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No need to apply for anymore credit cards...!

Regular Contributor

No need to apply for anymore credit cards...!

I wanted to apply for the Chase Sapphired Preferred card, but I decided not to. Why? I'm 20 years old with a limited income and I already have a decent collection of credit cards. Sometimes all it takes is that realization that... enough is enough!

 

Maybe when I get a better salary, or something---but I've always been taught to live within my own means. Thanks mom and dad for teaching that. 

Message 1 of 11
10 REPLIES
Senior Contributor

Re: No need to apply for anymore credit cards...!

Good thinking on not applying for CSP it would of only added an inquiry and lowered score. Keep up the good work!

Message 2 of 11
Established Contributor

Re: No need to apply for anymore credit cards...!

Congrats..

I'm Impressed...


(Chase)- Freedom, CSP®, United MileagePlus® Explorer, Marriott Rewards® Premier, Penfed cash+ rewards/Promise/Defender.
Amex’s- BCE, Hilton, SPG®, PRG® and Blue®, NFCU Cash Rewards, FHB Destinations World Elite.
- Amex Centurion,(Citi) Executive/Platinum® Advantage


Alaska Airlines
Message 3 of 11
Valued Contributor

Re: No need to apply for anymore credit cards...!

Your thought process in making that decision is spot on and shows an exceptional maturity for a 20 year old.  The card only works if you can justify the cost.  I, personally, run about $5k through my CSP each month, it payd for itself.  Good thinking!!

Starting a whole new chapter
Message 4 of 11
Moderator Emerita

Re: No need to apply for anymore credit cards...!

Bravo! You have demonstrated a level of financial maturity and responsibility that is sometimes missing in adults 2-3x your age. Your parents taught you well.
Message 5 of 11
Frequent Contributor

Re: No need to apply for anymore credit cards...!

Nice limits for a 20-year old...do you work?

TU: 768 | EQ: 769 | EX: 764
Last INQ: 9/3/16
AAoA: 2y 11m
Lowest limit: Citi Double Cash MasterCard - $14,000
Highest limit: Discover It - $56,000
Available credit: $177,100 (6 cards)
Message 6 of 11
Valued Contributor

Re: No need to apply for anymore credit cards...!

CollegeStudent530 wrote:

I wanted to apply for the Chase Sapphired Preferred card, but I decided not to. Why? I'm 20 years old with a limited income and I already have a decent collection of credit cards. Sometimes all it takes is that realization that... enough is enough!

 

Maybe when I get a better salary, or something---but I've always been taught to live within my own means. Thanks mom and dad for teaching that. 


Good on you ! ! ! !

 

You are wise beyond your years.  Having found this site is certainly to your advantage as well, but NOW you're in a position to GIVE advice in addition to receiving advice.  Other younger members, as well as us old timers, should follow your example!  Be happy with what you've earned ! !

 

 

ONWARD AND UPWARD ! ! ! !

EX = 849 EQ = 850 TU = 850 as of 07/2017
Retired and Retiring Cards!
Message 7 of 11
Valued Contributor

Re: No need to apply for anymore credit cards...!

I'm on the other side of the OP's situation but have similar feelings. I'm retired so growing credit for a mortgage or whatever is really something I no longer have any need to do.

 

I really don't need any more credit cards or available credit except perhaps another Citi card as the one I have doesn't have virtual account numbers. I really miss that from my old secured card.


I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k
Message 8 of 11
Highlighted
Regular Contributor

Re: No need to apply for anymore credit cards...!

Yes. I have been working since 15 years old. Currently, I work part-time and go to school full-time.

@All: Yup! Thanks for everyone's encouraging words. When I first discovered this website, I was addicted and checked it out everyday. I was always intrigued and influenced by seeing everyone's credit card approvals---that I wanted them for myself too. I didn't realize how addicted I was until I opened my safe to discover a lot of cards in there. After not going on this website as often, I realized my anxiety and desire for more cards went away.

 

If you haven't noticed, all my credit cards (besides my starter card from Golden1) are reward-based credit cards. I recently just got my $30 reward from BOA a few days ago! I am super proud of my profits and have been sharing financial advice to my peers =) .

Message 9 of 11
Super Contributor

Re: No need to apply for anymore credit cards...!

And just to give the other side!   If you could meet the minimum spend ($2K if you apply through a branch) it actually is worth getting the CSP for the $400 bonus, and then downgrading to the CS as the annual fee comes due.   This is basically a free $400 (if the HP and spend isn't an issue).

Message 10 of 11