topic Re: Too Many Cards - Now what? :D in Credit Cards

Too Many Cards - Now what? :D

Anonymous — Fri, 19 Aug 2016 12:11:36 GMT

So especially to all of our veterans MYFICO folks - so now you have all these cards and all these large limits... do you use them? are you able to use all your cards? do you cycle them? I find myself overwhelmed, and I'm trying to use them for couple of charges here and there and then pay it off so I dont forget then just leave them at home. Specially the store cards, let alone the really small credit... I am thinking the smaller the limit is the more I should use it so I can get it to up my limit but I just dont even feel like fooling with it?

Mere example I signed up for secured credit with Discover and thank goodness only for $300 I was going to put $3000 bujt now I find myself never using the card because of such low limit that if I buy anything I'm already at 10%-20% of its limit which I dont like....

Anyway, your thoughts and advice are greatly appreciated as always!

Re: Too Many Cards - Now what? :D

driftless — Fri, 19 Aug 2016 12:19:58 GMT

I would close the cards that you do not use. Closing cards is a natural part of the rebuilding process. Only keep the number of cards that you are comfortable with, you should not feel overwhelmed by your credit cards.

Re: Too Many Cards - Now what? :D

kdm31091 — Fri, 19 Aug 2016 12:22:18 GMT

It happens a lot; early in the credit world people tend to apply for a lot of cards and later find that it is overwhelming for them.

I would close whichever cards don't suit you. I echo the above comment that there is no reason to feel overwhelmed by your credit cards. You're in control. If it's too many for you then close them.

Re: Too Many Cards - Now what? :D

irunfromcredit — Fri, 19 Aug 2016 12:23:48 GMT

@Anonymous wrote:
So especially to all of our veterans MYFICO folks - so now you have all these cards and all these large limits... do you use them? are you able to use all your cards? do you cycle them? I find myself overwhelmed, and I'm trying to use them for couple of charges here and there and then pay it off so I dont forget then just leave them at home. Specially the store cards, let alone the really small credit... I am thinking the smaller the limit is the more I should use it so I can get it to up my limit but I just dont even feel like fooling with it?

Mere example I signed up for secured credit with Discover and thank goodness only for $300 I was going to put $3000 bujt now I find myself never using the card because of such low limit that if I buy anything I'm already at 10%-20% of its limit which I dont like....

Anyway, your thoughts and advice are greatly appreciated as always!

I am still pretty new to the "credit game," but I tend to cycle through my cards. I also keep a spreadsheet to help me stay organized. For the smaller limit cards, I usually just put a recurring charge on it like my netflix or gym membership, that way there is always activitiy. One thing you may want to consider though, is closing out the store cards and smaller limit cards if they no longer become useful for you. I have closed out all the retail cards that are no longer useful to me, and I am pretty happy with the limits on my major cc's. But I have started to close out the cc's that have higher APR's, and maybe that's another thing to consider with your cards. I do pay in full for all my cards, but I guess my ego can't take the higher APR's knowing that I have cards with considerably lower rates. LOL Good luck!

Re: Too Many Cards - Now what? :D

Anonymous — Fri, 19 Aug 2016 12:48:53 GMT

Thanks all for your great advices! I like all the cards that I applied. Except I wish I could utilize it more because of their limit it's what prevent me from even dealing with it... I have seen where the limit goes up later on I guess I'm also impatient lol! If ever I really just want to close Lowe's and Discover since both are at $300. If I had gottent he $15,000 +++ at Lowe's I'll use it more to remodel our house, but I guess I'll either keep it around or try to apply for it again later down the road? what do you guys suggest? The Discover is a secure card and I think I really dont need a secure card, I'll just close that one since it's not really helping my cause now that I have some CL that's well over $15,000 and I know I wont use the Discover... hopefully when they can give me some big girl's credit then I can just open one of their regular ones.

Again, thanks everyone!

