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Downsizing is FUN!

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odd_dog
Valued Contributor

Downsizing is FUN!

Since I have achieved all that I ever wanted CC wise, and have pruned the heard down to just the cards I want (still waiting till a year to close Hawaiian air) I have now started to look at lowering CL on some cards. First today was IHG, I really do not need a $10K + CL on a hotel card so knocked that down to $7K. It gets kinda crazy when I look at my total CL available across all cards...NUTS and I am truly the king of PIF so seems silly to have all "that" out there. If I really needed a money for something big I would just apply for a loan. I know I am against the tide here with NOT wanting more CL for Util padding, but as we always say everyone's journey is different. It is becoming addicting, checking on cards I used to use but as spending patterns or Hotels, or Airlines change, so do the cards I utilize.....It is almost like apping...same high to get rid of unwanted things.....Now after cutting down a few CL maybe I will look into what cards overlap in rewards...THAT might be a tougher decision....LOL

Message 1 of 17
16 REPLIES 16
Anonymous
Not applicable

Re: Downsizing is FUN!


@odd_dog wrote:

Since I have achieved all that I ever wanted CC wise, and have pruned the heard down to just the cards I want (still waiting till a year to close Hawaiian air) I have now started to look at lowering CL on some cards. First today was IHG, I really do not need a $10K + CL on a hotel card so knocked that down to $7K. It gets kinda crazy when I look at my total CL available across all cards...NUTS and I am truly the king of PIF so seems silly to have all "that" out there. If I really needed a money for something big I would just apply for a loan. I know I am against the tide here with NOT wanting more CL for Util padding, but as we always say everyone's journey is different. It is becoming addicting, checking on cards I used to use but as spending patterns or Hotels, or Airlines change, so do the cards I utilize.....It is almost like apping...same high to get rid of unwanted things.....Now after cutting down a few CL maybe I will look into what cards overlap in rewards...THAT might be a tougher decision....LOL


Congrats!  I seriously want to pare mine down to 3 revolvers + 1 charge.

Message 2 of 17
OmarGB9
Community Leader
Super Contributor

Re: Downsizing is FUN!

Grats

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 3 of 17
EdMan63
Established Contributor

Re: Downsizing is FUN!

Good for you. I can certainly understand how easy it is to get caught up in the credit card game but for me it about staying within reason or what you truly use. As you stated, everyone's journey is different but the key is understanding what YOUR journey is and not get caught up in whats going on here or around you. My goal has never been to get a bunch of cards. I don't need them. I currently have 4 prime cards and one store card and I want to add either a Citi DC or Cap One QS as an everyday card and that's it for me. Five strong cards with good limits and rewards sounds about perfect in my book. 


Message 4 of 17
creditguy
Valued Contributor

Re: Downsizing is FUN!

I subscribe to quality of credit theory instead of quantity of credit theory. If your not rebuilding then there is no need to collect or hold on to what you no longer need. There is something to be said about simplicity. I get the whole padding util theory, but at a certain point how much becomes too much? Everyone is different, but I choose to keep myself limited to a few quality cards with rewards I can accumulate and use. Congrats on cleaning out the junk.
Message 5 of 17
Anonymous
Not applicable

Re: Downsizing is FUN!

Love the philosophy, one thing to be careful of is that your other lenders may see your CLs being reduced without knowing that it's voluntary. This could spook them and spark AA against you. I don't think it's a bad thing to have more CL than you need. Get rid of cards you don't use and no more CLI requests on cards that you do, and you're golden.

Im in much the same spot as you right now, with a lot of quality cards with high limits, I'm ready to pare back a couple of them.
Message 6 of 17
odd_dog
Valued Contributor

Re: Downsizing is FUN!


@Anonymous wrote:
Love the philosophy, one thing to be careful of is that your other lenders may see your CLs being reduced without knowing that it's voluntary. This could spook them and spark AA against you. I don't think it's a bad thing to have more CL than you need. Get rid of cards you don't use and no more CLI requests on cards that you do, and you're golden.

Im in much the same spot as you right now, with a lot of quality cards with high limits, I'm ready to pare back a couple of them.

EXCELLENT point...I am doing the CLD sloooooooowly for that reason....one a month....same way I deleted accounts, one a month....not sure if that spooks CCC but have been closing accounts since last May and nothing so far...will be cautious though THANKS!

Message 7 of 17
Anonymous
Not applicable

Re: Downsizing is FUN!

I don't disagree with that strategy but I guess if it were me, I'd only pursue a CLD as means to a certain end, example you want to apply for another card with a lender and you're maxed with them. Unless you truly get into the stratosphere, a high CL won't really hurt you, nor will CLDs ever really help you in and of themselves. It's your credit and your decision but I'd be cautious in requesting CLDs, instead focus on removing or PCing cards you don't need. My two cents. Best of luck.
Message 8 of 17
odd_dog
Valued Contributor

Re: Downsizing is FUN!


@Anonymous wrote:
I don't disagree with that strategy but I guess if it were me, I'd only pursue a CLD as means to a certain end, example you want to apply for another card with a lender and you're maxed with them. Unless you truly get into the stratosphere, a high CL won't really hurt you, nor will CLDs ever really help you in and of themselves. It's your credit and your decision but I'd be cautious in requesting CLDs, instead focus on removing or PCing cards you don't need. My two cents. Best of luck.

LOL your first sentence is exactly why I am doing it....I am maxed with Chase, Citi and Barclays......Plus it does just get nuts having almost every card in the stable no lower than 10K again not using that much, and as long as I have a few that are hefty CL for those large purchases that may happen every so often I am fine with lowering. Your point is well taken and I thank you for it!!

Message 9 of 17
Anonymous
Not applicable

Re: Downsizing is FUN!

I'm considering 4 major network revolvers (not necessarily ALL major networks), 1 charge and 2 or 3  useful store cards. That should be more than enough. 

Message 10 of 17
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