cancel
Showing results for 
Search instead for 
Did you mean: 

Am I addicted to apps and credit? Need to close up shop.

Highlighted
Regular Contributor

Am I addicted to apps and credit? Need to close up shop.

I’m going to admit I have a problem to people that may understand. It’s probably gonna be a little all over the place since I’m on my phone, sorry about that.

So I think I’ve come to the conclusion I have some sort of problem. I’m 25 and I’ve accumulated 21 credit cards, and I’m an AU on 7 more. And I am constantly attempting to get new CCs and higher limits, almost compulsively. I am responsible with my credit, and I have scores in the 700s across the board With 0 late payments, 5% range on my usage. I feel like I have every card that could benefit me, but I still seem to want more. I don’t even rotate cards, they literally sit in a wallet and I just like to know I have them. I like store cards for interest free offers even though every one other than my Lowe’s card and R2G for purchases that were done when I purchased my home (Fence/furniture). Only 6 of the 28 cards are store cards. But it’s starting to get overwhelming with concerns of closures from debtors for non-use because I just don’t have the patience or time to use them all. But I want to have a card at every issuer Incase a new, better product comes up, so i can PC to it. Or if an emergency comes up I like knowing I have store cards for interest free options for major surprise expenses. But I’m trying to convince myself to just close all of my store cards, and every other card that I just don’t use, most haven’t really been used in a year or so.

Have any of you simply closed most of your cards, locked your CRs, and left the credit game for a while?
100K Club!
Gardening (8/28/19)
Message 1 of 40
39 REPLIES 39
Highlighted
Valued Contributor

Re: Am I addicted to apps and credit? Need to close up shop.


@djsambroak wrote:
This thread needs to be moved.. didn’t realize I signed in on the approvals page.

You could always go grab a quick approval while waiting for responses? Smiley LOL

 

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (09/16/2020): FICO 08 EXP: 747; TU: 758; EQ: 775
2020 Goal Score: 760 across the board


Take the myFICO Fitness Challenge
Message 2 of 40
Highlighted
Frequent Contributor

Re: Am I addicted to apps and credit? Need to close up shop.


@James_A wrote:

@djsambroak wrote:
This thread needs to be moved.. didn’t realize I signed in on the approvals page.

You could always go grab a quick approval while waiting for responses? Smiley LOL

 


This made me laugh out loud



Message 3 of 40
Highlighted
Super Contributor

Re: Am I addicted to apps and credit? Need to close up shop.


@James_A wrote:

@djsambroak wrote:
This thread needs to be moved.. didn’t realize I signed in on the approvals page.

You could always go grab a quick approval while waiting for responses? Smiley LOL

 


<BONK>


3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>09/2020 CCT EX 818 TU 826 EQ 840

Color me your color, baby
Color me your car
Color me your color, darling
I know who you are
Come up off your color chart
I know where you're comin' from
Call me (call me) on the line
Call me, call me any, anytime
Call me (call me) my love
You can call me any day or night
Call me

Blondie - Call me ( 1978 )
Message 4 of 40
Highlighted
Super Contributor

Re: Am I addicted to apps and credit? Need to close up shop.

I think what you're feeling makes sense. I have always been of the opinion that less is more with credit. I've done my share of impulse apping and later closing the accounts. I've found simplicity makes life easier instead of stressing about a dozen or two dozen accounts floating around. Some people don't mind tracking them all, though.

 

The bottom line is you only spend so much money every month and it is difficult to get meaningful use and benefit out of a dozen different reward systems at once. It is much more efficient to concentrate your spending on a couple programs to actually be able to achieve something IMO.

 

As far as the addiction part, I would take a break from the credit world, SD/consolidate/close some accounts at your preference if you are overwhelmed, and go from there. Credit should work for you. It should not overwhelm you. You're on top of your bills and your finances, so you're in good shape. Maybe it's just time to cut some of the excess cards and get to a realistic level for your spend and your needs. Keep in mind the vast majority of consumers have around 3-4 cards. It's certainly ok to have more, obviously, as most of us do, but there's nothing wrong with paring down.

 

Holding accounts open for future PC options is IMO not necessary. First of all, if a new, exciting product does come along, you'd probably prefer to cold app vs product change so you can get the bonus. Second, you have no guarantee the lender will let you PC to the product of your choice. PC policies vary (and change) among lenders.

 

Just step back, take a break, evaluate your cards and profile, and see where you can cut to make things more manageable. And obviously, stop applying. If that means freezing your credit do it. Adding more accounts is just exacerbating the issue. When you are forcing spend on cards because they're going unusued for months, to me those are prime candidates for closure.

Message 5 of 40
Highlighted
Mega Contributor

Re: Am I addicted to apps and credit? Need to close up shop.

I am all for closure of unused/unwanted cards, but as a halfway step you can just sock drawer most/all of your store cards, and try to get the mindset "If they get closed, that's fine."  That way, at least in the short term, it will be there when the store finally has the "Buy 10,000 for the price of one" offer you have been hoping for.   And if over time it closes because it turns out that that offer never did materialize and you discover that you never did need it, that's OK!

Message 6 of 40
Highlighted
Established Contributor

Re: Am I addicted to apps and credit? Need to close up shop.