Re: Too Many Cards - Now what? :D

SouthJamaica — Fri, 19 Aug 2016 12:50:59 GMT

@driftless wrote:
I would close the cards that you do not use. Closing cards is a natural part of the rebuilding process. Only keep the number of cards that you are comfortable with, you should not feel overwhelmed by your credit cards.

Re: Too Many Cards - Now what? :D

takeshi74 — Fri, 19 Aug 2016 13:01:40 GMT

@Anonymous wrote:
Re: Too Many Cards - Now what?

Start pruning.

And carefully consider new applications in future. Don't just get swept up in the excitement of applying. You need to consider what you can reasonably manage. You need to consider what specific purpose each of your cards serves and how well they suit you. Spend more time researching, running the numbers for your spend, etc.

@Anonymous wrote:
So especially to all of our veterans MYFICO folks - so now you have all these cards and all these large limits... do you use them? are you able to use all your cards?

You don't want to use all your cards and charge up to your limits. That's why the suggestion for optimizing revolving utilization is to allow only one balance to report at a very low percentage if one is looking to eke out additional points when applying for new credit.

Also spend time educating yourself about credit so you can maintain your accounts in way to improve and keep your credit profile in good shape.

@Anonymous wrote:
Specially the store cards, let alone the really small credit... I am thinking the smaller the limit is the more I should use it so I can get it to up my limit but I just dont even feel like fooling with it?

Then why would you mess with it? Dont' get caught up in the popular obsession of increasing limits just for the sake of increasing limits. Always start with what you need/want and then find solutions that fit your requirements. What are you specfically looking to accomplish and how do higher limits on cards that are useless to you going to help get you there?

In any case, don't rely on the usage meme. It is not just about usage. It is never even just about the one account itself. Your credit profile and income determine the limits and CLI's that you qualify for.

Re: Too Many Cards - Now what? :D

AverageJoesCredit — Fri, 19 Aug 2016 12:59:46 GMT

With the Lowes, have you tried calling Credit Solutions? Ive seen plenty of people here get approved for $300 , call and get that over 10,000 in one call. Sometimes they dont approve,depending on profile but im sure if you buy a thing or 2, show a bit of history for a month or two, you call again they can approve then. Thats a card that we know has big pitential to grow. Your Discover at least should graduate and after it does is also a card with potential to grow. So it is up to you in the end but with some time snd patience, you may well be able to boast about big limit cards that started at basically nothing just my $0.03

Re: Too Many Cards - Now what? :D

Anonymous — Fri, 19 Aug 2016 13:21:10 GMT

@takeshi74 wrote:
@Anonymous wrote:
Re: Too Many Cards - Now what?
Start pruning.

And carefully consider new applications in future. Don't just get swept up in the excitement of applying. You need to consider what you can reasonably manage. You need to consider what specific purpose each of your cards serves and how well they suit you. Spend more time researching, running the numbers for your spend, etc.

@Anonymous wrote:
So especially to all of our veterans MYFICO folks - so now you have all these cards and all these large limits... do you use them? are you able to use all your cards?
You don't want to use all your cards and charge up to your limits. That's why the suggestion for optimizing revolving utilization is to allow only one balance to report at a very low percentage if one is looking to eke out additional points when applying for new credit.

Also spend time educating yourself about credit so you can maintain your accounts in way to improve and keep your credit profile in good shape.

@Anonymous wrote:
Specially the store cards, let alone the really small credit... I am thinking the smaller the limit is the more I should use it so I can get it to up my limit but I just dont even feel like fooling with it?
Then why would you mess with it? Dont' get caught up in the popular obsession of increasing limits just for the sake of increasing limits. Always start with what you need/want and then find solutions that fit your requirements. What are you specfically looking to accomplish and how do higher limits on cards that are useless to you going to help get you there?

In any case, don't rely on the usage meme. It is not just about usage. It is never even just about the one account itself. Your credit profile and income determine the limits and CLI's that you qualify for.

