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I regret opening so many credit cards

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youdontkillmoney
Valued Contributor

I regret opening so many credit cards

I'm down to 4 credit cards (see signature line below). Looking back, I had about 23 credit cards, but the fact that I cancelled all but 4 made me realize I made a mistake opening them in the first place if I ended up cancelling them. This fact, made me come to this realization. Fortunately, my FICO is strong though. Just wasted time and energy dealig with all those cards when I didn't need them. It was partly collecting, to see if I can get them, but also trying to get one of each kind I wanted for the uniqueness factor, such as JCB, PenFed, etc. 

Message 1 of 55
54 REPLIES 54
Anonymous
Not applicable

Re: I regret opening so many credit cards

I see you kept the two hardest cards to get-- Simmons Bank and Iberia Smiley Happy

Message 2 of 55
kdm31091
Super Contributor

Re: I regret opening so many credit cards


@youdontkillmoney wrote:

I'm down to 4 credit cards (see signature line below). Looking back, I had about 23 credit cards, but the fact that I cancelled all but 4 made me realize I made a mistake opening them in the first place if I ended up cancelling them. This fact, made me come to this realization. Fortunately, my FICO is strong though. Just wasted time and energy dealig with all those cards when I didn't need them. It was partly collecting, to see if I can get them, but also trying to get one of each kind I wanted for the uniqueness factor, such as JCB, PenFed, etc. 


For some people this site is super beneficial in their credit journey (really, for most people).

 

Unfortunately for others, it ends up where they just are impulse apping because of reading approvals and such on this site. You can end up with a bunch of cards you don't really want/need. It's good you were able to realize that. Some people agree with "collecting cards" and that's fine, but it's not my thing. Every new account remains for 10 years on your report and every inq for 2. Not something I want to get in the habit of going overboard with.

 

Kudos to you for realizing you may have gone too far. Now you can manage your cards much more easily.

Message 3 of 55
bobbay
Established Contributor

Re: I regret opening so many credit cards

It's done and out of your system.  Nice scores and diversification with whats left.


Current Score: EX 712 4/28/15, TU 713 4/14/14 lender pull, EQ 723 9/16/15, 740 EQ bankcard 8 6/1/15 lender pull
Last app 03/12/17


Message 4 of 55
chalupaman
Super Contributor

Re: I regret opening so many credit cards

Do what makes you happiest. Great to hear you've gotten a lot out of your decision.

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 5 of 55
core
Valued Contributor

Re: I regret opening so many credit cards

youdontkillmoney <--- Very clever forum handle.  Repaying a debt is quite literally "killing money".

Message 6 of 55
redpat
Senior Contributor

Re: I regret opening so many credit cards

Kept mine to three.

 

 It looks like an arms race on these forums sometimes.

Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
Message 7 of 55
I-think-I-can
Valued Contributor

Re: I regret opening so many credit cards

I understand how you feel! I have regretted getting a few of my cards.  I got many of them in Nov and December before I found the forum and when I found myself being approved after what seemed like eons of getting only denials.  I am nowhere near your FICO level but so far the damage is recoverable, thank goodness.  I will definitely make more informed decisions going forward!

Starting Scores 2/13/15: EQ 635 EX 674 TU 684 ////7/16/15 Scores: EQ 661 EX 669 TU 703 //// 2/15/16 Scores EQ 652 EX 647 TU 756 //// 3/24/16 Scores: EQ 661 EX 649 TU 773 //// EQ 670 EX 653 TU 768 (EQ And EX still tainted)
Goal Scores: 760 across the board
Message 8 of 55
youdontkillmoney
Valued Contributor

Re: I regret opening so many credit cards


@core wrote:

youdontkillmoney <--- Very clever forum handle.  Repaying a debt is quite literally "killing money".


^^^^^^^^

Thanks everyone for positive comments.

 

core....I agree with you! But if someone ends up in debt, then......Not Repaying debt fast enough is "killing money" since by repaying say 1 year early, you just "saved" that 1 year's worth of interest at say, 10%...where else in the market will you get a guaranteed "return" of 10%.

Message 9 of 55
core
Valued Contributor

Re: I regret opening so many credit cards


@youdontkillmoney wrote:
But if someone ends up in debt, then......Not Repaying debt fast enough is "killing money" since by repaying say 1 year early, you just "saved" that 1 year's worth of interest at say, 10%...where else in the market will you get a guaranteed "return" of 10%.

I was (as you may have suspected) referring to the money being destroyed, removed from the world money supply.  Since debt was what created the money in the first place, and when the debt disappears so does the money.  Without debt, no money could exist... not hardly a fraction of what is out there now anyway.  But certainly someone should repay debt as fast as possible.  That too. Smiley Happy

Message 10 of 55
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