First Step is Admitting You Have a Problem. I Am an App-A-Holic

[CH-7-Mission-Accomplished]

So last night I decided to close the new Apple card I just got for $6.5K @ 17%.    I got the pretty card in the mail and then decided, Meh, this is a crap card (even though I'm typing this on my MacBook).   The limit is crazy low (only BofA is lower and they refuse to go higher than 5K since I burned them for 5K in my BK7).

I have closed every card I've opened this year.   I app'd for a second Discover card and got a crappy 3K so I closed it.   (I should have moved the limit to my other Discover card).   I absolutely loathe store cards and long ago closed my Lowes card and Wal-Mart (where I have never shopped), but I got suckered into preapprovals for Overstock and Barney's earlier this year and took the bait, got over 10K each, and closed them before I got the cards.

It's like chasing somebody you want to date and as soon as they say yes you're not interested anymore.   My self-esteem is wrapped up in the validation of credit card companies.   LOL.

The only cards I really want are Chase and AMEX and I burned Chase for 50K and AMEX for 30K, so I am thinking maybe 20 years post-filing I can get a $500 (bucketed) limit from those two.

Maybe I need inpatient treatment.

[AllZero]

Congratulations on you recognizing the problem.

You'll just have to find a solution to overcome the temptation to apply. Perhaps, freeze your credit reports?

[Meanmchine]

I understand that its the "chase" that draws you in, but, .... nvm

[Hockeypnc1]

Looking at your signature, I am quite surprised at your limits on your new cards post BK7. 

Sounds like you burned banks at higher rates/amounts than I did and yet are getting huge limits post-BK.

But your BK is older than mine (mine is 12-2016).

• I burned Citi for $18k
• I burned Amex for $11k and $2k (two cards)
• I burned Cap1 for $750 and $1000 (two cards)
• I burned Bank America for $2000
• I burned Kohl's Store card (Cap 1) for about $200
• I burned Boston Store card (Cap 1) for about $300

[CH-7-Mission-Accomplished]

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@Hockeypnc1 wrote:

Looking at your signature, I am quite surprised at your limits on your new cards post BK7. 

Sounds like you burned banks at higher rates/amounts than I did and yet are getting huge limits post-BK.

But your BK is older than mine (mine is 12-2016).

• I burned Citi for $18k
• I burned Amex for $11k and $2k (two cards)
• I burned Cap1 for $750 and $1000 (two cards)
• I burned Bank America for $2000
• I burned Kohl's Store card (Cap 1) for about $200
• I burned Boston Store card (Cap 1) for about $300

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Thanks.   I'm pretty proud of my rebuild.   I had two AMEX cards and two Chase cards -- going back to 1991 --  so they were the largest debts.  I had a Best Buy included for like $1000 and a Barclay's Apple card for about $1000.   Barclay's has refused to approve me for any other credit cards since I got the Aviator although about once a year I've been able to get a CLI with an HP.    I did not burn Cap 1 but that 50K limit was through a lot of account combinations.   You used to be able to get two cards at the same time with the same triple pull.   They did give me the 30K Savor right out the door.   I applied for the Citibank Costco card within the last year and was declined.    As you can see. most of my high limit cards are from credit unions and I only put like $10/month on them to keep them alive.   I've always been an avid traveler so I put most of my spend on mileage cards.   That's the bummer of being locked out of Chase and AMEX.   I heard some time back that at 7 years post bk Citibank will let you back in but I've read on here more recently it's 10 years so I don't know.

The Navy 50K card was a 30K card that I combined with a 25K card, but since their max card is 50K, I just threw away 5K to get one card with a higher limit.

One thing I do know is that if the economy goes back into recession, we will see these huge credit limits slashed.   That always happens during a downturn.   I only put about 5K/month through credit cards so as long as I have 100K in limits I can stay at 5% without paying multiple times per month.

When I closed my Apple card last night I also sent an email to DCU and asked them to close that card.   I had a Visa card with BECU (in addition to the LOC I still have) and I closed it awhile back.   It does become a huge hassle to try to put spend on these cards and my SO has just as many cards as me so I'm managing like 30 accounts.   One little messup and there goes 100 points....

[kdm31091]

It is self defeating to constantly open and close cards. You end up not recieving any benefit, yet you're taking the hits on your credit history. Although an inquiry and new account are both fairly minor, when you're doing it repeatedly only to keep the card for a month or two (or less!), it's just doing more harm than good. It also makes you appear to be churning for bonuses, whether that's the case or not.

I've always been a proponent of fewer cards vs more. I think more cards just become a hassle to juggle, to keep active, and to get any meaningful rewards out of. You only spend so much every month. The more cards you divide that spend on, the more your overall benefit can be watered down IMO.

