why do you have credit cards?

[Fico2Go]

Platinum, your response was milliseconds before my clicked post. I agree.

The end result we agree, and for me, I will need to shift my focus to high cl or no cl.

[Platinum]

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@Fico2Go wrote:
Platinum, your response was milliseconds before my clicked post. I agree.

The end result we agree, and for me, I will need to shift my focus to high cl or no cl.

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But...but we need to be careful and do it strategically. Don't do too much too fast like the other member here who opened 12 new accounts in 3 months and Barclay then closed his/ her 3 month old account.

[Fico2Go]

Yes absolutely!!! I too was recently approved for Barclays MC. I will use it responsibly in the weeks ahead. If they are not generouse with CLI I will cancel them before the new account blemishes the AAoA.

[Fico2Go]

We as consumers can and do have a tool to make creditors responsive. Cancel unfavorable accts.

[Platinum]

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@Fico2Go wrote:
We as consumers can and do have a tool to make creditors responsive. Cancel unfavorable accts.

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You can do that too BUT then again if you do it too much too fast it may work against you for new approvals.

[Fico2Go]

Point taken again, Platinum.

Everything in moderation like a sharp arrow saved for its target. If done right a # of closed accts by the consumer also can show creditors the willingness and confidence of consumer.

[_jb_]

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@Fico2Go wrote:
Yes absolutely!!! I too was recently approved for Barclays MC. I will use it responsibly in the weeks ahead. If they are not generouse with CLI I will cancel them before the new account blemishes the AAoA.

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Define "generous with CLI." How recent did you get approved? Don't expect that they are going to bump your limit several times over within a few weeks if it is brand new.

The new account will affect your AAoA instantaneously. It will just take a few weeks for it to hit your reports. Once you apply for and open a new CC, you already took a hit.

[Swapmeet]

I use each card for different things. I do not see creditors trying to screw me over every chance that they get. I don't feel like a slave to points or statement credit either. At first, I just wanted a visa, mc, amex, and discover--as I thought that this would open myself up to every reward structure. Since I began my delve into credit education, just over a year ago, I have achieved my original goal. I have only closed 2 accounts (my two secured cards) and am not concerned about AA. I do not expect any, and if they were to happen then I would take a step back and see if said action burned their bridge with me. I still have a desire for a couple different cards. My reasoning for wanting all these different cards has evolved as my credit journey has unfolded. Being a business man by nature has compelled me to focus on spending in the most efficient way possible--a difficult task, of course, but there are many different tools out there to help one accomplish this (I'm talking about different CCs here). Closing accounts does me no good, so I keep them open. Credit is a game to me, and I am always getting better at it.

[Fico2Go]

Sure new accts do in fact hit CRs before the card even arrives. I was approved for barclay and the TL already shows up on TU..

What I meant by cancellation of newer accounts is this.

account a: 10 years
account b: 3 years
acct. c: 2 years
acct. d: 1 day old.

In such scenario, might be better to cancel unfavorable b and c if terms for D is favorable.

aaoa would also increase by cancelling the marginal acct. Basically dont let weak acct age or they will cost u.

[ztnjpv]

1. rewards

2. rewards

3. convenience