Valued Contributor
Posts: 1,098
Registered: ‎02-03-2009
Re: Had to come to a realization tonight.

I applaud LS for recognizing the spiral. Having CC's and being responsible with them is important to learn. Occe you get decent credit, and start getting higher limits it can get out of control if you are not very careful. I keep mine on a spreadsheet where I enter the balances and can see my bottom line. Getting new cards (with spend requirements for bonuses) can sometimes compound the problem, if you allow yourself to spend on things you don't need just to get a bonus. 


You also have to watch your balances/utilization because as your total amount of available credit increases, you can still be well within the "sweet spot" of 6-9% utilization (for fico purposes), but the actual amount you owe is more than you can afford, or more than you are comfortable with.


It is great to have good enough credit to be able to have the option of a personal loan and 0% BT cards, because many don't.  This is not to say that I always act as responsible as I should with credit, as I found this forum as others did, when I was dealing with some credit "challenges." Just acknowledging that it is still a learning process, and we all need a wake up call now and then.

CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (6), US Bank Cash+, Huntington Voice, UMB Visa, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 RLR MC, Diner's Club MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (11/2015): EQ My Fico: 808; TU MyFico: 799; EX (My Fico): 775