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

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Established Contributor

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

Hey bro, I hear you! I'm 27 now, but I used to app like crazy too aha, I have 15 cards right now but my last card is a biz card which will be my 16th card, but I will add another personal card which I want but its by invite only and that's the Travelite card. I thought about apping for the Freedom Unlimited for the bonus, since I got the Reserve at 100k bonus when it launched but don't think its worth the HP and affect AaoA lol.

Message 31 of 40
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Community Leader
Mega Contributor

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

Just be like me , get like 10 straight hps with 0 good results and youll learn real quick what credit is all aboutSmiley Wink. Its my saving grace and i look at it as my 3rd rebithSmiley Happy
Message 32 of 40
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Frequent Contributor

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


@AverageJoesCredit wrote:
Just be like me , get like 10 straight hps with 0 good results and youll learn real quick what credit is all aboutSmiley Wink. Its my saving grace and i look at it as my 3rd rebithSmiley Happy

Smiley Surprised I can picture you playing the theme music to Rocky on that negative App spree Smiley LOL

08/2019:
12/2019:

~ This is Chess... It ain't Checkers!!! ~


Message 33 of 40
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Super Contributor

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


@DivorcedAndBroke wrote:

@kdm31091 wrote:

I see this advice a lot around here, but I'm not sure why. Is there really any evidence that closing accounts causing issuers to be spooked or cause AA? You're reducing your exposure and your credit risk overall, so I just can't see how lenders would be spooked by it, unless I'm missing something.


Closing several accounts in a short period could appear to signify financial duress to a lender.

 

If there are no annual fees, there's no need to be hasty in closing them.  Sock drawer them, and close 1 every month or so.  Make a list and prioritize the accounts from most to least useful, and drop the bottom one every so often.

 

Also, feel free to join us in the garden.  Freezing your reports can help make it harder to app addictively.  Tweak your hobby and look to grow and age your existing accounts (and your scores) instead of apping.


If they are marked as "closed by borrower" that could alternatively suggest a lack of duress - that the customer is confident he or she won't need the credit or utilization padding. An "I am so financially secure that I see your line of credit as an inconvenience" sort of thing.

 

Marked as closed by lender, maybe...but if there's a story to tell, the report will probably tell it in other ways (high balances and low or late payments).

 

Not that either of us are CC issuers, of course...

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 34 of 40
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Super Contributor

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


@mr_suave wrote:
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.

What does Surpass give you that Aspire doesn't?

Amazon works as a good no-FTF Visa.

Depending on your entertainment spending, Savor may not be worthwhile when you already have Amex Gold.

Are both Discovers of the 5% variant, or during their intro "double rewards" year?

Do you make a lot of tiny purchases for Rewards+?

What's the appeal of the Apple card?

If you plan to keep the Altitude Reserve, maybe the QS is superfluous?

 

Cards get nerfed and some people like to keep fairly plain cards as backup.Nothing wrong with that.

 

But if you're determined to get to 10, the above thoughts might help you pick a few more cards for closure.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 35 of 40
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Senior Contributor

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


@wasCB14 wrote:


If they are marked as "closed by borrower" that could alternatively suggest a lack of duress - 


I would hope this is the case as I have opened and closed several this year just cause I thought they sucked.  And yes, my name is Laura and I'm an Appaholic. 

EDIT:The answer to your ? is, I opened and closed 5 within 3 months, reports are frozen, locked and I solved that impulse app'ing by doing this.

Go for it OP, GL!!!

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Personal Cards

Biz cards

Closed still reporting
23 cards, 3 loans, oldest 1996.
Scores
(Fico 8- Exp. 744/ TU 788/ EQ 756)
Message 36 of 40
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Super Contributor

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


@wasCB14 wrote:

@DivorcedAndBroke wrote:

@kdm31091 wrote:

I see this advice a lot around here, but I'm not sure why. Is there really any evidence that closing accounts causing issuers to be spooked or cause AA? You're reducing your exposure and your credit risk overall, so I just can't see how lenders would be spooked by it, unless I'm missing something.


Closing several accounts in a short period could appear to signify financial duress to a lender.

 

If there are no annual fees, there's no need to be hasty in closing them.  Sock drawer them, and close 1 every month or so.  Make a list and prioritize the accounts from most to least useful, and drop the bottom one every so often.

 

Also, feel free to join us in the garden.  Freezing your reports can help make it harder to app addictively.  Tweak your hobby and look to grow and age your existing accounts (and your scores) instead of apping.


If they are marked as "closed by borrower" that could alternatively suggest a lack of duress - that the customer is confident he or she won't need the credit or utilization padding. An "I am so financially secure that I see your line of credit as an inconvenience" sort of thing.

 

Marked as closed by lender, maybe...but if there's a story to tell, the report will probably tell it in other ways (high balances and low or late payments).

 

Not that either of us are CC issuers, of course...


I would agree with your line of thinking. I don't see how closing cards is going to raise any flags with issuers. If anything, it seems like the opposite. The fewer cards you have open, the more likely you are to actually use the other ones, vs having 30 open cards but sparingly using most of them, which doesn't exactly thrill issuers either.

Message 37 of 40
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Valued Contributor

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


@wasCB14 wrote:

What's the appeal of the Apple card?

 

       flushed_emoti.png

 

Well, I guess someone didn't get on the bandwagon. 

 

I guess you just don't understand ... lol  Smiley LOL 

 

(But that's a topic for another thread.)



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 38 of 40
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Super Contributor

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


@Aim_High wrote:

@wasCB14 wrote:

What's the appeal of the Apple card?

 

       flushed_emoti.png

 

Well, I guess someone didn't get on the bandwagon. 

 

I guess you just don't understand ... lol  Smiley LOL 

 

(But that's a topic for another thread.)


When I got my S9+ a year ago...

 

$840 pretax retail price.

 

I bought it from Samsung during a sale that included a Chromebook for $30.

I used Double Cash for 2% cash back ($19 on the price with tax).

Price rewind (about to go, sadly) saved another $100 price matching to Amazon 2 months later.

 

so that's my idea of a good phone credit card.

 

 

...plus an extended warranty.

Spend: BofA PR + WWFCR, BBP, Schwab Platinum, CFF+CF, Costco, Discover
Perks: IHG49, Hyatt75, Delta Platinum, "Old" SPG95
SD/AAoA Ballast: Arrival, CFU, DC
Upgrade/downgrade games: BCE, EDP
Mostly earning MRs and cash back as I use up hotel and airline points spread across several programs.
Message 39 of 40
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New Contributor

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

I like the emblem you have on here. I have the same one. I took a picture of some Christmas lights year's ago and it has cought on. I just got threw some app sprees. Discover $8500 new and Chase Slate for $1200. And 3 store cards. I'm done for now 24 months in the garden I go. I am finally closing a green dot secured card and credit one. They did help me build some great credit. I have a capital one card that was credit steps but it's been over 2 year's and never reported. So I am closing all my cards except NFCU, Chase, and Discover. And my Toyota credit card.
I have over stock (250 cl) don't need it!
Wayfair I still owe $150 but will close it soon. I figure 6 accounts are more than enough. Plus I have a Toyota car payment
and a Affirm finance. When those are paid off, that's it. I'm 54 years old I don't want to be struggling with credit card debt with a social security check. My scores have vastly improved over the past couple of years. I own my own place, live in a small house. I'm just happy to be alive and been lucky enough to get this far. I certainly don't need all that credit now, but I am happy to have what I need.
Well I don't have a logo, so I will just use @#@
Message 40 of 40
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