Do I have too many accounts/too much available credit?

[Chris679]

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@chwebb1 wrote:

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@kdm31091 wrote:
Unless you are doing something to draw attention like an app spree or crazy MS you should be fine. Just don't add new accounts unless you take something away IMO.

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Thanks for the info. I haven't app spreed since 2013, and I don't do MS as a rule (I did buy a couple of iTunes cards at Target because they were on sale for $90 for $100 in credit if I remember correctly, and I got 5% cash back on my Sallie card, a much better deal than allowing iTunes to bill directly!)

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App sprees are almost always a bad idea but if you want a new account then by god apply for a new account, no need to close a current account as a precaution against something that will likely never occur.

[Anonymous]

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@Revelate wrote:

Another MS reference?

Seriously, can we go one whole day with my reading all of 10 threads on this board without my seeing that?

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This is why I didn't reply sooner.

[HiLine]

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@Revelate wrote:

Another MS reference?

Seriously, can we go one whole day with my reading all of 10 threads on this board without my seeing that?

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It's a disease, my friend. I hate it as much as you do. 

[chwebb1]

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@Chris679 wrote:

OP your post is exacty the reason I will continue my crusade against the fear mongers on this forum.. You have absolutely nothing to worry about but yet here you are all concerned because of people around here blowing things out of proportion.  Its obvious that you are handling yourself and your credit cards responsibly.  Having said that I would ask why you are concerned about a company not wanting your business if you don't fit with what they are looking for?  Would anyone worry about keeping Walmart happy so they can continue to enjoy the privelege of shopping at their store?  No, if they said "sorry sir, you don't fit the profile of what we are looking for because you want to pay with only $1 bills" we would just shop somewhere else.  If Target told you that you had to wear a suit and tie to shop there would you conform to their requests?  Of course we would not, we would just go somewhere else.  For some reason though when it comes to credit cards companies, people will walk around on pins and needles to keep them happy.  Instead I propose that as long as you are being responsible with your cards (important point) you should use them in whatever way suits your needs.  If a company does not value your business then good riddance.  Rant over. 

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The reason why I'm worried about it is for a few reasons: 1. It's a little awkward to walk into a store intending to purchase goods/services, and have your card turned down. This is the same reason why I call banks before I call banks before making larger/abnormal purchases. Discover has done this to me several times, which is why I started doing that. Another reason is that it took me 5 years of credit building to get to where I am today, so I'd hate to have that progress yanked from under me. But I do feel like I have been using these cards responsibly (I've made large purchases and paid immediately to make sure my large balances never get reported to the credit bureau, I've never been late, I almost always PIF, etc). I just want to prevent the situation where a lender thinks I have too much credit, and close my account. If someone is going to do that, I'd rather have the choice as to what to close, but of course, I know that there are no guarantees. I do for the most part just "use the cards in whatever way suits me", but I don't want to have any surprises. 

[NRB525]

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@Chris679 wrote:

OP your post is exacty the reason I will continue my crusade against the fear mongers on this forum.. You have absolutely nothing to worry about but yet here you are all concerned because of people around here blowing things out of proportion.  Its obvious that you are handling yourself and your credit cards responsibly.  Having said that I would ask why you are concerned about a company not wanting your business if you don't fit with what they are looking for?  Would anyone worry about keeping Walmart happy so they can continue to enjoy the privelege of shopping at their store?  No, if they said "sorry sir, you don't fit the profile of what we are looking for because you want to pay with only $1 bills" we would just shop somewhere else.  If Target told you that you had to wear a suit and tie to shop there would you conform to their requests?  Of course we would not, we would just go somewhere else.  For some reason though when it comes to credit cards companies, people will walk around on pins and needles to keep them happy.  Instead I propose that as long as you are being responsible with your cards (important point) you should use them in whatever way suits your needs.  If a company does not value your business then good riddance.  Rant over. 

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I would not say the others who are seeing their accounts get closed are fear mongering. People need to realize there are limits to how much credit one can expect to maintain, those who are sharing their stories are going through challenging issues with their credit, so the question by OP is a relevant one. The question of when AA will appear is impossible to predict, but there are certain profiles which are more likely than others to get AA and account closure or CLD. I know, I've been through it. So please don't try to minimize the importance of this discussion.

As to OP specific situation, the number of cards and limits, and dispersion among CCC is not likely to get any issues. As long as OP stays away from adding new credit (the recent denial due to too much credit is a nice garden gate that just shut) then these accounts will age and later can grow.

As for myself, because I've added several cards in the last few months, cards which fit my future plans, I am closing some more cards on my own, making 3 that I will have closed in 6 months, precisely because I feel I am very close to the edge with US Bank and Chase. I've been there before with Chase. I'm being proactive to be sure to conserve the cards I do want.

Cheers!

