topic Re: And so it begins...Ive got too much in Credit Cards

And so it begins...Ive got too much

pizza1 — Tue, 07 Apr 2015 03:58:14 GMT

Called today and closed out DCU and NASA memberships. Trying to keep up with 4 banks and 32 CC's is too much.

Im completely overwhelmed, and depressed about my situation all of a sudden. I feel like Im in panic mode for some reason and tears strolling down my face as I type this, and totally regretting everything now!! Only got those memberships for hopes of having CC's with them. Thats riduculous, especially with my profile.

Closed Loft, 76 gas, and Buckle

I said I closed these awhile back, but never actually mailed the requests off, well today I did. ( I like to send actual paper requests for stuff like that).

Ill keep reevaluating every couple of months my store cards, and close 1-2, as I see fit, and how they incorporate in my life, and if I even really use them. I dont need them for cushion, since I PIF, and always have a 1% reporting.

Im just very overwhelmed right now, and I think its all hitting me hard. Im not the type of person to go out and get 20 CC in a matter of less than 2 months, but I did! Ive put a halt to it, and Im gonna be taking some time away from here too, Im just a little fragile right now.

Re: And so it begins...Ive got too much

Anonymous — Tue, 07 Apr 2015 03:59:32 GMT

I am glad to see you take action.

Re: And so it begins...Ive got too much

Anonymous — Tue, 07 Apr 2015 04:01:08 GMT

1st step is realizing you have a problem, second step is taking action. You're on your way. Don't let the haters keep you down. You have support here. Best of luck to you.

Re: And so it begins...Ive got too much

TrulyyBlessed — Tue, 07 Apr 2015 04:28:02 GMT

@pizza1 wrote:
Called today and closed out DCU and NASA memberships. Trying to keep up with 4 banks and 32 CC's is too much.

Im completely overwhelmed, and depressed about my situation all of a sudden. I feel like Im in panic mode for some reason and tears strolling down my face as I type this, and totally regretting everything now!! Only got those memberships for hopes of having CC's with them. Thats riduculous, especially with my profile.

Closed Loft, 76 gas, and Buckle
I said I closed these awhile back, but never actually mailed the requests off, well today I did. ( I like to send actual paper requests for stuff like that).

Ill keep reevaluating every couple of months my store cards, and close 1-2, as I see fit, and how they incorporate in my life, and if I even really use them. I dont need them for cushion, since I PIF, and always have a 1% reporting.

Im just very overwhelmed right now, and I think its all hitting me hard. Im not the type of person to go out and get 20 CC in a matter of less than 2 months, but I did! Ive put a halt to it, and Im gonna be taking some time away from here too, Im just a little fragile right now.

Many individuals (including myself) have applied for something they did not need. Don't beat yourself up about it. You only have 1% utilization so you are handling your situation well; however, I'm glad you recognized you have an issue and you are taking the steps necessary to resolve it. There is nothing wrong with taking a break from the forum. I wish you the best of luck!

Re: And so it begins...Ive got too much

Zorasmiles — Tue, 07 Apr 2015 04:33:57 GMT

Don't beat yourself up Laura. You will have a year or two to figure out what you wantn to keep and what you want to get rid of. You're a fighter, I will let you have this one moment of weakness but don't let it happen again!! Messing up my euphoria from Duke winning the national championship!

Re: And so it begins...Ive got too much

Anonymous — Tue, 07 Apr 2015 04:39:05 GMT

Good luck to ya. Don't take this the wrong way, but you seriously need to stay the hell away from this forum, take few months off, use your sign up bonus points for free vacay, wait... you have a trip to mexico coming soon, right? go on vacation and don't think about any credit cards, not even about closing store credit, clear your head and enjoy life.

when you come back home from awesome vacation, then carefully plan ahead on your credit journey, close any useless cards.

you've done very well at getting tons of credits after your BK, but it was done in very aggressive and wreckless manner, but the damage is done and only thing you can do is work wth what you have and you'll raise your credit scores in the future, just imagine your credit scores over 800s and getting approved for Ritz Carlton card.

p.s : don't make me drag your ass to "Red mini stapler's rehab facility for credit card app addicts", because it really does exist, in two convenient locations in california.

Re: And so it begins...Ive got too much

pizza1 — Tue, 07 Apr 2015 04:47:30 GMT

I will occasionally post something if needed, like meeting bonus spends or something like that, where it might be beneficial to someone else to hear. At least for awhile..... Thanks

Re: And so it begins...Ive got too much

NRB525 — Tue, 07 Apr 2015 04:51:10 GMT

32 cards can seem overwhelming, but most of those do not have any balances, correct?

