Thoughts on how do you know when your cc collection is complete?

[galahad15]

Hi, I was wondering if forum posters could please provide some input, on how exactly do you know when your cc collection is complete?  In other words, barring some exceptionally-groundbreaking new credit product (such as a new 5% card, a new 3% card on all purchases across-the-board, etc.), what kinds of things are indicators to you personally that it is time to stop collecting and start gardening?

In my case, I am done collecting for now, after being approved the other day for the Premier America card, again since I am now at 15/24 and don't want to do anything to unintentionally rock the boat in terms of my existing cc collection.  I am almost-100% complete, now that I have a nice mix of single-digit, low-APR fixed-rate (3) and variable-rate (4) cards, as well as some excellent rewards cards with higher APRs that are PIF monthly, such as the Cash+, BBR, Blispay, and others.  The only missing piece to the collection that I can see at this point down the road is wanting to eventually apply for the 4.99% V card with Unify FCU, but I'm going to garden on that for now and maybe apply for it in the next 1-2 years.  Other than that, I am pretty much done though.   I may still seek CLIs or PCs on existing cards, but I really don't see myself applying for any new ones, other than the additional Unify card.

Would love to hear what kind of criteria other form members use to decide when once your cc collection has reached its zenith and you are finished with acquiring new cards?  Any feedback anyone could please provide would be greatly appreciated 

[Credit_hawk]

I was done when I got the top travel card, rotator, 2% card. I stopped before I got near 10 which I didn't want to hit. While I have duplicate cards like a Freedom and Discover, QS and DC I didn't want to make it a habit because it's pointless. Collection sounds funny.

[Anonymous]

For me, I decided I was done when all my categories were covered. My travel is always out of my hands financially so my wish list was a lot shorter than others. I'm pretty happy with what I've got and am even going to prune a few more. I've still got the BBR and a legacy Chase card on my wish list, but I've got a ton of gardening to do before I'm under 5/24!

[Anonymous]

I don't think you can ever be done.

As we all go through the different segments of our lives, our spending and lifestyles change. What I spent alot of money on 10 years ago is a lot different than what I'm buying now. Also, my income has changed which changed how and where I spend my money. My cards need to reflect for that.

I think I'm currently pretty set with my cards. I'll probably add an Amex Platinum in there in the future some time. 

[AverageJoesCredit]

Ill know when im done once i can get my diversification complete so im not locked into just one creditor ie Synchrony etc. Now that i have sufficient ccs to help build a thicker profile , i would like to get rid of my bk and hopefully one day get back my Amex, at least be able to enjoy a Discover, and perhaps add a Chase card. Navy Fed is also one of my truely coveted cards . If i can attain those, then i know im complete and really prune "the collection" to 5 or 6 really good cards. 2 years gardening should help grow dome of my wishes

[iced]

I was happy once I had a card with a usable limit and benefits/awards that were useful to me. I travel a lot so a travel award card made the most sense, and since I earn top tier status levels at both my preferred airline and hotel without credit card status, it freed me up to focus on a card with perk like insurance and lounge access rather than status.  At present, I have one every day credit card and two that I never or rarely use, though I'm considering canceling one of them since I haven't placed a charge on it in years.

It's not much of a collection but it feels complete. The CSR is tempting but I already got one new card this year so I'll wait.

[wasCB14]

I wouldn't say I've stopped entirely, but I've definitely slowed down. My current stretch of 4.5 months is the longest I've been in the garden, but I have my eye on CSR for next year.

CLs and utilization aren't concerns for me anymore. APRs never were.

I slowed down because:

a. I had plenty of perks between Platinum and Prestige.

b. I had enough miles and hotel points to pay for most of my travel for at least the next 18 months. Hunger for points will eventually draw me out of the garden, but for now, my appetite is satisfied.

c. I was a little worried about potential AA for aggressive credit growth (I was 11/24). I know I could get new credit easily, but I like the cards I have.

d. I had enough bank websites to log into (but I'm open to more cards from existing issuers).

e. I learned more ways to get points cheaply and unconventionally, providing a nice alternative to opening a lot of accounts and facing a higher risk of AA.

[Credit_hawk]

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@wasCB14 wrote:

I wouldn't say I've stopped entirely, but I've definitely slowed down. My current stretch of 4.5 months is the longest I've been in the garden, but I have my eye on CSR for next year.

CLs and utilization aren't concerns for me anymore. APRs never were.

I slowed down because:

a. I had plenty of perks between Platinum and Prestige.

b. I had enough miles and hotel points to pay for most of my travel for at least the next 18 months. Hunger for points will eventually draw me out of the garden, but for now, my appetite is satisfied.

c. I was a little worried about potential AA for aggressive credit growth (I was 11/24). I know I could get new credit easily, but I like the cards I have.

d. I had enough bank websites to log into (but I'm open to more cards from existing issuers).

e. I learned more ways to get points cheaply and unconventionally, providing a nice alternative to opening a lot of accounts and facing a higher risk of AA.

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How can I be sure you're really Carefulbuilder14?

[wasCB14]

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@Credit_hawk wrote:

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@wasCB14 wrote:

I wouldn't say I've stopped entirely, but I've definitely slowed down. My current stretch of 4.5 months is the longest I've been in the garden, but I have my eye on CSR for next year.

CLs and utilization aren't concerns for me anymore. APRs never were.

I slowed down because:

a. I had plenty of perks between Platinum and Prestige.

b. I had enough miles and hotel points to pay for most of my travel for at least the next 18 months. Hunger for points will eventually draw me out of the garden, but for now, my appetite is satisfied.

c. I was a little worried about potential AA for aggressive credit growth (I was 11/24). I know I could get new credit easily, but I like the cards I have.

d. I had enough bank websites to log into (but I'm open to more cards from existing issuers).

e. I learned more ways to get points cheaply and unconventionally, providing a nice alternative to opening a lot of accounts and facing a higher risk of AA.

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How can I be sure you're really Carefulbuilder14?

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You've caught me.  I'm just out to ruin his good name (or drag it deeper into the mud, for a few) with more posts about travel perks/bonuses and bank/brokerage promotions.

[Enjay]

I'm done! I think you'll know when you are. For some, maximizing benefits is a challenge and hobby and I was the same way for quite a while. Now, though, I just like simplicity. Unless something truly spectacular comes out, I don't see me applying for anything else.