[Chris679]

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@chwebb1 wrote:

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@Chris679 wrote:

OP your post is exacty the reason I will continue my crusade against the fear mongers on this forum.. You have absolutely nothing to worry about but yet here you are all concerned because of people around here blowing things out of proportion.  Its obvious that you are handling yourself and your credit cards responsibly.  Having said that I would ask why you are concerned about a company not wanting your business if you don't fit with what they are looking for?  Would anyone worry about keeping Walmart happy so they can continue to enjoy the privelege of shopping at their store?  No, if they said "sorry sir, you don't fit the profile of what we are looking for because you want to pay with only $1 bills" we would just shop somewhere else.  If Target told you that you had to wear a suit and tie to shop there would you conform to their requests?  Of course we would not, we would just go somewhere else.  For some reason though when it comes to credit cards companies, people will walk around on pins and needles to keep them happy.  Instead I propose that as long as you are being responsible with your cards (important point) you should use them in whatever way suits your needs.  If a company does not value your business then good riddance.  Rant over. 

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The reason why I'm worried about it is for a few reasons: 1. It's a little awkward to walk into a store intending to purchase goods/services, and have your card turned down. This is the same reason why I call banks before I call banks before making larger/abnormal purchases. Discover has done this to me several times, which is why I started doing that. Another reason is that it took me 5 years of credit building to get to where I am today, so I'd hate to have that progress yanked from under me. But I do feel like I have been using these cards responsibly (I've made large purchases and paid immediately to make sure my large balances never get reported to the credit bureau, I've never been late, I almost always PIF, etc). I just want to prevent the situation where a lender thinks I have too much credit, and close my account. If someone is going to do that, I'd rather have the choice as to what to close, but of course, I know that there are no guarantees. I do for the most part just "use the cards in whatever way suits me", but I don't want to have any surprises. 

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Here's the thing though.  I'm willing to bet the vast majority of people who have accounts closed for "no reason" never use the card.  Why would a credit card company shut down an account that someone is using for daily purchases?  They are in the business of making money so if you are using a card regularly and PIF every month they just aren't going to shut you down like that.  The other common denominator in those type of account closures is almost always a ton of new accounts in a short time.  

[Anonymous]

No, OP... You are just fine. I do think AA is a very legitimate reason to be prudent about how you handle your credit cards, but you have done nothing that I can see that would provoke any angst from any lender.

[NRB525]

Chris, with as much due respect as I can muster, if you've never been through AA, stop speculating about it.

[Chris679]

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@NRB525 wrote:

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@Chris679 wrote:

OP your post is exacty the reason I will continue my crusade against the fear mongers on this forum.. You have absolutely nothing to worry about but yet here you are all concerned because of people around here blowing things out of proportion.  Its obvious that you are handling yourself and your credit cards responsibly.  Having said that I would ask why you are concerned about a company not wanting your business if you don't fit with what they are looking for?  Would anyone worry about keeping Walmart happy so they can continue to enjoy the privelege of shopping at their store?  No, if they said "sorry sir, you don't fit the profile of what we are looking for because you want to pay with only $1 bills" we would just shop somewhere else.  If Target told you that you had to wear a suit and tie to shop there would you conform to their requests?  Of course we would not, we would just go somewhere else.  For some reason though when it comes to credit cards companies, people will walk around on pins and needles to keep them happy.  Instead I propose that as long as you are being responsible with your cards (important point) you should use them in whatever way suits your needs.  If a company does not value your business then good riddance.  Rant over. 

---

I would not say the others who are seeing their accounts get closed are fear mongering. People need to realize there are limits to how much credit one can expect to maintain, those who are sharing their stories are going through challenging issues with their credit, so the question by OP is a relevant one. The question of when AA will appear is impossible to predict, but there are certain profiles which are more likely than others to get AA and account closure or CLD. I know, I've been through it. So please don't try to minimize the importance of this discussion.

As to OP specific situation, the number of cards and limits, and dispersion among CCC is not likely to get any issues. As long as OP stays away from adding new credit (the recent denial due to too much credit is a nice garden gate that just shut) then these accounts will age and later can grow.

As for myself, because I've added several cards in the last few months, cards which fit my future plans, I am closing some more cards on my own, making 3 that I will have closed in 6 months, precisely because I feel I am very close to the edge with US Bank and Chase. I've been there before with Chase. I'm being proactive to be sure to conserve the cards I do want.

Cheers!

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It's not the people who are discussing their own personal situations that bother me.  That's what this forum is for.  Lately there just seems to be an increase in posts that don't really add anthing positive to the conversation.  They stoke the fire instead of pouring water on it.  Or they preach this ultra-conservative approach to credit cards that would take all of the usefulness of even having them.  Examples like "you need to use a card every month or they will close do to inactivity", "don't even think of carrying a balance with Amex or they will have you thrown in jail", "if you report utilization over 25% for the month they will close all of your cards", etc.  These ideas add up to paint this picture of using credit cards that isn't accurate.  You get some newer posters here and they think "omg I had no idea there were so many rules to having credit cards" and pretty soon they are afraid to even use them all.

[B335is]

I wouldn't close anything, you never know when you'll need a friend