30k limit gone. Overall "available" still 7 figures. One less bookmark. One less account to check each week.

 

 

 

 

 

 

Congrats?

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I stopped creating my annual thread where I listed the credit card accounts I was going to close... mainly because I never followed through. I still have several useless cards.

 

I think there is also an old thread listing the credit union relationships I was planning to dissolve. I really need to get that back on track. I still have FenPed, Enneffseeyou, USSFCU, SDFCU, DCU and probably one or two others that aren't coming to mind.

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I stopped creating my annual thread where I listed the credit card accounts I was going to close... mainly because I never followed through. I still have several useless cards.

 

I think there is also an old thread listing the credit union relationships I was planning to dissolve. I really need to get that back on track. I still have FenPed, Enneffseeyou, USSFCU, SDFCU, DCU and probably one or two others that aren't coming to mind.

Is DCU not worth keeping open for the 5% interest on $1k? Are you taking the interest out and putting it towards your remaining mortgage? Navy has 0% interest balance transfers through February. Have you considered doing a transfer and putting the funds to your mortgage? Then reduce your mortgage payments for a year while paying Navy back. How much in interest would that save?

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I stopped creating my annual thread where I listed the credit card accounts I was going to close... mainly because I never followed through. I still have several useless cards.

 

I think there is also an old thread listing the credit union relationships I was planning to dissolve. I really need to get that back on track. I still have FenPed, Enneffseeyou, USSFCU, SDFCU, DCU and probably one or two others that aren't coming to mind.

Is DCU not worth keeping open for the 5% interest on $1k? Are you taking the interest out and putting it towards your remaining mortgage? Navy has 0% interest balance transfers through February. Have you considered doing a transfer and putting the funds to your mortgage? Then reduce your mortgage payments for a year while paying Navy back. How much in interest would that save?

 

 

I don't intend to dissolve every CU relationship. We do keep $1,000 in the DCU savings account, and, as a matter of fact, I just transferred out $23 in accumulated interest to pay with our 2/1 mortgage payment. :lol:

 

I also have a small 1-year CD and Enneffseeyou at 3ish percent. It was one of their specials and had a really low maximum balance ($3k, I think).

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I plan to close at least one card per month in 2018 and will document it here to help me keep myself accountable.

 

Called to close BBVA (former 5% NBA card ) today. Now real effort to keep the account; 30k limit gone. Overall "available" still 7 figures. One less bookmark. One less account to check each week.

 

 

 

 

 

 

Double check next month that it is closed. Mine took three calls (finally a supervisor) who hard closed it out.

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Making room for shopping cart tricks in 2018, hege? :)

 

I too keep saying that I have several cards deserving of being culled, but keep justify keeping them around longer for the age and slight aspirations to eventually hit 7-figure territory.

 

What's next on the chopping block possibilities?

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I plan to keep DCU Visa open although I was disappointed this xmas season that there was no interest cashback promo; for a few years there was a $100 back on $500 spend or so.

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I stopped creating my annual thread where I listed the credit card accounts I was going to close... mainly because I never followed through. I still have several useless cards.

 

I think there is also an old thread listing the credit union relationships I was planning to dissolve. I really need to get that back on track. I still have FenPed, Enneffseeyou, USSFCU, SDFCU, DCU and probably one or two others that aren't coming to mind.

Is DCU not worth keeping open for the 5% interest on $1k? Are you taking the interest out and putting it towards your remaining mortgage? Navy has 0% interest balance transfers through February. Have you considered doing a transfer and putting the funds to your mortgage? Then reduce your mortgage payments for a year while paying Navy back. How much in interest would that save?

 

 

I don't intend to dissolve every CU relationship. We do keep $1,000 in the DCU savings account, and, as a matter of fact, I just transferred out $23 in accumulated interest to pay with our 2/1 mortgage payment. :lol:

 

I also have a small 1-year CD and Enneffseeyou at 3ish percent. It was one of their specials and had a really low maximum balance ($3k, I think).

 

 

I just noticed one of these offers last year. I have $10k in a 3% 5-month CD now.

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I plan to keep DCU Visa open although I was disappointed this xmas season that there was no interest cashback promo; for a few years there was a $100 back on $500 spend or so.

 

That's good to know. I'll take 20% cashback if it comes around again. I just opened a $10k DCU card from a pre-approval. I just checked and they did not do a hard pull, either.

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barclayscard HA closed. I didn't bother with trying to combo. Too lazy. Too indifferent?

 

I still have to ask to combo old FM card with arrival and/or SHATNER card.

 

This month I'll decide if I'm killing crap1 foodie card or Blispay. probably blispay.

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I finally closed Credsh|t One about three weeks ago or so.

