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At you situation, I would garden for a while and paying down the debt, like others said, it is not a low number to me also. Hopefully you are not paying interest on your debt, if not, you can open new good card to BT to save interest while paying down.
I have 18 CCs, 4 of them are co-brand CCs, 19 on my report because one CC that was closed 5-6 years ago is still reported open but no activity. 18 cards to me is not a small number but I won't stop there as I still looking for some cashback sign-up bonus card in future say Citi Double Cash (one in my list/mind), I didn't go through the hassle to recon, either instand approval or wait for 7-10 business day but approved in few days without me doing anything. My low income will probably be the one that is pulling my leg when I see good sign-up bonus cards in future and open even more cards.
Wow, some of you have a lot of cards! I agree with the previous poster how it's addicting! LOL
I think I have enough. I have all the good cards except discover. I am content. If I have anymore I might go insane!
I have 2 Mastercards, 2 Visas, 1 Amex, 1 Discover and 3 storecards. I think once my BankAmericard Cash Rewards (yay!) comes in the mail and Chase grants me my Freedom..I'll be done with cc applications for at least five years!
For those of you who say 20% utilization on $100,000 in lines of credit is too much, what is the real purpose of credit anyway? There are many reasons why someone accesses their credit and carries some balances.
As long as the bills are paid on time without a struggle and the credit was used for a meaningful purpose, all is good.
20% util of 100k most likely indicates that OP is carrying balance and paying interest. Very few people show that kind of utilization as a result of spending 20k/month routinely.
If OP can pay 20k off like a breeze, then he would have a high income and need more credit >> 100k currently available to him. Given the rebuilding background, I'd bet on the paying interest scneario.
I actually just started getting the good cards in Nov. Had an app spree & got 10! Which made a total of 20. Closed 2 & about to close 2 more crappy cards. Then I will be down to 16. I do like what I have. Will upgrade a few down the road and try to get higher limits to pad my utilization a bit better. Maybe get a couple others that I really want. But that's not until Dec. Then I think I'm going to just garden indefinitely. My UT is around 12% now Stuff for the home is making it high. No sense in getting more cards than you can manage. I have everything on auto pay right now except my water, electric, cable & HOA"S! Just making sure nothing will never, ever be late.
i'm good at 100k and have all CR's frozen. i reported $79 this month but, i'm going to europe and will need to carry a few thousand to keep my cash in order.
it's a nice feeling to have what i need for now (i'll continue to hit the SP button now and then).
congrats on reaching your goals. :]
I have 20 cards. All in my sig. I'm sure I have too many. Trying to bring it down to 15.
PLAN:
* Capital One VentureOne: When Capital One lets you merge CL, move the V1 CL into the QS CL and close it down.
* Chase Amazon: Wait about a year or so. If a 5% cash back option is added for Prime members, like the Amazon Store Prime Card, then keep it. Otherwise, move CL and shut it down.
* Chase Southwest: Rumor has it that SW may change banks? Watch and see.
* Barclay AAdvantage. Possibly PC to another Barclay product next year or shut it down. No need for two AAdvantage card.
* Citibank My Best Buy. Near future, shut it down.