@Anonymous makes perfect sense... I dont use my cards specially to its limit, at one point when my first card was Cap 1 @ $1,000 limit I used it up and paid it off as soon as it hits my balance. I use the card for it's benefits and rewards, and not because I get the 30 days grace or how long before you have to pay it. Right now I just pay it off before statement cuts but I dont do multiple payments, because my money still makes money the longer it stays in the bank.

I just close my Discover Chrome IT, I really dont see that growing and getting any use. When and IF Discover decided to take me in then I hope at that time I will have a better and stronger profile that I dont need a card to be secured.

I will keep Lowes and try to grow it since I had see a lot of great posibilities of this card from this forum.

Chase has been such a pain in the neck, they approved me for Freedom Unlimited and rescind the offer and told me that it was fraudulent application this was after they pulled my report from 3 bureas! so I'm also thinking of closing my Amazon Chase ($500CL) to just cut our relationship all together. We'll see I guess... its just very easy to use because I bank with them that as soon as the balance reflects I can pay it right off my checking with them.

Anyway, all these advises are taken to consideration and this is why I luv luv this forum! Everyone has something great to say! Thanks!

Re: Too Many Cards - Now what? :D

grillandwinemaster — Fri, 19 Aug 2016 14:51:05 GMT

With not one, not two, but THREE Amex cards plus a Cap 1, why would you ever consider a secured credit card With anybody?? Including Discover? Close, close, close!

Re: Too Many Cards - Now what? :D

Anonymous — Fri, 19 Aug 2016 17:47:52 GMT

Absolutely close the ones you don't need if you're feeling pressured to spend on them to keep them active.

Re: Too Many Cards - Now what? :D

Anonymous — Fri, 19 Aug 2016 20:13:26 GMT

I would get rid of the low limit secured card

Re: Too Many Cards - Now what? :D

Anonymous — Fri, 19 Aug 2016 20:45:20 GMT

Close cards that no longer serve their purpose

Re: Too Many Cards - Now what? :D

CreditUnionFan — Sat, 20 Aug 2016 01:48:54 GMT

@Anonymous wrote:
So especially to all of our veterans MYFICO folks - so now you have all these cards and all these large limits... do you use them? are you able to use all your cards? do you cycle them? I find myself overwhelmed, and I'm trying to use them for couple of charges here and there and then pay it off so I dont forget then just leave them at home. Specially the store cards, let alone the really small credit... I am thinking the smaller the limit is the more I should use it so I can get it to up my limit but I just dont even feel like fooling with it?

Mere example I signed up for secured credit with Discover and thank goodness only for $300 I was going to put $3000 bujt now I find myself never using the card because of such low limit that if I buy anything I'm already at 10%-20% of its limit which I dont like....

Anyway, your thoughts and advice are greatly appreciated as always!

I have quite a few credit cards. To make it easier to track them, I note the date and amounts due when the statements are received. I also keep a spreadsheet where I track the due dates on one tab, and the statement dates on the second tab, in a calendar-like form. (three sets rows with ten days as columns running from left to right)

With many issuers they want to see regular activity, and many want to see that there is a chance you may spend more with a higher credit limit. You don't necessarily have to let the balance post on the statement... A few years when I had smaller limits I'd use the card and pay very quickly to make the utilization not show up on the credit report.

Re: Too Many Cards - Now what? :D

Anonymous — Sat, 20 Aug 2016 09:20:23 GMT

Hi friends

THank you all for your feedbacks! I can always count on you!!!

I decided to close Discover Secured Card - I really have not used it. I think down the road in 6 months or a year when most of my inquiries are gone and established history with the rest of the ones I have, I can get a better starting limit with them.

The cards I have now is just right - My wish list is to get 1 NFCU card and another PINK Discover in a year or two. I really thought I would get an NFCU even a $500 limit with my 703 TU and after they gave me the full $15K PLOC I guess we really can't say how they work with their numbers. I also really want to get the Citi Costco but it seems like Citi doesnt like me at all ... oh well if they dont like me, I dont have to like them either

I do have a calendar and a spreadsheet of all my limits, current balance, statement cuts and due date and reporting date lol - I check it religously and pay them off 2 days before statement cuts just in case my payment doesnt post soon enough. Specially with CAP 1 not sure whats with them but all my payments from $50 - $1000 are put on 5 days hold all the time. It gets really frustrating.