While it may seem stressful right now, in these situations (whether considering a new app or considering closing a card) it is best to sleep on it and then come back to the decision in a few days. The cards will wait a few days or weeks for a decision, and this may be a passing temporary stress moment. After the dopamine rush of all the apps the last few months, this may be expected: A form of "buyers remorse". Try to keep a level head about it all.

Glad to hear you mailed the closure letters. I too prefer to use snail mail to send such letters, because they take some time to write, print, envelope, put the stamp on, then when they drop in the USPS slot, they are done. No looking back on those, and the process of writing the letter is a good stretch of time to be sure you want to really close the card.

My suggestion the other day to look at one store card for closure every few months, the reason for that is it keeps you from over doing it; closing cards just to meet some fast quota you feel pressured to meet. You have to think about which one goes into the skeet trap next, and only one at a time.... Pull!... Bam!

Good luck!

Re: And so it begins...Ive got too much

Anonymous — Tue, 07 Apr 2015 04:51:34 GMT

First, don't worry. You're doing the right thing. Worrying won't help, just make you feel worse. I have 18 & plan of cutting out the ones I really don't like & maybe getting a couple new ones down the road. I do have all of them on auto pay just in case. Stay strong & great going!

Re: And so it begins...Ive got too much

Anonymous — Tue, 07 Apr 2015 05:04:31 GMT

Aww its ok Don't cry. We've all made a few mistakes dealing with this crazy world of credit I'm sure. At least you recognize where you went wrong. I only have 7 cards and I'm already wondering how to narrow them down to 4 next year. Not everyone is meant to have and keep up with a ton of cards. Nothing wrong with it. If you need a break take all the time you need. myFICO isn't going anywhere. Past is over, no point in dwelling on it now. Create a better plan for the future. Thats all you can do.

Good luck!

Re: And so it begins...Ive got too much

Aarvard — Tue, 07 Apr 2015 05:19:50 GMT

You are panic, so the Credit Card Holocaust begins

Glad that you put a halt to this credit addiction, but I'm gonna miss your approvals post, pizza

Re: And so it begins...Ive got too much

FinStar — Tue, 07 Apr 2015 05:26:10 GMT

@Anonymous wrote:
Aww its ok Don't cry. We've all made a few mistakes dealing with this crazy world of credit I'm sure. At least you recognize where you went wrong. I only have 7 cards and I'm already wondering how to narrow them down to 4 next year. Not everyone is meant to have and keep up with a ton of cards. Nothing wrong with it. If you need a break take all the time you need. myFICO isn't going anywhere. Past is over, no point in dwelling on it now. Create a better plan for the future. Thats all you can do.
Good luck!

Thanks for all your contributions Pizza...errr... Laura No one is perfect in this world. The beauty about it, is we all learn from each other, and I'm fairly certain you have helped many on your journey.

Re: And so it begins...Ive got too much

northface28 — Tue, 07 Apr 2015 05:56:20 GMT

@Anonymous wrote:
1st step is realizing you have a problem, second step is taking action. You're on your way. Don't let the haters keep you down. You have support here. Best of luck to you.

I have a fundamental issue with this statement. Do you even know what "hating" is? Im going to guess no. No one was hating or "keeping" her down. She was told what she realized on her own today. Some more frank than others. She has "support" here? Come off it, she had enablers here.

I digress, im glad Pizza looked in the mirror and decided to take action, big applause from me.

Re: And so it begins...Ive got too much

Anonymous — Tue, 07 Apr 2015 06:42:28 GMT

@pizza1 wrote:
\Trying to keep up with 4 banks and 32 CC's is too much.

LoL. You only have 32 CC's + 4 banks.

I have 70 CC's and over 12 Banks/CU's... if anything I should be worrying But I'm not because I don't even think about those accounts for the most part.

The CU's I joined, it's $5 sitting there...whatever.

You know how I deal with the 70 CC's? I just don't.

I have 65 of the cards in my "sock drawer" and I have never used most of them and probably never will. I don't let them waste my time or thoughts.

They cost me nothing except a little space in my drawer .. and they're building my credit while sitting in my closet

I started at a 480 score...today I'm sitting on 750-775 depending on the time of the month. My most recent card was a 30K Venture and I just got my 25K AMEX before that. And yes, I probably have 20+ toy limit store cards in the <$300 range. All told, I have approx 50 store cards with the lowest being a $100 JCPenney and the highest being a Lowe's $17K.

Believe me, 32 accounts is nothing... more accounts is a great thing, you have nothing to worry about because you did a great job.

