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I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.
I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.
@pt145 wrote:I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.
I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.
I hope they weren't your oldest cards you had!
I've been reading here and around the Internet of people having total credit twice their income, or 150% of income, without any adverse effects. So I wouldn't say it's necessary to keep any specific ratio
So you chopped 10k worth of old accounts to add 4k worth of new accounts?
I don't get it.
They were not my oldest cards and to keep that Kawasaki card open is a pain. Only place to use it is at a dealership for parts. No motorcycle no need.
My overall util is still under 10%. I see no harm.
@pt145 wrote:I just closed two credit card accounts because I felt like there was too much available credit. Among 9 accounts there was $32,800 compared to my modest income of 28k.
@I closed a Capital One Kawasaki card with $10k limit and my Paypal Smart connect @ $800 both accounts were about 2 years old. I now have $22,000 in available credit.
I also opened up 2 new accounts American Express Blue Cash and Chase Freedom both with $2000 limits. I feel like Im in prime territory now with room to grow.
I'm generally in favor of keep accounts open, so long as they don't cost you money. However, there are definitely good reason to trim. AFAIK, Cap One doesn't PC cobranded cards, so if it no longer served a purpose, then closing it probably wasn't a bad option. It sounds like you'd simply prefer to grow with other lenders that have products that better suit your needs.
(edited for typo)
I've considered chopping more to keep my profile simple. I don't need much credit wise. But I'll leave well enough alone for now.
@pt145 wrote:They were not my oldest cards and to keep that Kawasaki card open is a pain. Only place to use it is at a dealership for parts. No motorcycle no need.
My overall util is still under 10%. I see no harm.
+1