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Why is this sooooo addicting?

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Amnesia87
Contributor

Why is this sooooo addicting?

I recently got my first new car, and decided to go crazy and have a bit of an app spree. I CLI'd all of my cards (all success except my BCP) and I got the CSP and Arrival+.

 

Anyway, this has brought my total available credit to around 70% of my annual income, so I know I should stop. But then I started reading about how the CSP and the Freedom work together AND I see that the Chase prequal site shows me approved for the Freedom.

 

KAJDSKAJSDKASJDKASASDJDHAFASDJ. I want to do it soooo much.


Starting Score: EX FICO: Unknown EQ FICO: 717 TU (CreditKarma): 713
Current Score: EX FICO: 737 EQ FICO: 752 TU (CreditKarma): 717
Goal Score: EX FICO: 760 EQ FICO: 760 TU (CreditKarma): 760


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Message 1 of 14
13 REPLIES 13
heyarrnold
Valued Contributor

Re: Why is this sooooo addicting?

Do it lol
Message 2 of 14
Blodreina
Established Contributor

Re: Why is this sooooo addicting?


@heyarrnold wrote:
Do it lol

Lol...exact thing I said.

Message 3 of 14
takeshi74
Senior Contributor

Re: Why is this sooooo addicting?

It's not addicting.  Some people have such tendencies.  Keep it in check as it's not sustainable long term practice.

Message 4 of 14
BootStraps
Established Contributor

Re: Why is this sooooo addicting?

At what point you stop is really a personal choice.

 

For some, half of their annual income is the line that makes them comfortable. For others, like myself, twice my annual income is the line. I have heard of other posters that have available credit at 3x their income.

 

The point where you say "this is more credit than I will ever need" is the point that you stop. Don't tell yourself "I shouldn't" if you don't feel you have reached that point yet.




Starting Score: All Under 590 (8/2011)
Current Score: Ex: 676 Eq: 681 Tu: 683
Goal Score: Ex: 725 Eq: 725 Tu: 725

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Message 5 of 14
Imperfectfuture
Super Contributor

Re: Why is this sooooo addicting?


@BootStraps wrote:

At what point you stop is really a personal choice.

 

For some, half of their annual income is the line that makes them comfortable. For others, like myself, twice my annual income is the line. I have heard of other posters that have available credit at 3x their income.

 

The point where you say "this is more credit than I will ever need" is the point that you stop. Don't tell yourself "I shouldn't" if you don't feel you have reached that point yet.


But what if you don't, NOR ever will, use credit that is two or three times annual income?

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Message 6 of 14
uswala
Senior Contributor

Re: Why is this sooooo addicting?

Congrats!

Message 7 of 14
Ford725
Established Contributor

Re: Why is this sooooo addicting?

Go for it!!! Smiley Wink

Current Scores: FICO08 670 EQ, FICO08 703 TU, FICO08 661 EX
Goal Score: 700's all 3 (07/2016)
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Message 8 of 14
Anomalous
Senior Contributor

Re: Why is this sooooo addicting?

Congratulations! Get it! Wish I could right now Smiley Wink

Keep both your credit and your body in top shape!

Message 9 of 14
jamesdwi
Valued Contributor

Re: Why is this sooooo addicting?


@Imperfectfuture wrote:

@BootStraps wrote:

At what point you stop is really a personal choice.

 

For some, half of their annual income is the line that makes them comfortable. For others, like myself, twice my annual income is the line. I have heard of other posters that have available credit at 3x their income.

 

The point where you say "this is more credit than I will ever need" is the point that you stop. Don't tell yourself "I shouldn't" if you don't feel you have reached that point yet.


But what if you don't, NOR ever will, use credit that is two or three times annual income?


the point is you won't get penalized for the amount you do need to use,  If at some point you need to use 40% of your income, that you are comfortable with. If  your total CL is 50% of your income. Some or all of your lenders may panic seeing your UTL at 80% and potentially multiple cards over 95%, compounded if you need to run a balance for 1-6 months. If you have 200% of you income as total CL's your 40% will only increase your total UTL to 20%, your usage pattern probably won't raise any red flags with your lenders especially if you spread it out over 3 or 4 high limit cards. That is the real power of credit, the abililty to handle lifes little hickups without losing sleep over them. 

 

Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
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