Re: And so it begins...Ive got too much

happypill — Tue, 07 Apr 2015 07:03:15 GMT

You might feel less overwhelmed if you formulate a plan. I'd suggest taking the cards that don't have AF where you don't have minimum spend requirements and literally putting them in your sock drawer. Just put them away and don't worry about them any more. Then, take a look at the cards where you have minimum spend requirement ments and consider which ones you can make comfortably and which ones are a challenge. Set those aside and don't worry about them. Finally, review any accounts where you have AF, consider 1 or 2 that you want to keep and proceed with closing the rest. You can make the decision to close and just set a reminder on your calendar to close a month before the next AF hits.

Your end result should be a few cards that you'll actually use over the next few months and whatever else you have is in your sock drawer and not on your mind. Of course, you know better than to run up balances that you can't pay off, so if you avoid that you should feel better soon.

Re: And so it begins...Ive got too much

Kostya1992 — Tue, 07 Apr 2015 07:27:15 GMT

Pizza1 just find some new hobbies and you will have a much better time staying away from credit.

Re: And so it begins...Ive got too much

Erusidhion — Tue, 07 Apr 2015 07:36:09 GMT

I am sorry to hear that Pizza. I believe I felt the same way after I applied for all my credit cards but at that point I didn't have a spreadsheet. I use a spreadhsheet now on Google and I write in the card name, balance (checked daily), due date, statement date, credit limit and whether it's been used and/or paid for the month. Do you have a spreadsheet setup to keep track of all of this information? I think this will calm you down 100% if you just have one entire view of everything and take your time to review all your credit card/bank balances on a daily basis.

I also have my monthly bills that I have to pay listed with amounts, due dates etc. If you do this I guarantee you should start to feel a little relieved and less overwhelemed about everything. As it stands right now I'm also in your shoes. I got a Wells Fargo account, Suncoast Credit Union, NASA FCU, DCU and Bank of America (savings). I will drop them all for DCU in February of 2016.

Just re-evaluate everything slowly and take your time in making decisions when you close a card. It gets better. I'm not overwhelmed anymore because I track everything; even if it takes 15-25 minutes to quickly go through all my accounts. It also helps prevent you from missing charges when you compare today's balance to yesterday's balance in the spreadsheets. Good luck and we're always here for you!

Re: And so it begins...Ive got too much

Bman70 — Tue, 07 Apr 2015 08:23:59 GMT

I don't know, but 130k in available credit less than 2 years from BK is highly impressive. In 2 years all those inquiries will be gone and you'll have some nicely aged accounts. I don't see a huge downside.

Re: And so it begins...Ive got too much

Anonymous — Tue, 07 Apr 2015 10:38:42 GMT

@pizza1 wrote:
Called today and closed out DCU and NASA memberships. Trying to keep up with 4 banks and 32 CC's is too much.

Im completely overwhelmed, and depressed about my situation all of a sudden. I feel like Im in panic mode for some reason and tears strolling down my face as I type this, and totally regretting everything now!! Only got those memberships for hopes of having CC's with them. Thats riduculous, especially with my profile.

Closed Loft, 76 gas, and Buckle
I said I closed these awhile back, but never actually mailed the requests off, well today I did. ( I like to send actual paper requests for stuff like that).

Ill keep reevaluating every couple of months my store cards, and close 1-2, as I see fit, and how they incorporate in my life, and if I even really use them. I dont need them for cushion, since I PIF, and always have a 1% reporting.

Im just very overwhelmed right now, and I think its all hitting me hard. Im not the type of person to go out and get 20 CC in a matter of less than 2 months, but I did! Ive put a halt to it, and Im gonna be taking some time away from here too, Im just a little fragile right now.

Just take a breath, my friend. You've been going through a lot lately. This really isn't that bad.

Take a few days and relax. If you can go on vacation, even better. You sound like you're burning out, which may or may not be related to this site. After a week off, then you can figure out what you want to do next. You don't have to keep up with every card. You can load them into Wallaby or something similar, and use that to let you know which card to use everywhere. Then, if you don't use a card after a couple months, either SD it or close it.

Whatever you decide, I wish you luck. If you need to take some time away, you should definitely do so. As they say, you are the master of your own fortune.

Re: And so it begins...Ive got too much

TheGardner — Tue, 07 Apr 2015 11:33:28 GMT

With the convo with a UW thread we learned store cards hold you back. I would close out a good dozen of them and bank those positive TLs. They will no longer affect you unfavorably and still add to your AAoA. In 2 years, when HPs all fall off, you will be in great position for better cards and limits.

I dont see the use in hoarding a bunch of low limit store cards that may never be used or used on wasteful spending just to put use on them. I know several will disagree and collecting cards is somewhat of a hobby but they just aren't useable unless you PIF before statement cuts otherwise it's maxed out!