Pruning the Garden[ Edited ]
10-07-2012 12:26 PM - edited 10-07-2012 12:40 PM
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.