First goal .. 100k in credit

[Gmood1]

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@Anonymous wrote:

I'm going to take your advice and focus on a few cards. 

Unless you guys can suggest something else, from what I've learned from this site so far ... I think I should keep:

Bank of America

Chase Sapphire

US Bank

US Bank Harley-Davidson

Discover It

I'm going to stop applying for cards, use each card for everything I pay for, and pay in full every month on every card. 

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That's the ticket! I did break my app sprees up a little. Spreading them out by a couple of months. That's how I went from $2600 to $307,000 in a year.

[MissCredit9]

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@Anonymous wrote:

so you've gone through what I want to do. you're suggesting every 6 months I should look for new cards to apply for? how often do cards with low limits ever increase to higher limits? 

can you suggest any cards that start offering higher limits for someone like me?

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I highly reccommend obtaining a Fidelity Amex. Not only does it give you 2% cash back on every purchase but it will grow FAST. i get CLI's every 4 months and wnt from 5k to 50k in a little over a year.

[MissCredit9]

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@redpat wrote:

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@Anonymous wrote:
I guess I am the only one that agrees with redpat. The justification just seems like you'll be closing 5 cards in the near future. You'll rack up all these cards or high CLs and realize you don't even need it and it serves no purpose. I think $100k in the bank is a better goal. Credit is just that: credit. It means nothing. Once you have enough to cover all your bills and maybe a few big purchases rather planned or unexpected then anything over that isn't necessary. It's like shooting for 850 scores... Anything above about 750 is wasted energy. If you're getting cards you want and will use then sure... I am with you on that. But to just get cards to raise your overall credit is pretty bonkers. Especially if you PIF.

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+1.

You are absolutely correct and couldn't have said it better using "wasted energy".

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I don't recall the OP asking about whether or not their ambitions to build their CL's was a good idea or not. giving unsolicited advice is more of a "waste of energy" if u ask me.

[Anonymous]

Good thing no one asked you.

[DoroLucky]

Chill button anyone? LOL

[Anonymous]

OP,

You will most definitely achieve that. I wasn't trying to achieve my huge credit limt, and end up with over 100K in credit. All I did was app, and the cc gave me huge limits.

Good luck on your journey.

[Anonymous]

I need to not read threads like this. The temptation is real  

already have a couple useless PLOCs, and 2-3 useless CCs..... though to the OP, why not make your goal to have a handful of useful cards with limits equal to 100k?

My current lineup feels bloated already - would much prefer the ~65-70k I have in CC available parred down to 5-6 cards instead of spread across a dozen.

[Anonymous]

It can be done. I started 15 months ago with a 200 limit secured card from capital one. Now I have around 160k ish CL with 3 car loan and a jet ski loan. When I got everything I was really close to the 700 now I'm in the 600 ish and score going back up a bit should be better once my new accounts ages

[longtimelurker]

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@MissCredit9 wrote:

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@Anonymous wrote:

so you've gone through what I want to do. you're suggesting every 6 months I should look for new cards to apply for? how often do cards with low limits ever increase to higher limits? 

can you suggest any cards that start offering higher limits for someone like me?

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I highly reccommend obtaining a Fidelity Amex. Not only does it give you 2% cash back on every purchase but it will grow FAST. i get CLI's every 4 months and wnt from 5k to 50k in a little over a year.

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Don't think you can apply for the Fid Amex anymore.  Being transformed from BoA/FIA to Elan Fidelity Visa.    On the Amex, were the CLIs HPs?

[longtimelurker]

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@MissCredit9 wrote:

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@redpat wrote:

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@Anonymous wrote:
I guess I am the only one that agrees with redpat. The justification just seems like you'll be closing 5 cards in the near future. You'll rack up all these cards or high CLs and realize you don't even need it and it serves no purpose. I think $100k in the bank is a better goal. Credit is just that: credit. It means nothing. Once you have enough to cover all your bills and maybe a few big purchases rather planned or unexpected then anything over that isn't necessary. It's like shooting for 850 scores... Anything above about 750 is wasted energy. If you're getting cards you want and will use then sure... I am with you on that. But to just get cards to raise your overall credit is pretty bonkers. Especially if you PIF.

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+1.

You are absolutely correct and couldn't have said it better using "wasted energy".

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I don't recall the OP asking about whether or not their ambitions to build their CL's was a good idea or not. giving unsolicited advice is more of a "waste of energy" if u ask me.

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In a discussion forum, unsolicited advice is to be expected.    In this case, I think it is a useful counterweight to the overwhelming app and CLI herd mentality that dominates.   So, a public service announcement, friendly intervention etc.   OP (and everyone else) is free to ignore whatever is posted (be it at their peril)....