I would strongly suggest freezing your credit reports and just taking a break from this whole thing. Just choose a couple cards for everyday spending, SD/close some accounts, consolidate your spending, and ignore the credit world for awhile. I find it's easier to avoid the temptation to app if I limit my time spent on this and other credit sites. It's good to recognize you don't have things under control right now and are apping for no reason. I think stepping away from this is best. Note that most people use 1 or 2 cards in their daily life and probably pay very little attention to these things and they get by just fine. As long as your bills are being paid on time and in full, you're in good shape. There's no need to constantly app. I would just step away for awhile. Good luck.

[Hockeypnc1]

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@CH-7-Mission-Accomplished wrote:

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@Hockeypnc1 wrote:

Looking at your signature, I am quite surprised at your limits on your new cards post BK7. 

Sounds like you burned banks at higher rates/amounts than I did and yet are getting huge limits post-BK.

But your BK is older than mine (mine is 12-2016).

• I burned Citi for $18k
• I burned Amex for $11k and $2k (two cards)
• I burned Cap1 for $750 and $1000 (two cards)
• I burned Bank America for $2000
• I burned Kohl's Store card (Cap 1) for about $200
• I burned Boston Store card (Cap 1) for about $300

---

Thanks.   I'm pretty proud of my rebuild.   I had two AMEX cards and two Chase cards -- going back to 1991 --  so they were the largest debts.  I had a Best Buy included for like $1000 and a Barclay's Apple card for about $1000.   Barclay's has refused to approve me for any other credit cards since I got the Aviator although about once a year I've been able to get a CLI with an HP.    I did not burn Cap 1 but that 50K limit was through a lot of account combinations.   You used to be able to get two cards at the same time with the same triple pull.   They did give me the 30K Savor right out the door.   I applied for the Citibank Costco card within the last year and was declined.    As you can see. most of my high limit cards are from credit unions and I only put like $10/month on them to keep them alive.   I've always been an avid traveler so I put most of my spend on mileage cards.   That's the bummer of being locked out of Chase and AMEX.   I heard some time back that at 7 years post bk Citibank will let you back in but I've read on here more recently it's 10 years so I don't know.

The Navy 50K card was a 30K card that I combined with a 25K card, but since their max card is 50K, I just threw away 5K to get one card with a higher limit.

One thing I do know is that if the economy goes back into recession, we will see these huge credit limits slashed.   That always happens during a downturn.   I only put about 5K/month through credit cards so as long as I have 100K in limits I can stay at 5% without paying multiple times per month.

When I closed my Apple card last night I also sent an email to DCU and asked them to close that card.   I had a Visa card with BECU (in addition to the LOC I still have) and I closed it awhile back.   It does become a huge hassle to try to put spend on these cards and my SO has just as many cards as me so I'm managing like 30 accounts.   One little messup and there goes 100 points....

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I don't think I will ever get back with Citi or American Express without payback. 

[FinStar]

[CH-7-Mission-Accomplished]

I posted recently about having gotten the new Apple card for 6.5K and then promptly closing it.

I have no problems with the way I have handled my rebuild -- at all.   But just like when you first can get credit you want as much as you can get, at some point it's just a PITA to keep putting small charges on cards to keep them alive.

I just now closed my DCU Visa (10K) and my Penfed Visa (20.5K) because I wasn't using them and I don't need the credit.   So I went from $276K to about $245 in available credit.   I now have a total of one store card (Amazon) two lines of credit (Navy 15K, BECU 10K), seven bank/CU credit cards, and one auto loan with Alliant (Started at 31K in January, now paid down to 15K).   So 10 accounts to worry about.

When you have gone through a BK7, getting approved by different lenders is a huge milestone.   I worked so hard for that Penfed card having been denied twice.   DCU was easier once I had the two year post-discharge mark.   I previously closed a BECU Visa card (10K) for the same reason -- PITA to keep putting on a small charge.   And I closed all retail cards except Amazon -- so Lowes (35K), Wal-Mart (5K), Care Credit (18K) PayPal credit (4K), Barney's (10K), Overstock (10K), a second Discover (3K) and more I can't remember.

My middle mortgage score is above 760 and my FICO 9's are in the 780s.   Not bad for six years post discharge.

Next year I will be going for early exclusion on some of my oldest cards -- two Chase cards from 1991 among them.   Now I have 35 closed accounts and I think 10-12 remaining open ones.   My file is thick enough now to withstand the loss of those old accounts.   AAOA is about 6.5 years.

My rebuild has not been perfect and I would have changed a couple of things but mostly I think I've done an amazing job.   Total utilization is $5.

You can quickly recover from a BK7.   Do not hesitate to file it.   You must do what is in your best interests, just as your creditors would do what is in their best interests.   Do not let anybody guilt trip you.  (Mod cut-this is one of the 5 we dont talk about here on myFico)

Good luck to you all and thank-you, thank-you, thank-you for the good advice and the support these past six years.   You will never know how grateful I am to all of you.

[Anonymous]

As others have stated, opening and closing cards is counterproductive. If the cards don't have an annual fee, then it benefits you more to keep them opened.