topic Re: Will I ever be satisfied..(another day, another CLI) in Credit Cards

Will I ever be satisfied..(another day, another CLI)

fltireguy — Sat, 24 Mar 2018 11:44:22 GMT

So, here I sit with 38 MC/Visa/Amex cards. CL’s from $500-$25000. (Plus a few store cards that go from $3000 - $16050) I swore that when my rebuild was complete, that I would quit applying for cards. But, I didn’t. I swore that I would close the low CL cards. But, I didn’t. (Well I did close a few, including Barclays when they AA’d me 18 years ago and slashed my $1k CL despite a perfect payment history for EVERYTHING in the past 5 years). As of this morning, total CL, including my car, sits just shy of $400K. (In 3/2016, I had a $1800 secured CapOne QS1)

So, I’m a credit snob now. If YOU (insert lender’s name here) don’t give me at least a 5 figure CL YOU have no place in my wallet, and will live in my SD, except for that special occasion when I have a use for you...

So, I guess it’s my hobby now - collecting credit cards, and the quest for ever higher CL’s. I’ll never get in with Chase on a 5/24 card, because, inevitably, a new FOTM will come out that I just HAVE to app for..LOL

Maybe, just MAYBE I’ll convince myself to close that crappy $500 CL card.. It’s not like anything can hurt my AAoA at this point (and I know that the card will stay on my CR for 10 years anyway)..

AM I THE ONLY ONE IN HERE WITH THESE ISSUES?

Anyway, enough rambling... Time to go hit NFCU up for my 6 month CLI on my GoRewards, currently sitting @$7.5K (I would like to see $17-25K out of this one). Hopefully I’ll get something, but then again, they did open that Flagship for me the other day with a $12.9k SL...

Oh. One more thing. Inquiries ARE overrated!

Re: Will I ever be satisfied..(another day, another CLI)

AverageJoesCredit — Sat, 24 Mar 2018 12:00:27 GMT

Lol, say hi to Mean Machine please

Nothing wrong with your hobby, if you can maintain it and have no issues, thats all that matters. I will add inquiries do matter if you are rebuilding or your profile doesnt support multiple inquiries. Thats just how i see it . The worse part for me about inquiries is when you get them with nothing to show for it. Mines littered with them. What i find is score matters even less than income .. This hobby can be a headbanger for sure.

Re: Will I ever be satisfied..(another day, another CLI)

fltireguy — Sat, 24 Mar 2018 12:06:52 GMT

Good morning AJC! The way I look at it, income doesn't seem to matter, at least in my case. I don't have a 6 figure income, yet my total credit is just under 5x income (which is almost scary if I think about it)

The empty inquiries annoy me as well.. you aren't the only one!

Re: Will I ever be satisfied..(another day, another CLI)

marypoppins70 — Sat, 24 Mar 2018 12:32:19 GMT

You are definitely not the only one fltireguy! Since I started reading these forums just over a year ago and paying closer attention to my credit, plus going on mini app sprees during that time, I can't seem to stay in the garden! It's definitely a hobby of sorts for me, not quite an obsession (hmmmm ) And I can't seem to close my old $500 and $750 credit cards with Capital One (stuck in their rebuild pile from 15+ years ago). Needless to say, I'm right there with ya!

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 12:43:21 GMT

As long as you PIF every month, there's no harm in it. Just make sure you have all your auto-pays set up so you don't accidentally miss a payment.

Now if you're planning a big purchase in the near future, it might be time to start planning a hiatus.

Re: Will I ever be satisfied..(another day, another CLI)

steelers1 — Sat, 24 Mar 2018 12:53:46 GMT

It's a great hobby as long as its beneficial and not a burden.

There are 2 things that drive me crazy.

1. Low limit cards - As of today my lowest major is Discover @ $5,500 and store card @ $6,000. My Cabela's card turned 2 years this past December and it sat at $2k since it was approved. I said to myself a few weeks ago if I couldn't get it to at least $5k I was canceling it. I submitted a request for $10k and it was approved the next day.

