Too Many Cards - Now what? :D

[Anonymous]

Absolutely close the ones you don't need if you're feeling pressured to spend on them to keep them active.

[Anonymous]

I would get rid of the low limit secured card

[Anonymous]

Close cards that no longer serve their purpose

[CreditUnionFan]

---

@Anonymous wrote:

So especially to all of our veterans MYFICO folks - so now you have all these cards and all these large limits... do you use them? are you able to use all your cards? do you cycle them? I find myself overwhelmed, and I'm trying to use them for couple of charges here and there and then pay it off so I dont forget then just leave them at home. Specially the store cards, let alone the really small credit... I am thinking the smaller the limit is the more I should use it so I can get it to up my limit but I just dont even feel like fooling with it?

Mere example I signed up for secured credit with Discover and thank goodness only for $300 I was going to put $3000 bujt now I find myself never using the card because of such low limit that if I buy anything I'm already at 10%-20% of its limit which I dont like....

Anyway, your thoughts and advice are greatly appreciated as always!

---

I have quite a few credit cards. To make it easier to track them, I note the date and amounts due when the statements are received. I also keep a spreadsheet where I track the due dates on one tab, and the statement dates on the second tab, in a calendar-like form. (three sets rows with ten days as columns  running from left to right)

With many issuers they want to see regular activity, and many want to see that there is a chance you may spend more with a higher credit limit.  You don't necessarily have to let the balance post on the statement...  A few years when I had smaller limits I'd use the card and pay very quickly to make the utilization not show up on the credit report.

[Anonymous]

Hi friends

THank you all for your feedbacks! I can always count on you!!!

I decided to close Discover Secured Card - I really have not used it. I think down the road in 6 months or a year when most of my inquiries are gone and established history with the rest of the ones I have, I can get a better starting limit with them.

The cards I have now is just right - My wish list is to get 1 NFCU card and another PINK Discover in a year or two. I really thought I would get an NFCU even a $500 limit with my 703 TU and after they gave me the full $15K PLOC I guess we really can't say how they work with their numbers. I also really want to get the Citi Costco but it seems like Citi doesnt like me at all ... oh well if they dont like me, I dont have to like them either

I do have a calendar and a spreadsheet of all my limits, current balance, statement cuts and due date and reporting date lol - I check it religously and pay them off 2 days before statement cuts just in case my payment doesnt post soon enough. Specially with CAP 1 not sure whats with them but all my payments from $50 - $1000 are put on 5 days hold all the time. It gets really frustrating. 

Lowes rejected me for CLI - too new and no history established with this credit limit.. well, I think I'm buying $300 Lowes gift card 3x.. we need a new garage and its $1200, I want to take advantage of the 5% so I figure I'll buy a gift card for the max of my car $300 and as soon as it hits my balance I'll pay it off... might take about 2 weeks but I think they will definitely see some action on it just this month. We are buying the item anyway might as well take advantage of what the card supposed to do!

[805orbust]

Lowes is definitely a keeper imho. Spreadsheet fan here as well. Perhaps the best thing to do is take a deep breath, smell the roses in the garden for 6 months or so, grow your current limits, and then plan the next steps. It seems like you're on the right track, just gotta let some time pass :-)

[805orbust]

Oh, and btw, if you EVER want a cli from Lowes, make sure to do it either thru online chat, or on the phone.

[jamesdwi]

Time to garden i would recomend at least 6 months if not a year, 

the $500 AMEX card would be on the chopping block, absolutely if it  had an AF with a zero AF it would still a consideration to close, if  you didn't have a really good reason to keep it open, its new and the limit is tiny compared to AMEX standards, and it will take you more than a year to grow it to a decent limit. The chase card is your foot in the door. keep it use it once every 6 months if you shop at amazon use it PIF if possible they may give you auto-cli, i would advise against any HP CLI's on chase new app's after a year of history will usually get you better results and you can move CL around. But remember anytime a prime lender gives you a $500 CL. its sign, okay we let you in with card, but watch it, we don't trust you. Neiman Marcus should probably be placed in a sockdrawer and never used again,  Lunch for 2 will easily make your UTL at 50%. Cufflinks could max it out ;-).  Don't see much details about CLI chances without spending money, pick out a few grand in merchandise and have the cashier call in and get a CLI.  Seems expensive to me. No i'm not a neiman marcus customer. 

The rest look fine,  after 4 months you can call credit solutions and  get increases on Lowes and other Syncrony cards.

[CreditUnionFan]

True, Amex will usually only increase a credit line every 180 days, but when they do, it's a SP.
500 becomes 1500
1500 becomes 4500
4500 becomes 13500
18 months later, that could be a respectable credit line. Sometimes Amex will offer you a CLI automatically without asking based on purchase history. I received one this year after I asked and they said no, but then I started making larger purchases and received an email after a large purchase.

[Anonymous]

Hi James and Credit! Thank you on your input with AMEX... I did ALOT of research with AMEX and it's 3x increase so I'm quite familiar with that. 

So I have BCP that has $5,000 limit and I plan to request the 3x increase on that after my 61 days which is next month... and if and when I get the $15,000, I'll try for another one in 6 months for $30,000. Then at that point both cards will be close to 13 months of which I will be able to move my limit and I'll just move $5,000 of it to BC and then 6 months again I'll try that BC to gain it's course to $25,000 too

Great advice! I do like Neiman Marcus and you are soo right I spend 1 moisturizer and its $250 so thats 33% of my limit already lol, but I just pay it in full and I get the bonus points, I want it to be high enough so I can get some Chanel purse $5,500 hehe and also get the points... coz I usually reward myself at least 1 purse a year and instead of putting it in a credit card I'd like to put it in Neiman Card and use the double points to get the $650 shoes from Louboutin lol! Bags and Shoes for this girl...