topic Re: down to 5 in Credit Cards

down to 5

Anonymous — Tue, 28 Apr 2015 06:16:24 GMT

I know the goal of most here is to obtain more credit and better perks, but for me it is the reverse. Although I have been tempted to get more cards and higher lines I have decided to close unneeded accounts and keep my use to a bare minimum. I closed another starter card with a $35 AF and $1K no frills CL today (less than 3 years old). I closed two Cap 1 cards after getting a 10K 15.1% NFCU cash rewards and $5K (now $7K) CSP in January. I also have a small CL freedom, amazon rewards and a senior AMEX gold backdated to 1991 (only 2 years old in real time). I took advantage of the CSP bonus and paid for a trip. I use the freedom for the 5% back and pay it off as soon as I use it. The Amazon is for small amazon.com purchases and gas. AMEX is for backdating and car repairs. NFCU is for bigger expenses. CSP is for dining and travel (may PC or cancel it before one year is up and transfer the credit line to another chase card). I am resisting temptation to overspend again like I have in the past. I'm 54, living on $50K fixed income and have a $115K HELOC to pay for the rest of my life. My credit is maxed, so to speak. I have enough credit to cover emergencies like car repairs and trips to visit family. I might rent a house for myself and my dying mother, so that is where my energies lie at the moment. I have a government-appointed payee to handle my VA check and she's holding $8K in savings that can be used for the move. Getting more credit cards is just not productive. I have had it all and blew it. My 46 late payments, settlements and $115K debt are testimonies to my ill use of credit. Now having gone through gambling addiction treatment (8 months clean now) and continuing with therapy, I am taking advice as to how to handle money. Getting rid of credit cards has been tough, like stopping gambling. They are intertwined. The thrill of getting approved for credit is like hitting the lottery for some, isn't it? Surviving financial disasters and winding up with credit again has been a victory of sorts, but I must move on.

I have been on this forum often since getting the CSP preapproval in December. It has been kind of a replacement for sitting in front of slot machines without losing. I've come out a winner here. I have learned a lot about credit and the folks who use it. Still, I am an addict and need to find something more constructive to do. I'm too old and poor to play the credit game. I hope my experience can be of benefit. I will still be tempted and will wander in and out but life continues to evolve. I'm glad I have some credit but can't be one of the group who has tons of cards and a shiny credit score. My recovery, health and fiscal responsibility are more important than a perk on a high-spend card like CSP was. I'll have to pass on the citi offers and the other cards, at least for today. Thanks to all, especially Nixon and creditaddict. Best wishes.

Re: down to 5

Anonymous — Wed, 29 Apr 2015 04:46:45 GMT

Yes. I am glad that you are curtailing your gambling addiction. For a long time, I just had one secured card from capital one. Then I applied for another secured card a year aND a half later after being turned down for a couple of credit cards. Then I cleaned up some items on my credit report and some of the collections fell off. That was when I was approved for quicksilver. I still left the secured cards open, but then I started applying for more and I got two more. Then 6 months later I got the Walmart card and amazon card. Then I said, wait....I don't need all of these high interesr cards so I closed both of my secured cards. So I downsized by 2. Wish I could get rid of the the two subprime cards I have but I have a fear that I will not be able to get more credit anytime soon so I went from one card to 7 in less than a year and now I'm down to 5.

Gambling can be a major problem because who doesn't like to win money with the roll of a dice. Congratulations on facing reality. Good luck with your future.

Re: down to 5

takeshi74 — Wed, 29 Apr 2015 13:18:03 GMT

Each has to do what works for the individual. Never assume that the popularity of a topic on any discussion forum site means that everyone should go along with whatever happens to be the pouplar topic. Popular is just popular and what is best suited to the individual may be entirely different.

Re: down to 5

kdm31091 — Wed, 29 Apr 2015 13:26:10 GMT

Congrats on your for simplfying. I also prefer less cards, and will be paring down to 4 sooner or later.

