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Contributor
nenuco
Posts: 228
Registered: ‎07-30-2011

Pruning the Garden

[ Edited ]

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.

Garden Mode... kind of... sort of (•‿•)
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010

Re: Pruning the Garden

The whole gardening analogy makes no sense to me.

 

However, closing credit cards generarlly does not help your credit.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Pruning the Garden

Have you attempted calling the executive number nenuco?



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Contributor
nenuco
Posts: 228
Registered: ‎07-30-2011

Re: Pruning the Garden

[ Edited ]

@ 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.

Garden Mode... kind of... sort of (•‿•)
Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: Pruning the Garden

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.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Contributor
nenuco
Posts: 228
Registered: ‎07-30-2011

Re: Pruning the Garden

So I should sock drawer the cards with no AF instead of closing them? Even if they sat stagnant with the low CL?

Garden Mode... kind of... sort of (•‿•)
Regular Contributor
konabill
Posts: 118
Registered: ‎12-09-2009

Re: Pruning the Garden


nenuco wrote:

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.




TU 802 EQ 806
*USAA*PENFED*NFCU*AMEX*DISCOVER*CiTi*WALMART*BESTBUY*
Valued Contributor
creditnocash
Posts: 2,188
Registered: ‎07-23-2012

Re: Pruning the Garden

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: Discover Fico 689 7/14 Walmart Fico 682 7/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
Established Contributor
Smug
Posts: 961
Registered: ‎12-21-2010

Re: Pruning the Garden

I pruned seven cards a few months ago, and I'm not sorry I did. I have gotten many more prime cards now.
Experian® 808/Equifax® ?/TransUnion® 810
Baddies Experian® clean/Equifax® 1/TransUnion® Clean
Last CLI 6-13-2013
Total Credit $121,190.00
Goal 780!
Valued Contributor
RockinRay
Posts: 1,939
Registered: ‎08-13-2007

Re: Pruning the Garden

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.  :smileytongue:

 

Ray

** Every Card has a Job, and Every Card does its Job **


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