My Available Credit Needs to Shed Some Weight!!

[icyhot]

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@baller4life wrote:

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@icyhot wrote:
Is it a fact that Amex allows you to move from a personal line to a business line?

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So I have been told. Do you know differently?

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Sure don't. If so, that's awesome 

[Kenny]

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@kdm31091 wrote:
Finstar, I think you misunderstood. I didnt say lowering limits would cause AA. I said it could make it appear AA was happening, which isnt good. Beyond that a 1k limit card is a PITA for utilization reporting and such.

I just dont know why overall this forum is so biased against closing cards. If something has outlasted its usefulness or you just want to reduce your load, close it and move on. I promise you none of our lenders are agonizing over it!

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I don't think the forum is biased against anything. Certain posters have feelings just like you have your own feelings. Some people like to point out why close it when you obviously wanted it to begin with? What makes you, all of a sudden, not in need of it in say 6 months? 1 month? 3? Will you app for it then? Most people are HP averse here, that makes sense.

Generalizations aren't the best thing.

[Kenny]

I see you're carrying some 0% balances.. just keep in mind what you want your ideal utlization to be and make decisions based on that, for sure. (Just haven't seen that mentioned.. I know it's obvious, though. And obviously, don't CLD those cards..)

[SouthJamaica]

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@baller4life wrote:
Well folks the time has come for me to shed some of my credit fat! My goal is to be more CU heavy. NASA has already denied me for too much credit. And SSFCU was only willing to give me a $4800 MC amd $1000 LOC for the same reason. Therefore before I app Penfed, re-app NASA and request clis at SSFCU my available credit needs to go on a diet!

INCOME: $70k
Available Credit: $252k

So, I will be closing the following cards. Tell me what you think.

Barclays Sallie Mae $11k
Lowe's $17k
Amazon $10k
Amex HHonors $25k(but apping Simply Cash which is hidden and transferring limit over )

That's $63k gone. Probably need to find some more here and there. But that's a start!

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I personally think you shouldn't close any of those accounts. Time will heal all wounds.

[baller4life]

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@Kenny wrote:

I see you're carrying some 0% balances.. just keep in mind what you want your ideal utlization to be and make decisions based on that, for sure. (Just haven't seen that mentioned.. I know it's obvious, though. And obviously, don't CLD those cards..)

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Absolutely. Great post. My util is very low. I will definitely keep it in mind as I close cards while carrying a couple balances.

[baller4life]

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@SouthJamaica wrote:

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@baller4life wrote:
Well folks the time has come for me to shed some of my credit fat! My goal is to be more CU heavy. NASA has already denied me for too much credit. And SSFCU was only willing to give me a $4800 MC amd $1000 LOC for the same reason. Therefore before I app Penfed, re-app NASA and request clis at SSFCU my available credit needs to go on a diet!

INCOME: $70k
Available Credit: $252k

So, I will be closing the following cards. Tell me what you think.

Barclays Sallie Mae $11k
Lowe's $17k
Amazon $10k
Amex HHonors $25k(but apping Simply Cash which is hidden and transferring limit over )

That's $63k gone. Probably need to find some more here and there. But that's a start!

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I personally think you shouldn't close any of those accounts. Time will heal all wounds.

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That's true. But I already closed SM last night. I'm looking at the bigger picture. And the cards I want down the road requires I bring down my available credit some.

[Kenny]

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@baller4life wrote:

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@Kenny wrote:

I see you're carrying some 0% balances.. just keep in mind what you want your ideal utlization to be and make decisions based on that, for sure. (Just haven't seen that mentioned.. I know it's obvious, though. And obviously, don't CLD those cards..)

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Absolutely. Great post. My util is very low. I will definitely keep it in mind as I close cards while carrying a couple balances.

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Those 0% offers get us don't they! I just got one done. So now, I have 2 to go. One is small, shouldn't take me very long at all. The next one.. not sure how long. We shall see. My goal is debt free by end of the year. If only! Working a bunch! Best of luck!

[kdm31091]

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@SouthJamaica wrote:

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@baller4life wrote:
Well folks the time has come for me to shed some of my credit fat! My goal is to be more CU heavy. NASA has already denied me for too much credit. And SSFCU was only willing to give me a $4800 MC amd $1000 LOC for the same reason. Therefore before I app Penfed, re-app NASA and request clis at SSFCU my available credit needs to go on a diet!

INCOME: $70k
Available Credit: $252k

So, I will be closing the following cards. Tell me what you think.

Barclays Sallie Mae $11k
Lowe's $17k
Amazon $10k
Amex HHonors $25k(but apping Simply Cash which is hidden and transferring limit over )

That's $63k gone. Probably need to find some more here and there. But that's a start!

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I personally think you shouldn't close any of those accounts. Time will heal all wounds.

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Time won't really fix the "too much available credit" thing unless your income increases.

[myjourney]

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@baller4life wrote:

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@myjourney wrote:

Ummm

Show me all the lines of credit with limmits of course and what cards you use the most and why you still want each card by card .....Lol

I'm old school forum and need all the facts to make an informed decision/opinion ......Ha ha ha 

Hi ya Baller I'm BACKKKKKKK

What? Im just saying 

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Heyyyyyyyy MJ!! 😁😁😁 Good to see ya!

Amex Hilton Honors $25k moving limit to Simply Cash
NFCU Platinum $25k low Apr definite keeper
Sam's MC. $25k daily driver gas,food
BOA Cash. $18k carrying 0% balance 
NFCU Cash Rewards $17.5k definite keeper
Lowe's $17k close February
C1 Venture $15k sd hopefully combining December 
C1 Venture $15k sd hopefully combining December 
Discover $12.5k carrying 0% balance definite keeper
Diners Club $10k sd hidden
C1 QS $10k daily driver
Amazon $10k close January
Wal-Mart $10k Mother uses
Chase IHG $5k hotel stays
SSFCU MC $4.8k low Apr intend to grow
Chase Freedom $3.7k occasional category use
C1 QS $3k sd hopefully combining December 

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Blue = cards you want to keep or plans to combine .......smart assessment on your part ....Bravo

Reds =  I have questions, some as to why and others your thoughts as to why keep? 

(2) 0% cards which one has the longer period so why keep the other? IIRC the choo choo has the longest but confirm pls 

Amazon you're waiting till Jan why? Excuse me I'm not well versed on this card but currently Discover has Amazon for 5% what % does Amazon give?

Lowe's are you planning any major projects in 2 months?

I know you cashed in on the bonus IHG card have you used since?

Diners card hidden or not does it serve any other purpose? I.E 0%, special perks that you use?

And thanks for the warm welcome ....Awwh u da best 

EDIT Freedom .....some find it useful some dont your thoughts?

[baller4life]

MJ only waiting till January and February to close Amazon and Lowes because Finstar and others suggested I stagger the closures and not close all at once. $0 balances. No other reason to wait.

BOA I will keep. It was just a maybe to close. But, I have decided against it. Discover has the longest 0% period. I don't use Diners. It's sd and I have contemplated before to close it due to the af. But alot of us got it refunded recently. So I will hold on to it another year.

IHG I haven't used bonus yet. I have a couple small recurring bills on it each month. Had a thought to combine Freedom's limit into IHG and close it. Not much use for it.