10-07-2012 12:26 PM - edited 10-07-2012 12:40 PM
So after my recent app spree, I have decided to go in full on gardening mode. My question arises from the process itself. Now I am no gardener perse, but my sources do concur that to keep a garden healthy one must prune the current blossoms and pull out the weeds. I currently have a hefty line of credit when adding all my CL together.
I consider myself a responsible consumer. I never purchase something on a CC I don't have the cash for, I always pay in full etc. etc. Not including charge cards, there must be a certain limit of credit that creditors will lend out. Ergo, one of these days (in the future) I won't be able to ask for a CLI, regardless of my income, credit history or situation. There must be a ceiling on how much a lender will extend, at least to the average consumer.
Now I ask this for a reason. I have a Cap 1 "platinum, does not feel like a platinum" card. Now my Cap 1 has a $500 limit. I'm not going to go into the + & - of that card, but subjectively I don't use it for a series of reasons. As time goes on and I acquire new cards, should cards that I don't use as much be canceled? Not going into the annual/ no annual fee discussion, but purely based on credit. Furthermore if one day I app for a higher end card (i.e. Amex Platinum), will the $500 limit look foolish when compared to my other cards?
To digress on my earlier statement, the cards I am thinking about have no AF, so technically I can sock drawer them. At the same time, in the future I would like to consolidate my credit lines with the lenders I find most beneficial: Chase, Amex, Citi, Discover & maybe BoA having a total of 8 amazing cards that I use conjunctively all the time, with the max CL allotted to each. What are people’s thoughts on this? As always thanks in advance!
P.S. Please don't confuse this with me thinking I'm too good for a particular card or lender. I appreciate any lender that has had the confidence to extend me credit. My question arises from proactive planning.
10-07-2012 02:40 PM
10-07-2012 03:04 PM - edited 10-07-2012 03:05 PM
@ LS2982: I did call them, on the same day I did my app spree. They gave me the same answer I have come to expect from them: At this time we do not have any new features for your account.... granted I have not used their card in a year. It's a catch 22, since their card offers no real benefits (1% cashback on everything) and has such a low limit I don't feel compelled to use it. To be honest even if the did give me a CLI, the holistic view I have created as a customer concerning Capital One as an entity furthers my decision to not use their card. What really ticked me off was while Chase and Citi both only used (1) inquiry for the two cards they each granted me, Cap 1 used a HP (even thought the executive told me it would only be a SP). These types of situation really make me want to use their card even less.
10-07-2012 04:11 PM
Some say don't close cards, it'll hurt your credit. But after you've gotten to the point where you've graduated to prime cards, it just makes sense to ditch the subprimes with AFs. If they don't have an AF sock drawer them.
10-08-2012 12:43 AM
So I should sock drawer the cards with no AF instead of closing them? Even if they sat stagnant with the low CL?
Keeping subprime cards after you have graduated to prime cards makes no sense IF you have an established history with prime cards.
Dont close anything without first contacting the card issuer......Ask for CLI or lower APR etc..........If you want to close it anyway you really have nothing to loose.
10-08-2012 02:43 AM
you garden by
A: not applying for anything
B: Letting your new and old cards grow.(in age and cl (without hard pulls for cli))
C. When people usually do app sprees all the inquries fall off at the same time so they set a date to garden until that date or somewhere around there.
if you haven't used the cap1 in 6 months though id use it to buy a pack of gum or something.
like stated. if there is no annual fee keep it. its a line that reports. obviously if you have 10k+ lines and 1 500 there is clearly something wrong with that picture.
once you close an account in good standing it reports positive for 10 years after the fact before it drops off from your reports.
|Current: EQ FICO 690, TU FICO 692, Walmart TU 737 EX FICO 726 Amex Pull(1/1/13)|
Starting total revolving credit: $2600 | Current total revolving credit: $21,600
Inquiries (12 Months): EQ 6 TU 4 EX 5 | Most Recent: 8/30/2012
|Amex Zync(Unicorn) |
10-08-2012 04:03 AM
10-08-2012 06:00 AM
I got rid of quite a few cards two months ago. It just becomes to much to manage!
This being said, I app'd for and was apporved for a PayPal Extras MC yesterday to tie in to a side line business.
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