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I think there's a pretty frequent cycle when someone first "discovers" the credit card world. You apply for a bunch of cards....one for dining, one for gas, one for this, one for that. You end up with a ton of cards. You later realize some of them are redundant with your spend level, so you cull down to the ones that are useful for everyday spending. I think people often find themselves overwhelmed with the number of cards they end up with, especially when they previously may have had 1-2 cards.
Chasing CLIs has never been a huge thing for me, because there's diminshing returns. If your utilization is low, it's low. You don't need a ridiculous amount of padding. YMMV with spend and income though. If you go for excessive CLIs with a particular lender you can wind up having trouble getting approved for new products with them although you can often move limits around to compensate.
There's always been a "flavor of the month" card; Double Cash, Venture, Merrill+, Amazon, etc, etc. It's important for one to consider if the card is truly useful to them or if they are just following the excitement of the crowd.
@Anonymous wrote:
After being a lurker for awhile before I actually started to post I've noticed a lot trends on MyFICO. Whether it's members chasing specific credit cards and everyone jumping on that train, people chasing higher limits, members collecting 10+ cards and sock drawing them to now a lot of members "cutting or trimming the fat." With all these trends I am wondering if it will soon lead to less exaggerated credit lines. For example people always chasing credit line increases that or available credit pushing the 6 figures. Do you guys think this will slow down and eventual trimming the fat will also lead to credit lines that aren't so crazy high? Especially since majority of users will never use that much credit or float that much in balances?
Honestly? No...chasing isn't something that is new, and remember credit lines are subject to quite a few different reasons (income, scores, usage, etc).
There's always been a "flavor of the month" card; Double Cash, Venture, Merrill+, Amazon, etc, etc. It's important for one to consider if the card is truly useful to them or if they are just following the excitement of the crowd.
Yup... I remember when the Marvel card came out... that was you would read about here on MF. Now I haven't seen a post about this card in months.