2. UnEvEn credit limits - One of My Cap One's QS - $15,750. **bleep** that $750 lol

Re: Will I ever be satisfied..(another day, another CLI)

redpat — Sat, 24 Mar 2018 12:56:35 GMT

ftg, your just one of many here that can't seem to have enough CL or cards. I would call it an more of an obession because it's credit you can't use and your mind keeps telling you the justifications for more......"I would like to have NFCU at 17-25k" when it doesn't make a difference if it stays where it is. I guess some like to look online and see 25k available credit maybe.

Re: Will I ever be satisfied..(another day, another CLI)

Meanmchine — Sat, 24 Mar 2018 13:55:17 GMT

@AverageJoesCreditwrote:
Lol, say hi to Mean Machine please

Nothing wrong with your hobby, if you can maintain it and have no issues, thats all that matters. I will add inquiries do matter if you are rebuilding or your profile doesnt support multiple inquiries. Thats just how i see it . The worse part for me about inquiries is when you get them with nothing to show for it. Mines littered with them. What i find is score matters even less than income .. This hobby can be a headbanger for sure.

LOL LOL
Great morning to you Joe

With me, the cards 2 years ago that were on the top of my wishlist are no longer desirable. Gone are my desires for the Disney Card, a Starfleet Card from NASA (ok i still might get this one lol) Total Rewards, Best Buy Visa and a few others, have been replaced.
I have about 2 or 3 more store cards to close, then ill keep the remaining store cards but at moderate CLs. The only storecards Im gonna keep are Wallys SamsClub Amazon and my longest open charge card, Chevron ( Used to have like 15+ storecards ) After that, ill zero in on the bankcards

I am approaching 3x my income in TCL My salary does not support the $40k+ CLs so for now, I will be happy for a $10k approval on new app, but to be honest, a $3k approval from Chase would be great Its about the APR for me. No more 25% APR for me. Must be 14% or less to be in my wallet.

Go for the gusto fltireguy !!! Im with ya.

Most of my inquiries have fallen off. There is only 1 Comenity card Im gonna app for that is inquiry sensative and thats the Williams-Sonoma VS

Re: Will I ever be satisfied..(another day, another CLI)

digitek — Sat, 24 Mar 2018 14:27:12 GMT

I guess I'll be the one to say be careful. Credit cards are a little dangerous to become obsessive about (and you yourself state you are obsessive about it, x5 your income in available credit is hard to justify). I admit I am a little obsessive about it, but not quite to your level

As long as you are able to manage it all and not get yourself in trouble everything is lovely 😁

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 15:04:10 GMT

You are most definitely not alone!

I started my rebuild 1 year ago after 6 years of living on cash (BK13). The approval high is intoxicating...especially when they come in at $25K. I finally hit the garden when I figured out I can’t get the Barclays AAdvantage card unless I sit still for 6 months! Now I wait (impatiently) for SP cli’s....and am disappointed when they don’t give.

It also gets hard to keep track of all the cards. Between DH & I we have over $200K in avail credit...which I manage payments for.

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 16:01:03 GMT

I love all of my 20+ accounts and manage them very well... so your not alone while credit cards can be dangerous that's usually if

you take your eyes off of what's going on with them missing a payment, forgetting to pay off that 0 zero percent intro, etc.

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 16:28:10 GMT

My comment would be that providing it's under control (e..g you aren't enticed to spend to meet SUB etc) it falls into the "fairly harmless" category of hobbies.

But my advice would be, within this hobby, to focus on goals with value. Endlessly rising CLs REALLY don't have any value, past a certain (fairly low) point. If you need to apply, apply only for cards with good SUB and/or with good rewards that match your spending pattern. Pursuing CLIs is a diversion, as is going for APR reductions on all cards (rather than getting one with a low APR for emergencies).

