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well... I think I have enough credit cards anyone else?

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dmFICO8
Regular Contributor

Re: well... I think I have enough credit cards anyone else?

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.

Message 11 of 21
Anonymous
Not applicable

Re: well... I think I have enough credit cards anyone else?

Wow, some of you have a lot of cards! Smiley Very Happy 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! Smiley Very Happy 

Message 12 of 21
Anonymous
Not applicable

Re: well... I think I have enough credit cards anyone else?

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! 

Message 13 of 21
Anonymous
Not applicable

Re: well... I think I have enough credit cards anyone else?

I was thinking the same thing when my premier card came today. Enough is enough. I have to go in the garden for at least 2 years. Maybe longer, but I hav more than enough in available credit and great divers in credit cards at the moment. Maybe even need to spring clean some dead weight.
Message 14 of 21
Anonymous
Not applicable

Re: well... I think I have enough credit cards anyone else?

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.

Message 15 of 21
Anonymous
Not applicable

Re: well... I think I have enough credit cards anyone else?

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.

Message 16 of 21
Anonymous
Not applicable

Re: well... I think I have enough credit cards anyone else?

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.

Message 17 of 21
elim
Senior Contributor

Re: well... I think I have enough credit cards anyone else?

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.     :]

Message 18 of 21
onstar
Established Contributor

Re: well... I think I have enough credit cards anyone else?

I have 20 cards. All in my sig. I'm sure I have too many. Smiley Wink 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.

 

BK DC 4/9/2018
FICO 08 (4/9/2018): EQ 647 EX 609 TU 620
FICO 08 (10/16/2020): EQ 676 EX 659 TU 653
Message 19 of 21
TheGardner
Valued Contributor

Re: well... I think I have enough credit cards anyone else?

Yep, can add to lower utilization or you can pay to lower.. paying is better so you don't end up in the same situation that leads you to rebuilding.. Good job on recognizing when to cry uncle!
If anyone needs me I will be In The Garden. Goal Score: 760 for all in 2015.
Current FICO Scores EX: 715 EQ: 756 TU: 762
Last APP April 21, 2015.
Victim of The great AMEX HP heist of Dec 1st, 2nd and 3rd of 2014.
Message 20 of 21
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