MORE IS LESS! 
Thats awesomw to be able to do what you are doing. To be able to reach that point where YOU decide enough is enough is a worthwhile effort!. I dont love Lisa but i sure as heckfire appreciate her
Godspeed on your journey
Thats awesomw to be able to do what you are doing. To be able to reach that point where YOU decide enough is enough is a worthwhile effort!. I dont love Lisa but i sure as heckfire appreciate her
Godspeed on your journey
@ilovelisa wrote:This is the opposite of what most MyFicoers want. However, I have reached a point where I believe I have too many cards and too much available credit. I do not have many major purchases to put on cards. I have found that my daily spending is drastically increased when I am paying by credit card. I have now opted to open a second checking account with a portion of my pay to be deposited in it to act as a budgeting tool. I am a lot more concious of my spending when I have an "allowance." I been doing this for 3 weeks now and have noticed my savings account increase quite a bit.
Tonight I closed my Freedom card with a $15K limit.
PenFed is getting the ax tomorrow when they open. That will be another $9.5K gone.
I called and reduced several limits too:
Bank of America from 25k to 10k
American Express from 18k to 10k
Discover from 17.2k to 10k
I will be keeping my Amex, BoA Mastercard, Discover, and local CU Visa. That way, I have one card from each major network. I will also keep my ICBC UnionPay card since it is too unique to go without.
I will go from $96.2K in avaliable credit to $41.5k. Still more than enough.
Kudos. I know it's tough to make those kinds of decisions and exercise that kind of discipline, but it's a great move.
Congratz to you. You are stronger then 90% of us.
It would be a very hard decision to make.
Most of us take a long time trying to get to those kind of limits.
In my experience, I haven't seen much that has denied people based on the amount of available credit. I could see if the utilization was high maybe.
Eventually I can see my goal once my scores are well above 800, will be to have 4 to 5 cards with $25k limits.
I have done the same thing and then a month or so later the itch returns.
Though I have a feeling you're stronger than I am
Good luck!
@AverageJoesCredit wrote:
MORE IS LESS!
I dont love Lisa
What do you have against Lisa?? Where's the love? Lol
@ilovelisa wrote:Management was another part of the decision. Going from 7 to 5 will help some. When I first found this site, I was one of those constantly apping for everything and mostly being denied for too new of a history and too many inquiries. Then the approvals started coming in. At the most I had 22 cards open at once. I have 46 accounts reporting as closed since 2011. I no longer have the time, desire, or energy to deal with so many credit accounts.
Hey senor!
That's sort of where I am now though I didn't take quite the same path you did; I have a bunch of cards arrayed in front of me that I haven't carried in weeks, and am pretty much down to using Credit Karma to see where I have balances that require payments or not as I simply despise the near-religious checking of 13ish different lenders monthly now (sigh).
I'm putting any decisions on haitus for a year as I know my life situation is going to change one way or another once this contract is up so I'm trying not to do anything rash, but if I get to any sort of steady state I think I'm going to be doing similarly and just closing several now unnecessary revolving lines (5+) and my last non-mortgage installment. I'm already down to 3 AF's one of which I don't count since it's a wash with the Costco membership anyway. Pretty much made the arbitrary cutoff the tradelines from my mid-2014 spree and later as potentials to be cut, and I'm guessing this probably happens.
Already reduced my credit lines by 20K, looking at another 15K in CLD (maybe, it's my lowest APR so I may just keep the 25K line) and 47.9K in closures in terms of CL loss.
To each their own admittedly but limits for the sake of limits are pointless in my estimation. Admittedly I'm beyond the state I started in 5 years ago (even if admittedly they didn't matter much to be then as prior posts will illustrate) and I'm gold plated on two bureaus by the end of this year and as such, limits aren't likely going to be difficult to re-establish if I do need them in the future short of a radical change in the credit card market.
@longtimelurker wrote:With many recent posts on consolidaton, is it time to go to the Approvals subforum and start posting "I'm so sorry" after every successful app?
Haha, likely not regardless of how entertaining I find the concept, just sayin'
@Revelate wrote:
@longtimelurker wrote:With many recent posts on consolidaton, is it time to go to the Approvals subforum and start posting "I'm so sorry" after every successful app?
Haha, likely not regardless of how entertaining I find the concept, just sayin'
It always did seem funny to me...
"I applied and got approved for card X."
"Congrats on the approval!"
"I decided I didn't need card X after all and closed it."
"Congrats on simplifying!"
"I was thinking of applying for card X, but decided not to," (and avoided the inquiry and new account).
(Indifferent silence)
So here's a little +1 for everyone out there who has decided some potential new card just isn't worth bothering with.