I did it. I said goodbye to two of my credit cards. Citibank because we just never used it, and Chase because they were going to start charging an annual fee. We are now down to just two credit cards – an American Express that we use mostly at Costco, and our Wells Fargo Visa that puts rewards toward paying off our mortgage. At the same time, I asked for a limit increase on the Wells Fargo to offset the reduction in credit by canceling the other two cards – I am waiting on their response.
I didn’t make the decision overnight, I have been thinking about it for weeks. But there were so few cons, and in my opinion more pros, that it just made sense for us.Yes, my credit score will take a small hit, but it will bounce back. Also, I am looking forward to having to just reconcile two statements instead of four – simplifying my financial life! It will make budgeting much easier. And now my wallet is a little lighter.
Now I can focus on using my rewards to pay off that mortgage quicker!