The goal is not always "more cards and better perks". Although that is a popular mantra here, not everyone wants more more more. As takeshi said, don't rely on the popularity of something on a forum. While it works for some to have 20 cards, for others it's total overkill. It's definitely YMMV. This is also the Internet, where anyone can say whatever they like. Some could say they have certain cards when in fact they do not. So you need to take things with a grain of salt and do what works for you

I'm surprised Nixon of all people was the one who encouraged you to simplify as he is usually one for many cards/bonuses, but whoever did it, I'm glad they helped you out. I'm also glad you are stopping your gambling addiction. That can be so destructive.

Re: down to 5

Anonymous — Wed, 29 Apr 2015 13:28:59 GMT

analog9, I wish you the best in strength and happiness in your journey. You certainly have your priorities set right in what you are focusing on.

I made a similar statement in another thread but you are correct, apping is absolutely addicting. I have recognized this in myself and will be closing some of my cards in the future when I can do so safely without risking AA or such.

I hope your journey remains sound and peaceful.

Re: down to 5

Anonymous — Wed, 29 Apr 2015 13:29:55 GMT

@Anonymous wrote:
I know the goal of most here is to obtain more credit and better perks, but for me it is the reverse. Although I have been tempted to get more cards and higher lines I have decided to close unneeded accounts and keep my use to a bare minimum. I closed another starter card with a $35 AF and $1K no frills CL today (less than 3 years old). I closed two Cap 1 cards after getting a 10K 15.1% NFCU cash rewards and $5K (now $7K) CSP in January. I also have a small CL freedom, amazon rewards and a senior AMEX gold backdated to 1991 (only 2 years old in real time). I took advantage of the CSP bonus and paid for a trip. I use the freedom for the 5% back and pay it off as soon as I use it. The Amazon is for small amazon.com purchases and gas. AMEX is for backdating and car repairs. NFCU is for bigger expenses. CSP is for dining and travel (may PC or cancel it before one year is up and transfer the credit line to another chase card). I am resisting temptation to overspend again like I have in the past. I'm 54, living on $50K fixed income and have a $115K HELOC to pay for the rest of my life. My credit is maxed, so to speak. I have enough credit to cover emergencies like car repairs and trips to visit family. I might rent a house for myself and my dying mother, so that is where my energies lie at the moment. I have a government-appointed payee to handle my VA check and she's holding $8K in savings that can be used for the move. Getting more credit cards is just not productive. I have had it all and blew it. My 46 late payments, settlements and $115K debt are testimonies to my ill use of credit. Now having gone through gambling addiction treatment (8 months clean now) and continuing with therapy, I am taking advice as to how to handle money. Getting rid of credit cards has been tough, like stopping gambling. They are intertwined. The thrill of getting approved for credit is like hitting the lottery for some, isn't it? Surviving financial disasters and winding up with credit again has been a victory of sorts, but I must move on.

I have been on this forum often since getting the CSP preapproval in December. It has been kind of a replacement for sitting in front of slot machines without losing. I've come out a winner here. I have learned a lot about credit and the folks who use it. Still, I am an addict and need to find something more constructive to do. I'm too old and poor to play the credit game. I hope my experience can be of benefit. I will still be tempted and will wander in and out but life continues to evolve. I'm glad I have some credit but can't be one of the group who has tons of cards and a shiny credit score. My recovery, health and fiscal responsibility are more important than a perk on a high-spend card like CSP was. I'll have to pass on the citi offers and the other cards, at least for today. Thanks to all, especially Nixon and creditaddict. Best wishes.

I think you're doing exactly the right thing. You're closing cards that you don't have a use for anymore. If you think a card isn't good for your lifestyle, you should close it.

Good luck, OP!

Re: down to 5

kdm31091 — Wed, 29 Apr 2015 13:30:23 GMT

Credit addiction and gambling addiction are really very similar. Like I always say, this site hurts some and helps some. Some people can't take this site without falling into a spiral of apping, apping apping and credit becomes like a game to them. Like a slot machine. It's not good or healthy and I'm glad OP realized it.

