topic Re: My Available Credit Needs to Shed Some Weight!! in Credit Cards

My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:16:28 GMT

Well folks the time has come for me to shed some of my credit fat! My goal is to be more CU heavy. NASA has already denied me for too much credit. And SSFCU was only willing to give me a $4800 MC amd $1000 LOC for the same reason. Therefore before I app Penfed, re-app NASA and request clis at SSFCU my available credit needs to go on a diet!

INCOME: $70k
Available Credit: $252k

So, I will be closing the following cards. Tell me what you think.

Barclays Sallie Mae $11k
Lowe's $17k
Amazon $10k
Amex HHonors $25k(but apping Simply Cash which is hidden and transferring limit over )

That's $63k gone. Probably need to find some more here and there. But that's a start!

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:18:09 GMT

You don't need to cut your credit lines, you just need to make more money

Re: My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:20:26 GMT

Haha you are absolutely right! Wanna give me a job?

Re: My Available Credit Needs to Shed Some Weight!!

CH-7-Mission-Accomplished — Fri, 13 Nov 2015 22:23:35 GMT

Have you considered getting cards like Lowes and Amazon's limits slashed to say 1K? That way the cards could continue adding to your AAofA for many years to come and you would still greatly reduce available credit.

Just a thought.

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:24:30 GMT

@baller4life wrote:
Haha you are absolutely right! Wanna give me a job?

Sure, pack your bags and head to DC

Re: My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:28:14 GMT

@CH-7-Mission-Accomplished wrote:
Have you considered getting cards like Lowes and Amazon's limits slashed to say 1K? That way the cards could continue adding to your AAofA for many years to come and you would still greatly reduce available credit.

Just a thought.

Wasn't even aware that was an option. However closing them won't affect my AAOA for 10 yrs. I have a gang of cards older than they are though. So I should be OK. Thanks for the suggestion.

Re: My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:29:22 GMT

@Anonymous wrote:
@baller4life wrote:
Haha you are absolutely right! Wanna give me a job?
Sure, pack your bags and head to DC

DC? Ummm too cold for my blood!! I'm a Texan remember? Lol

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:29:33 GMT

i was thinking same thing. maybe have lowes at $1,500 and amazon closer to $500-$700 depending on spend. a $10k amazon card is bonkers. and the SM is only has $500 a month of 5% benefit since you have the amazon card so you can slash that down to a grand too.

Re: My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:35:38 GMT

But the majority of my cards are $10k+. Why would I slash cards down to $1000 and below just to keep them open? Those were my limits during rebuilding. I don't really want to go backwards. You feel me?

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:40:09 GMT

you're not going backwards. you're keeping an account but gaining what you want in the process while freeing up your credit. win win woman!

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:40:10 GMT

@Anonymous wrote:
You don't need to cut your credit lines, you just need to make more money

Now that is hilarious!

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:41:42 GMT

@baller4life wrote:
But the majority of my cards are $10k+. Why would I slash cards down to $1000 and below just to keep them open? Those were my limits during rebuilding. I don't really want to go backwards. You feel me?

I so get that!

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:44:09 GMT

Sounds like you are committed to your plan, baller! Good luck with choosing the cards you want to keep!

Re: My Available Credit Needs to Shed Some Weight!!

Anonymous — Fri, 13 Nov 2015 22:44:27 GMT

My only hesitation with that would be losing your SallieMae! A lot of us would kill to have one! Do you any of your other cards in your wallet offer rewards as good as the SM for gas/groceries?

Re: My Available Credit Needs to Shed Some Weight!!

FinStar — Fri, 13 Nov 2015 22:44:40 GMT

I'm going to work on a little strategy and see what we can come up with

Re: My Available Credit Needs to Shed Some Weight!!

kdm31091 — Fri, 13 Nov 2015 22:45:18 GMT

Slashing the limits could backfire, as it could appear that your creditors are taking AA on you. Remember your report will not differentiate who lowered the limit, just that it was lowered.

Id proceed with getting rid of cards you no longer find useful. Good luck

Re: My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:48:04 GMT

@Anonymous wrote:
My only hesitation with that would be losing your SallieMae! A lot of us would kill to have one! Do you any of your other cards in your wallet offer rewards as good as the SM for gas/groceries?

Yes Sam's MC and it's uncapped. Trust me I will NOT shed a tear closing Sallie Mae. Barclays and I are far from friends. Notice they are not even in my signature.

Re: My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:49:17 GMT

@FinStar wrote:
I'm going to work on a little strategy and see what we can come up with

Do tell my dear Finstar!

Re: My Available Credit Needs to Shed Some Weight!!

FinStar — Fri, 13 Nov 2015 22:49:56 GMT

Not necessarily. Reduced exposure is not the trigger for AA. If baller had a ton of utilization across the board or making minimum payments on her tradelines then I could see that maybe being the case.

There's hardly any anecdotal information that supports your claim. I've reduced tradelines and closed in excess of $50K in a brief period. No AA.

Re: My Available Credit Needs to Shed Some Weight!!

baller4life — Fri, 13 Nov 2015 22:50:00 GMT

@kdm31091 wrote:
Slashing the limits could backfire, as it could appear that your creditors are taking AA on you. Remember your report will not differentiate who lowered the limit, just that it was lowered.

Id proceed with getting rid of cards you no longer find useful. Good luck

Awesome point! Thanks!!