^ this advice

 

also, maybe look at any cards that you have had for over a year that have a CL at or under $1k. Close those ones

 

we don’t know your cards or limits, but I bet 5 of those card would be an easy close, and maybe a good start

 

i have closed 3 in the last 2 weeks so I am going through a process as well.  Keeping on top of them seems easy, but it would be easier with less

 

 

July 31/2019. EX-712. EQ-704. TU-726
Dec 16/2019. EX. 721. EQ. 723. TU 746
Aug 8/2020 EX. 728 EQ. 714 TU 744
Sept 18/2020 EX. 728 EQ. 726 TU 752
Inq. EX 6 EQ 4 TU 2 - - CC 5x24, 1x12
Amex BCP $20k - Apple GS $17k - BMW/Elan $5k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase United Club Infinite $20k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $20.5k - HSBC Gold - $10.5k - Wells Sig Visa $12k
Message 7 of 40
Highlighted
Super Contributor

Re: Am I addicted to apps and credit? Need to close up shop.


@djsambroak wrote:
I’m going to admit I have a problem to people that may understand. It’s probably gonna be a little all over the place since I’m on my phone, sorry about that.

So I think I’ve come to the conclusion I have some sort of problem. I’m 25 and I’ve accumulated 21 credit cards, and I’m an AU on 7 more. And I am constantly attempting to get new CCs and higher limits, almost compulsively. I am responsible with my credit, and I have scores in the 700s across the board With 0 late payments, 5% range on my usage. I feel like I have every card that could benefit me, but I still seem to want more. I don’t even rotate cards, they literally sit in a wallet and I just like to know I have them. I like store cards for interest free offers even though every one other than my Lowe’s card and R2G for purchases that were done when I purchased my home (Fence/furniture). Only 6 of the 28 cards are store cards. But it’s starting to get overwhelming with concerns of closures from debtors for non-use because I just don’t have the patience or time to use them all. But I want to have a card at every issuer Incase a new, better product comes up, so i can PC to it. Or if an emergency comes up I like knowing I have store cards for interest free options for major surprise expenses. But I’m trying to convince myself to just close all of my store cards, and every other card that I just don’t use, most haven’t really been used in a year or so.

Have any of you simply closed most of your cards, locked your CRs, and left the credit game for a while?

Yes you're addicted.

 

Certainly there would be nothing wrong with closing accounts.

 

A possible middle ground: hold the line at the number of accounts you have. Any time you feel like applying for something, close one or two of the store cards first.

 

And don't apply for any more store cards.


Total revolving limits 654500 (575500 reporting) FICO 8 EQ 714 TU 731 EX 713

Message 8 of 40
Highlighted
Valued Contributor

Re: Am I addicted to apps and credit? Need to close up shop.


@djsambroak wrote:
So I think I’ve come to the conclusion I have some sort of problem. I’m 25 and I’ve accumulated 21 credit cards, and I’m an AU on 7 more. And I am constantly attempting to get new CCs and higher limits, almost compulsively.
Have any of you simply closed most of your cards, locked your CRs, and left the credit game for a while?

This is definitely concerning.  Your conscience is pointing you in the right direction.  Having 21 cards at age 25 which you aren't using and then feeling compulsed to seek more is not normal behavior.

 

I had a close family member with OCD (Obsessive Compulsive Disorder).  Not just saying "I'm so OCD" like people do casually but true, clinically-diagnosed, lifetime, severe OCD.  I also have family members and friends with addiction and am familiar with obsessive compulsive  behaviors as they relate to other things. 

 

You are certainly acting in an obsessive-compulsive way about your credit.  But this behavior can also be prevalent in other areas of your life.  You don't need to share it here, but answer this question for yourself:  Are you obsessed and acting compulsively about other things in your life?  Obsessive compulsive behaviors can manifest in many ways and can also crossover into multiple areas of a person's life.  Keep in mind that if you shut down this credit outlet, the behavior may blossom elsewhere in your life.  If you have an underlying need to fill, it will seek a way to express itself.

 

This may be simple credit-seeking taken to an extreme and something you can get back on track by yourself.  If so, that's fine and I'm glad you asked for feedback.  But I think it may be part of a larger problem from your description of it.   If that's the case, I encourage you to be honest with yourself about it and seek a therapist to work through it.  There is help available.  Feel free to Private Message me if you want to learn more or ask questions more privately.



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 9 of 40
Highlighted
Super Contributor

Re: Am I addicted to apps and credit? Need to close up shop.

Credit is a choice. You decide to ask for credit, or you decide not to ask for credit. You have the control of your choices.

 

One of the first exercises to do is to list out all the cards you do have, with their limits. Include notes about why you have each card. ( this may be best done when you sit in front of a computer and can quietly work through the descriptions and Why I Have This Card ).

 

I have ( many of us have ) many cards, and I routinely think through how a card is benefiting me, or whether a card is no longer benefiting me. I have something of a plan to get rid of a couple of them, once certain milestones are reached, or in the interest of keeping a good relationship with a bank before I close a card. I have closed a number of cards over the years, and lenders have closed cards on me. It is not the end of the world to close a card.

 

There is no rush necessary in the decision to close a card, although going through the exercise of thinking about why you have each card can at least take your mind off searching for the Next Better Card. ( it is actually quite rare to find a Better Card if you already have 20 ).

 

Then, after you go through the thinking sequence, close one card. Just one, that you have decided does not belong in your life anymore. You may find it as much of a relief as apping a new card.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
Message 10 of 40
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.