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

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Regular Contributor

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

Not a bad idea to close the cards you use...Can you share profolio with us...lol...I'm curious to see all your cards....

Message 21 of 40
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Established Contributor

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

Yes. List of cards and their current limits would help

 

we can give directed advice on what you should close, then you can choose to follow it or go your own path on it

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
Oct 22/2020 EX. 725 EQ. 716 TU 742
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 22 of 40
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Established Contributor

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

OP I’m in the same boat as u as well. I think I am addicted as well. I have accumulated over 20 credit cards in the last 3 years. I’m currently down to 22 and counting. I was approved for like a 11 last year, this year I have been approved for around 6 already.

My goal is to get down to around 10 then I think I will be fine!

I just recently closed Citi Premier and Amex ED this month alone. Everyday was useless once I got the BBP. The Premier became useless when I got the Altitude Reserve earlier this year. I’ll likely get rid of the Citi DC and Fidelity at some point as well once I get some of this debt paid off.
Amex Green NPSL, Amex Hilton Surpass 5k, Amex Marriott Bonvoy 1k, AMEX BBP 1k, AMEX Biz Cash 6k, BOA Cash Rewards 5k, BOA Better Balance Rewards 2k, Care Credit 15k, Chase Amazon Visa 19.825k, Discover 11.8k, Discover 12.5k, Nordstrom Store 4.5k , Fidelity Visa 10k, Cap 1 QS 15k, Cap 1 Savor 10.5k, Citi Rewards+ 4.4k, Citi DC 8k, Citi Advantage Platinum 5.5k, US Cash+ 3.5k, Altitude Reserve 12.5k, Paypal Mastercard 4k, Apple Card 6.5k, Wells Fargo Cash Wise 5k, BOA Premium Rewards 8k, Citi AA Biz 1.5k, Flexperks Biz 3k
Message 23 of 40
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Regular Contributor

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

Thanks to everyone for your responses and understanding, and It’s comforting to know some other people admit to having a similar issue. It’s hard to see it as a serious issue because there’s truly no real harm that comes from applying for a lot of credit cards, at least not long-term, life-changing harm. Credit is always fixable. So it’s almost like why care, if you have everything you need (home, vehicles, etc.)

I spoke to my wife about this issue and have started making some progress. I froze all of my reports and I am simply going to leave her with the codes to lift the freezes. I have also cut up a bunch of cards, and simply will let them close on their own, and I’m no longer going to worry about putting $1 charges on them to keep them all open. My next step is actually calling to cancel them, which I’ll work on...

I see some people have mentioned wanting to know my portfolio, I shared this before in a post about closing cards, which I never followed through on, simply because I was having a hard time giving the cards up. But here is an updated list of cards, limits, and the cards I’ve shredded...

Bank CCs:
Barclays: $15000 — Age
BOA: $15000 — Age
*Discover It X2: $11000 + $5500 — 5%
PNC Cash: $10000 — Gas + Groc. + Rest.
*Walmart MC: $10000 — Interest Free+Age
Amazon Prime: $8,400 — Amazon
*Double Cash: $7600 — Misc.
*WF Propel: $7500 — Travel + Dining + Gas
*Freedom: $5000 — 5%
Apple Card: $2500 — Apple Pay
US Cash+: $2400 — Utilities + Phone

Store:
Care Credit: $20000
R2G: $11000
*Amazon: $10000
PayPal: $10000

Shredded:
Zales: 6K
PayPal MC: 10K
HSBC gold: 5K (absolute wasted HP)
Best Buy VISA: 4K
BBT Spectrum + Bright: 3K + 3K (SP glitch, so no harm other than AAoA)
Amex Cash Magnet: $1K (Burned with Amex, blacklisted from SUB etc. limit won’t budge)

I didn’t include any cards that I’m an AU on, but just cut a few of those from my wallet as well.
100K Club!
Gardening (8/28/19)
Message 24 of 40
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Established Contributor

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

Ok that helps. And congrats on your progress.  It is great to do things in phases, like you have kicked off

 

You have some solid CL on most cards, which is good

I would lose the Amazon store card as you already have the Amazon prime card

 

and you can do cancellations online you don’t need to make a call

for my Amex, i did it through a Chat window

nordstrom i sent a request when logged into their website.  They closed it without questions.  

 

So so it is pretty easy to do

 

good luck on your progress

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
Oct 22/2020 EX. 725 EQ. 716 TU 742
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 25 of 40
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Valued Contributor

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

I am 54 years old and have never really had good credit until I started to consciously work on it 3 years ago. I have taken credit for granted since I graduated from high school. I really never understood how important credit played in my life. If I was denied a loan or credit card because of my poor credit management, I would just work hard and save up cash and obtain what I wanted that way. 