Lowes rejected me for CLI - too new and no history established with this credit limit.. well, I think I'm buying $300 Lowes gift card 3x.. we need a new garage and its $1200, I want to take advantage of the 5% so I figure I'll buy a gift card for the max of my car $300 and as soon as it hits my balance I'll pay it off... might take about 2 weeks but I think they will definitely see some action on it just this month. We are buying the item anyway might as well take advantage of what the card supposed to do!

Re: Too Many Cards - Now what? :D

805orbust — Sat, 20 Aug 2016 12:57:44 GMT

Lowes is definitely a keeper imho. Spreadsheet fan here as well. Perhaps the best thing to do is take a deep breath, smell the roses in the garden for 6 months or so, grow your current limits, and then plan the next steps. It seems like you're on the right track, just gotta let some time pass :-)

Re: Too Many Cards - Now what? :D

805orbust — Sat, 20 Aug 2016 12:58:43 GMT

Oh, and btw, if you EVER want a cli from Lowes, make sure to do it either thru online chat, or on the phone.

Re: Too Many Cards - Now what? :D

jamesdwi — Sat, 20 Aug 2016 21:44:22 GMT

Time to garden i would recomend at least 6 months if not a year,

the $500 AMEX card would be on the chopping block, absolutely if it had an AF with a zero AF it would still a consideration to close, if you didn't have a really good reason to keep it open, its new and the limit is tiny compared to AMEX standards, and it will take you more than a year to grow it to a decent limit. The chase card is your foot in the door. keep it use it once every 6 months if you shop at amazon use it PIF if possible they may give you auto-cli, i would advise against any HP CLI's on chase new app's after a year of history will usually get you better results and you can move CL around. But remember anytime a prime lender gives you a $500 CL. its sign, okay we let you in with card, but watch it, we don't trust you. Neiman Marcus should probably be placed in a sockdrawer and never used again, Lunch for 2 will easily make your UTL at 50%. Cufflinks could max it out ;-). Don't see much details about CLI chances without spending money, pick out a few grand in merchandise and have the cashier call in and get a CLI. Seems expensive to me. No i'm not a neiman marcus customer.

The rest look fine, after 4 months you can call credit solutions and get increases on Lowes and other Syncrony cards.

Re: Too Many Cards - Now what? :D

CreditUnionFan — Sat, 20 Aug 2016 22:24:22 GMT

True, Amex will usually only increase a credit line every 180 days, but when they do, it's a SP.
500 becomes 1500
1500 becomes 4500
4500 becomes 13500
18 months later, that could be a respectable credit line. Sometimes Amex will offer you a CLI automatically without asking based on purchase history. I received one this year after I asked and they said no, but then I started making larger purchases and received an email after a large purchase.

Re: Too Many Cards - Now what? :D

Anonymous — Sat, 20 Aug 2016 22:54:58 GMT

Hi James and Credit! Thank you on your input with AMEX... I did ALOT of research with AMEX and it's 3x increase so I'm quite familiar with that.

So I have BCP that has $5,000 limit and I plan to request the 3x increase on that after my 61 days which is next month... and if and when I get the $15,000, I'll try for another one in 6 months for $30,000. Then at that point both cards will be close to 13 months of which I will be able to move my limit and I'll just move $5,000 of it to BC and then 6 months again I'll try that BC to gain it's course to $25,000 too

Great advice! I do like Neiman Marcus and you are soo right I spend 1 moisturizer and its $250 so thats 33% of my limit already lol, but I just pay it in full and I get the bonus points, I want it to be high enough so I can get some Chanel purse $5,500 hehe and also get the points... coz I usually reward myself at least 1 purse a year and instead of putting it in a credit card I'd like to put it in Neiman Card and use the double points to get the $650 shoes from Louboutin lol! Bags and Shoes for this girl...