Re: down to 5

Anonymous — Wed, 29 Apr 2015 14:45:51 GMT

Hi. Thanks for the responses. As far as those I thanked, I just got a kick out of their inputs. I did get better cards with their help and was able to cancel lesser accounts. They did not encourage me to simplify. Another issue I have is buying things I don't need. I thought about getting a 0% intro interest CC for a clarinet purchase. I don't need it but am fighting the urge to buy it. I will try to resist and stick to my plan. I have cash in the bank to pay for it but could use the money for other things. The 0% int card would give me more flexibility but would go against my post. RESIST!

Re: down to 5

travisr0 — Wed, 29 Apr 2015 15:24:33 GMT

Good for you man, While I do like quality cards, I have paired a few down myself and now at 6 cards and I feel much better in doing so. I got rid of Barclay, USAA, and a Store card. All three had high limits but with my current ones still over 130K available. Sometimes easier just keep improving the ones you got if it meets your rewards and spending needs.

Re: down to 5

jim44 — Wed, 29 Apr 2015 15:24:39 GMT

Well done Analog! I inherited a house in my 30s and decided to install a pool and remodel the whole place. I started out by apping for store cards like HD and Lowes to buy materials under their "no interest, no payments' promotions. When those came due I used 0% and low rate BT cards. When those maxed, I refied my house with the mortgage getting bigger with each refi. Then I took out a HELOC to buy a classic car. The last straw was buying a condo in the boom with no money down. When the bottom dropped out I had no choice but to short sell and file BK My wake up came with BK and the managing credit course I was required to take online. Never realized until that point that all those high CLs and promotional cards can get you in deep without ever realizing until it's too late. Towards the end I was making my HELOC payment with credit cards and my mortgage payment with my retirement.

It scares me sometimes when I read the BK section on how some try for credit during BK and right after. Ready to jump into the fire right away.

Your post took courage and hopefully it will inspire others to be careful about credit..... and remember, you're never too OLD!

Re: down to 5

Anonymous — Wed, 29 Apr 2015 15:29:06 GMT

Good for you for facing all of this amidst taking care of your mother. The stress of that must defintiely add to the addiction and need of that instant gratification. You say you are too old and too poor, but I honestly think the opposite. You can never be too old or too poor to start something meaningful that does not cost. There are so many things and experiences that you can do! Getting rid of cards/items that you do not need is a big start. I wish you the best!

Re: down to 5

Anonymous — Wed, 29 Apr 2015 15:37:58 GMT

The ideal scenario for a purchase like that is to put it on a credit card, and have the cash to pay the card off soon enough.

Personally I've never seen the need for more than a few cards. My list starting out was long, 10-15 cards, then you start calculating what spending you actually do, how much goes to gas and groceries, how much goes towards bills, and how much goes toward other things like dining out, department stores, that kind of thing. Then I decided that I didn't need more than 10 cards, and in fact didn't need more than 4-5. I have Chase Freedom, Walmart and Care Credit, of those Chase and Care Credit are probably the keepers. I have a banking relationship with Chase and hope to have a CSP soon enough to go with the Freedom, and Care Credit is useful for medical bills that insurance didn't cover, and that otherwise would be in collections right now. On top of those I can think of 3-4 other cards that would be useful for my level of spending. Those will come soon enough. First I have to work on scores and old collections (some falling off this year, some I could probably PFD since they're medical).

Re: down to 5

Anonymous — Wed, 29 Apr 2015 16:32:56 GMT

I do feel the same. The lesser the better and I prefer the quality over Quantity and I apply only for high CB or Perks cards. you can check my siggy to refer for what I am talking about

@Anonymous wrote:
I know the goal of most here is to obtain more credit and better perks, but for me it is the reverse.

Re: down to 5

Anonymous — Wed, 29 Apr 2015 16:57:04 GMT

Yes credit is like a game. See how many you can collect. I'm glad your situation is getting better.

Re: down to 5

kdm31091 — Wed, 29 Apr 2015 22:41:46 GMT

@Anonymous wrote:
Yes credit is like a game. See how many you can collect. I'm glad your situation is getting better.

I won't tell anyone what to do but this mentality can be dangerous.