Re: Will I ever be satisfied..(another day, another CLI)

Loquat — Sat, 24 Mar 2018 16:29:18 GMT

If this is a truly a hobby then there's nothing wrong with the constant chase of new cards increases. Carry on.

It's when I see folks who chase these increases and new cards because (from their tone of writing) it gives them a false sense of financial security and they feel like they're ready "weather the storm" sorta speak. For most us I assume it's nothing more than a hobby. I went through a period of time doing exactly what you're doing. Lucky for me my attention span isn't very long and the constant want for new cards became another boring task. After all, it isn't cash...I can't spend more than I can pay back so it doesn't matter if I have $100k in available credit or $1mil...it really doesn't do anything for me other than providing a chatting point on this here forum.

In my small circle of friends and family, no one even cares about credit scores and available credit. As long as they have enough credit get what they want and a score high enough to get them approved at decent terms...they couldn't care less about credit factors and scores...I can't lie...some days I miss being just like them. Not to the point of harming myself financially...but to the extent of not worrying about which card to use for a particular situation, what's going to cause a decrease in score, to pay or not before statement cut, and all that other nonsense that I let consume way to much of my time and energy.

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 16:35:30 GMT

@Loquatwrote:

In my small circle of friends and family, no one even cares about credit scores and available credit. As long as they have enough credit get what they want and a score high enough to get them approved at decent terms...they couldn't care less about credit factors and scores...I can't lie...some days I miss being just like them. Not to the point of harming myself financially...but to the extent of not worrying about which card to use for a particular situation, what's going to cause a decrease in score, to pay or not before statement cut, and all that other nonsense that I let consume way to much of my time and energy.

Good reminder! Once you have a good score, either originally or from a successful rebuild, you CAN revert to being "normal": use your cards, and pay once a month on or just before the due date and don't spend time on the details.

Now with added knowledge from this forum and other similar ones, we know that for a particularly important application (especially mortgage) you can use score maximization tricks like AZEO for the period before you apply, but again most non-forum people don't, and get mortgages and good credit cards anyway.

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 16:43:24 GMT

@AverageJoesCreditwrote:
Lol, say hi to Mean Machine please

Nothing wrong with your hobby, if you can maintain it and have no issues, thats all that matters. I will add inquiries do matter if you are rebuilding or your profile doesnt support multiple inquiries. Thats just how i see it . The worse part for me about inquiries is when you get them with nothing to show for it. Mines littered with them. What i find is score matters even less than income .. This hobby can be a headbanger for sure.

"Headbanger" Remember when there was a piece of paper hanging on the wall with circles drawn on it and it said "BANG HEAD HERE" ... is this the same ?

Re: Will I ever be satisfied..(another day, another CLI)

wasCB14 — Sat, 24 Mar 2018 18:04:07 GMT

@Anonymouswrote:
My comment would be that providing it's under control (e..g you aren't enticed to spend to meet SUB etc) it falls into the "fairly harmless" category of hobbies.

But my advice would be, within this hobby, to focus on goals with value. Endlessly rising CLs REALLY don't have any value, past a certain (fairly low) point. If you need to apply, apply only for cards with good SUB and/or with good rewards that match your spending pattern. Pursuing CLIs is a diversion, as is going for APR reductions on all cards (rather than getting one with a low APR for emergencies).

I agree...perhaps focus on different goals where the value is a bit more tangible..

My total CL has never exceeded 100% of my income, so I can't say I know what it's like to be at 500%. I imagine there's not really a clearly defined ideal stopping point when total CL is the goal.* More is better, and while someone with $40k in credit may be happy with $10k in new credit, someone with $400k in credit is thinking more about the next $100k. Credit becomes less about getting cards that are useful and more about getting cards unlikely to give AA.

Is that a fairly accurate view?

*By contrast...

Someone who wants big bonuses may focus on a small subset of all cards, encountering restrictions that limit the number of apps.