 

I still have Merrick and WorstPremier. Merrick, as I think most people here know, is the least icky of the subprime issuers but I'm growing amenable to the notion of closing it one day, just like how I now want far fewer store cards than I used to.

 

Why I still have my WorstPremier card is one of those mysteries about me.

 

Also, I just combined my CrapitalOne "Platinum" card from my way-subprime days ($1,500 limit, $59 AF - no balance owed) into my other CrapitalOne Platinum; so at least I don't have three CrapOne MC's anymore.

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Ive closed two new cards I opened limits were too small gap$900/kohls$300 😒 and plan to still close merrick i think 🤔 its just too many cards to manage and I will combine my BOA card if they wont drop the fee even tho its one of my oldest cards!

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Closed Care Credit and Firestone last week, US Bank Secured and Target Red Card before that. Down to C1 Quicksilver (Highest limit at $4550), Ally Cashback and Barclay Apple. Barclay may be next after the financing is paid. Then I'll keep the last two.

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Closed Care Credit and Firestone last week, US Bank Secured and Target Red Card before that. Down to C1 Quicksilver (Highest limit at $4550), Ally Cashback and Barclay Apple. Barclay may be next after the financing is paid. Then I'll keep the last two.

 

You should have AT LEAST 3 open CC's... 5 is better.

 

RIF

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Closed Care Credit and Firestone last week, US Bank Secured and Target Red Card before that. Down to C1 Quicksilver (Highest limit at $4550), Ally Cashback and Barclay Apple. Barclay may be next after the financing is paid. Then I'll keep the last two.

 

You should have AT LEAST 3 open CC's... 5 is better.

 

RIF

 

I have a car payment and student loan to go along with it. I think I'll be alright.

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Closed Care Credit and Firestone last week, US Bank Secured and Target Red Card before that. Down to C1 Quicksilver (Highest limit at $4550), Ally Cashback and Barclay Apple. Barclay may be next after the financing is paid. Then I'll keep the last two.

 

You should have AT LEAST 3 open CC's... 5 is better.

 

RIF

 

I have a car payment and student loan to go along with it. I think I'll be alright.

 

FICO counts revolvers and installments separately.

 

Optimum for for scoring is:

 

5 or more open revolvers

plus

1 or more open installment(s)

 

If you have 2 oranges and add 2 apples you still have 2 oranges.

 

So yes, you'll be allright. But your FICOs will drop.

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Closed Care Credit and Firestone last week, US Bank Secured and Target Red Card before that. Down to C1 Quicksilver (Highest limit at $4550), Ally Cashback and Barclay Apple. Barclay may be next after the financing is paid. Then I'll keep the last two.

You should have AT LEAST 3 open CC's... 5 is better.

 

RIF

I have a car payment and student loan to go along with it. I think I'll be alright.

FICO counts revolvers and installments separately.

 

Optimum for for scoring is:

 

5 or more open revolvers

plus

1 or more open installment(s)

 

If you have 2 oranges and add 2 apples you still have 2 oranges.

 

So yes, you'll be allright. But your FICOs will drop.

I have 3 now. Its not determined that Ill close Barclay. Ill probably just PC it, or apply for the Uber Visa and move the CL over. Rebuilding net worth and savings are higher priorities right now however.

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Closed Care Credit and Firestone last week, US Bank Secured and Target Red Card before that. Down to C1 Quicksilver (Highest limit at $4550), Ally Cashback and Barclay Apple. Barclay may be next after the financing is paid. Then I'll keep the last two.

You should have AT LEAST 3 open CC's... 5 is better.

 

RIF

I have a car payment and student loan to go along with it. I think I'll be alright.

FICO counts revolvers and installments separately.

 

Optimum for for scoring is:

 

5 or more open revolvers

plus

1 or more open installment(s)

 

If you have 2 oranges and add 2 apples you still have 2 oranges.

 

So yes, you'll be allright. But your FICOs will drop.

I have 3 now. Its not determined that Ill close Barclay. Ill probably just PC it, or apply for the Uber Visa and move the CL over. <= Good idea

 

Rebuilding net worth and savings are higher priorities right now however. <= smart

 

If you open Uber, Barclays will let you move all but 1k form the Apple & keep both accounts open, if you want.

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Last year I closed Merrick, Overstock, and Wayfair.

 

I was planning on closing some more, but keep talking myself out of it for some reason.

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I'm down to 3 credit cards, 1 car loan, and one upcoming Student Loan payment on forbearance that will be coming off in June (and maybe placed on IBR if I get the paperwork done and approved before then). Once the Barclays is paid off, it'll get canceled and I'll be left with my two most useful cards, which will get used sparingly. Increasing income, net worth, increasing savings, saving for a house downpayment, and investing are the bigger priorities. Living at the behest of the credit card companies and FICO, isn't a priority at all.

Edited by Derek1

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