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NextelDone

Should I break-up with my rebuilder Cards?

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I think I already know the answer! Recently I’ve reached the 800 club and this week was approved for the Apple Card with a 10K CL Now I’m going to start gardening my credit. Now. Should I wait till the month before the AF’s are due or should I rip the bandaid off & cancel them ALL now to get them off my Credit reports in 10 years? 

 

 

AMEX Blue (originally Delta Gold) 6/2007 $4500

Back in 2009 Amex decreased my CL to $500. I did everything I could to hold on to it and now it’s my oldest card. AMEX awarded me a $1500 limit earlier this year and last month I asked for a CLI and got $4500 CL. Don’t want to lose the history, but maybe I’d like to go back to a Delta or something.

 

Credit One Visa 9/11/15 $1800CL $99 annual fee billed @ 8.25/mo. (Cancel before 8/16/19 so not to be billed AF).

 

Continental Finance -Surge 12/2015 $1400CL $10/Mo. Maintenance Fee PLUS $96AF billed in Dec (Cancel in Nov. to avoid fee)

 

Blaze Bank 12/2015 $1250CL $75AF billed Jan 28th 2020 (Cancel in Jan. To avoid AF)

 

Merrick Bank 3/25/2016 $1400 6.00/Mo.  Cancel in March to avoid AF

 

Credit One MC 2/9/17 $1200 Annual Fee paid 5.08/Mo. Fee (Cancel in Jan to avoid AF)

 

Commenity/Meijer 11/17 $2450 NO AF

Basically my gas card. Occasional groceries. It serves a purpose. 

 

Capital One Platinum 11/2017 $3500 NO AF Recently applied for a CLI & given the “3-day” No CLI was given or a letter explaining why. I’ll probably keep this till I see something I like. If Chase offered the companion pass again I might jump at that. 

 

AMEX Rose Gold 1/2019 $250AF

This is my go to. Almost all my spending is dining. If I start traveling again I will move to Platinum, but currently is perfectly suited for my needs.

 

Apple Card/Goldman Sachs 8/2019 $10,000 NO AF

YEA I know Apple May be a SubPrime with no real rewards, but only costing a soft pull and more than doubling my highest CL. I had to. I’ll use this card to get higher limits in the future.

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All of those with monthly fees ... Dump those turds right now!  Like, this minute!  

 

Keep the Amex Blue, assuming it's no AF.  It's an Amex.  Good history.

 

Actually, you may as well keep the Crap One and Comenity as well, there's no AF so no harm to hang on to them.  But forget about waiting 'til the annual fee to cancel those monthly fee dogs.  Dump them now.  

 

Just my humble opinion :-) 

 

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14 hours ago, NextelDone said:

Apple Card/Goldman Sachs 8/2019 $10,000 NO AF

YEA I know Apple May be a SubPrime with no real rewards, but only costing a soft pull and more than doubling my highest CL. I had to. I’ll use this card to get higher limits in the future.

I'll comment on the older rebuilder cards separately, but this is a terrible reason to select a credit card.  

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14 hours ago, NextelDone said:

AMEX Blue (originally Delta Gold) 6/2007 $4500

Back in 2009 Amex decreased my CL to $500. I did everything I could to hold on to it and now it’s my oldest card. AMEX awarded me a $1500 limit earlier this year and last month I asked for a CLI and got $4500 CL. Don’t want to lose the history, but maybe I’d like to go back to a Delta or something.  KEEP

 

Credit One Visa 9/11/15 $1800CL $99 annual fee billed @ 8.25/mo. (Cancel before 8/16/19 so not to be billed AF). DUMP

 

Continental Finance -Surge 12/2015 $1400CL $10/Mo. Maintenance Fee PLUS $96AF billed in Dec (Cancel in Nov. to avoid fee) DUMP

 

Blaze Bank 12/2015 $1250CL $75AF billed Jan 28th 2020 (Cancel in Jan. To avoid AF) DUMP

 

Merrick Bank 3/25/2016 $1400 6.00/Mo.  Cancel in March to avoid AF DUMP

 

Credit One MC 2/9/17 $1200 Annual Fee paid 5.08/Mo. Fee (Cancel in Jan to avoid AF) DUMP

 

Commenity/Meijer 11/17 $2450 NO AF

Basically my gas card. Occasional groceries. It serves a purpose.  Put this one on probation.  Get a better gas/grocery card when you can, then dump.  Counts toward AAoA for 10 years after closure.

 

Capital One Platinum 11/2017 $3500 NO AF Recently applied for a CLI & given the “3-day” No CLI was given or a letter explaining why. I’ll probably keep this till I see something I like. If Chase offered the companion pass again I might jump at that.   No long-term reason to keep this, but if you do at least PC it to a Quicksilver for substandard 1.5% back on all purchases.

 

Carefully study the rewards cards that best meet your spending patterns, and ramp up to five open revolvers based on which cards pay the most in your largest categories. 

 

Avoid category overlap if you can (generally no reason to have two 3% grocery cards, for example).

 

Get at least one card that pays 2% or more on everything and use that for non-category spending.

 

Here's a 2% thread for reference, but do better on general spending if you can.  

 

 

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Get rid of the CreditOne skidmarkS...bad enough to have one of those turds, but you have TWO.  That diaper is long since in need of replacement. 

 

If you do not extract at least the value of an annual fee from a card, it has got to go.  Cards with an AF can have a place in a portfolio, but NOT when they are sub-prime and stink to all who are within distance to get a whiff. 

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