 

In 2006 I was starting over credit-wise, yet again, and was doing well. Had a good job, a clean credit report and building credit without realizing it. Obtained several credit cards, had a car loan and was paying my bills. The recession hit in 2008 and I did not know how to manage my credit crisis so old habits took over and in trouble, I went again.  

 

I am now obsessed with my credit. Starting over for the fourth time, I decided to educate myself about how to use and maintain credit. I made some applications, denied at first, approved for a Cap 1 QS1. 

 

Not knowing what I was doing, I decided I wanted a Visa, Mastercard, Discover and AmEx CC. With a lot of google searching and reading about how to, I finally happened on the myFICO forums when I realized that Credit Karma was not the end all be all of the credit world. 

 

So, now I am making $65K a year as an RN. My goal is to obtain $100K in revolving credit and to purchase a home in a few years. I have enough emergency cash in savings to support myself for 6 months if necessary. I am in the garden for my credit-seeking behavior as I need to wait for my 5/24 to drop so I can app for my coveted Chase Southwest Airlines Rapid Rewards Priority Visa Signature credit card.

 

While in the garden I keep the "serenity prayer" in mind when I think about mine or someone else's credit issues.

 

God, grant me the serenity
To accept the things I cannot change;
Courage to change the things I can;
and wisdom to know the difference.

 

So, yes, I am obsessed with my credit. A creditholic? I hope not. Everything in moderation. 

 

 

















Your FICO credit scores are not just numbers, it’s a skill.

Message 26 of 40
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Valued Contributor

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


@mr_suave wrote:
 ... I’m currently down to 22 and counting.
My goal is to get down to around 10 then I think I will be fine!

You remind me of someone dieting!  Lol  Smiley LOL 

Credit diet. 

Just remember, like dieting, the best fixes are not

the short term changes but the lifestyle changes.

Elsewise, we end up back in the same situation.

 

willy_wonka.jpg



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 27 of 40
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Valued Contributor

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


@britt585 wrote:

Can you share (portfolio) with us...lol...I'm curious to see all your cards....


An interesting choice of words and it speaks a lot about the way many of us My Fico'ers view our credit cards.

Portolio is usually a term reserved for a collection of valuable assets or objects of significant financial value.

Our credit cards are actually potential debts, not really assets.

Rethinking our perception of their "value" might go a long way towards unplugging when we see ourselves getting out of control.

 

There is a reason credit card companies brand our cards with valuable metal names like Titanium, Gold, Silver, Platinum or names like "Signature", "Infinite" "Elite", "Prestige" and "Reserve".  They are appealing to our perception of their value and prestige.  Some people can easily fall victim to this and it plays into their compulsion to apply for more cards and use them as an expression of their connection to something of exclusivity, prestige and value.



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 28 of 40
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Valued Contributor

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


@Medic981 wrote:

So, yes, I am obsessed with my credit. A creditholic? I hope not. Everything in moderation. 


Some good observations and advice.

 

Yes, everything in moderation.

 

"Process" addictions are an obsessive-compulsive approach to things like shopping, sex, eating, exercise, gambling, finances, or the internet.  The double-tricky thing about process addictions is that, unlike substance addiction to drugs or alcohol, many process addictions can involve processes that are normal and healthy human behaviors but they have been taken to an extreme by someone who is thinking obsessively and acting compulsively.  Everyone needs to shop, fulfill their sexual needs, exercise, manage their finances, or be able to access information on the internet within reason. But when these things are out of balance in proportion to everything else in our lives, we need to make adjustments.

 

So balance and moderation is key. 

 

The definition of when a process starts to become problematic and an addiction is based on the nature of someone's thoughts about it (preoccupation) and on the evidence of the compulsion (acting out) interfering in their ability to function "normally" in daily life as most people are able to do.  Some questions to ask about any of these things is to identify how much we think about them and if they are interfering in our relationships or daily activities. 



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 29 of 40
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Valued Contributor

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


@djsambroak wrote:    Thanks to everyone for your responses and understanding ...I spoke to my wife about this issue and have started making some progress. I froze all of my reports and I am simply going to leave her with the codes to lift the freezes. I have also cut up a bunch of cards, and simply will let them close on their own, and I’m no longer going to worry about putting $1 charges on them to keep them all open. My next step is actually calling to cancel them, which I’ll work on...

You're welcome, glad to be helpful.  Those sound like some great first steps so you're on the right track!  Discussing the issue with us and your wife and having the accountability-partner (wife) aspect are both important parts of changing your approach to the credit cards.  Keep up the good work!  Our credit life should supplement our physical lives, not be a distraction from it or a burden to maintain. 

 



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 30 of 40
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