Someone who wants merchandise protections, travel protections, or perks may rest once having those in place.

Someone who wants travel rewards and perks may focus on just a few reward currencies, or rest when the supply of points and miles exceeds the ability to spend them in the near future.

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 18:01:09 GMT

@fltireguywrote:
So, here I sit with 38 MC/Visa/Amex cards. CL’s from $500-$25000. (Plus a few store cards that go from $3000 - $16050) I swore that when my rebuild was complete, that I would quit applying for cards. But, I didn’t. I swore that I would close the low CL cards. But, I didn’t. (Well I did close a few, including Barclays when they AA’d me 18 years ago and slashed my $1k CL despite a perfect payment history for EVERYTHING in the past 5 years). As of this morning, total CL, including my car, sits just shy of $400K. (In 3/2016, I had a $1800 secured CapOne QS1)

So, I’m a credit snob now. If YOU (insert lender’s name here) don’t give me at least a 5 figure CL YOU have no place in my wallet, and will live in my SD, except for that special occasion when I have a use for you...

So, I guess it’s my hobby now - collecting credit cards, and the quest for ever higher CL’s. I’ll never get in with Chase on a 5/24 card, because, inevitably, a new FOTM will come out that I just HAVE to app for..LOL

Maybe, just MAYBE I’ll convince myself to close that crappy $500 CL card.. It’s not like anything can hurt my AAoA at this point (and I know that the card will stay on my CR for 10 years anyway)..

AM I THE ONLY ONE IN HERE WITH THESE ISSUES?

@Anyway, enough rambling... Time to go hit NFCU up for my 6 month CLI on my GoRewards, currently sitting @$7.5K (I would like to see $17-25K out of this one). Hopefully I’ll get something, but then again, they did open that Flagship for me the other day with a $12.9k SL...

Oh. One more thing. Inquiries ARE overrated!

It can be exciting to be approved and to watch your limits grow. I'd like to think at some point though you will grow out of it. Or maybe you just have not found the right one yet (this is what people tell me about women LOL).

I am sitting on 17 cards right now and it has actually become a burden and tiresome. Ever since I got my USAA Limitmess (#foundtherightone) I have had to start looking for reasons to swipe my other cards to keep them active. Tired of it. Tired of the game. I have achieved what I wanted to and now its time to start thinning the herd (I'm looking at you PenFed!).

So hopefully you will grow out of it and you do not suffer any AA in the near future. But then you do not seem the type that will be phased by any AA LOL. Congrats on your accomplishments!

Re: Will I ever be satisfied..(another day, another CLI)

Anonymous — Sat, 24 Mar 2018 18:39:41 GMT

I used to care about CLI and Credit Limits. But once I hit 100k of total limits I stopped caring. Now I think I am close to 250k and if I get 1k or 20k it really matters little to me. I just get the sign up bonuses. I got an SPG with a 1k limit. And a Citi Thank Your Premier with 2k. Just had to make multiple payments per week. It is annoying but the reward at the end of the tunnel is what gets it for me. If your goal is a million in limits or something that is cool. I will probably start closing cards as the annual fees come due. So I am probably at my peak total credit limit.

Re: Will I ever be satisfied..(another day, another CLI)

negg — Sat, 24 Mar 2018 19:58:54 GMT

I was like this two years ago, now I don’t care. I have no use for anymore cc, my cc limits are just fine. Half my cards I don’t use except to buy something for $5 to keep them active. 119K in limits and a 812 fico. I’m happy + the zero inquiries on my report make me a very, very happy camper.

Re: Will I ever be satisfied..(another day, another CLI)

355F1 — Sat, 24 Mar 2018 22:01:32 GMT

I’m at $237k personal and $55k Biz.

I just got approved for a Citi Premier for $3k. LoLoL!!!!

I guess I’m close to my maximum exposure as I’m now at $73k in CL through Citi on 4 personal and 1 biz card.