Anyone see any holes in my logic

For just about anything you want to get off your chest about credit cards.
6 posts
MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Anyone see any holes in my logic

Postby MemberSince99 » Fri Jun 21, 2013 6:46 am

No not my head, my logic:

Strongly thinking of closing the Associated cards. I just can't support 8 credit cards I don't earn/spend enough. My IDEAL wallet would be the two Amex cards and the CSP, nice and easy to work with that and I could support that lineup. I want to keep the FNBO as well. But I'll keep the BofA cards for now with a small recurring monthly charge on each until I decide if they are long term or not.

But I'm leaning towards closing these out, don't much care for Elan (as far as I know there is no way to go paperless so every month I'm mailed two statements that say I have a zero balance) and then moving my checking to Chase.

Anyone see any reason I should hesitate? I'm not seeing it but thought I'd ask for input.


Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Fri Jun 21, 2013 8:14 am

Why don't you just sockdrawer them and leave them open for utilization and just not worry if they close them due to inactivity? Are there any monthly checking account fees with Chase? I'm with a credit union and they don't charge anything but I heard that some of the big banks are charging monthly fees of some kind.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

MemberSince99
Centurion Member
Centurion Member
 
Posts: 4913
Joined: Sun May 20, 2012 4:35 pm
Location: WI

Postby MemberSince99 » Fri Jun 21, 2013 9:07 am

If you have at least a 500 direct deposit (from pay) there is no fee (and if you meet other conditions as well). So there would not be a fee.
I don't really like the thought of leaving accounts I don't use open for two reasons - the first is for my own protection. If there is fraud you have to catch and report it within so long, which means you have to monitor the accounts or have some liability.
The second reason is if I'm not using those limits, if I close the accounts, they can give that credit line to someone who would be potentially profitable to them.

Robrus1
Centurion Member
Centurion Member
 
Posts: 797
Joined: Tue Oct 02, 2012 3:25 pm
Location: Texas

Postby Robrus1 » Fri Jun 21, 2013 9:42 am

In that case, it sounds like a good plan to me.
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

TheLethargicAge
Centurion Member
Centurion Member
 
Posts: 322
Joined: Tue Oct 16, 2012 11:20 pm
Location: Miami, Cuba

Postby TheLethargicAge » Fri Jun 21, 2013 11:47 am

Use CSP and BCP as your everyday cards and keep the rest open to keep your utilization down. And create a Mint.com account so you can keep track of all your cards/accounts.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

HookEmHorns
Centurion Member
Centurion Member
 
Posts: 103
Joined: Thu Mar 28, 2013 10:03 pm
Location: Dallas/Austin

Postby HookEmHorns » Fri Jun 21, 2013 1:45 pm

Don't close them. You can keep them monitored by getting quicken. Those limits are too high with no annual fee to cancel.
AMEX PRG~1/14--backdated to 2012
AMEX BCE~6/13--backdated to 2012
Chase Freedom~5/13
Discover IT ~12/12

:cool:



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests