Will I ever be satisfied..(another day, another CLI)

[Anonymous]

We enjoy trying to get cards upto a cl $20K each. Itis  fun but once we hit $20K we quit trying.   Total limit is still less than 1X income.

DW has around  11 cards and I have around 5 cards. Only over lap is Cap1 QS.  Scores run betwwen 740 and 765.  We regularly use about 5 cards   It is hard to find uses for some  and they just provide padding. We do pif each month. We don't owe a house note or car loan so we do have  play money. One of my goals this year is to save more cash.    

[12njoy]

Hey fltireguy,

I know exactly what you're talking about. I said I'd quit at 100k, 250k, 500k and then at 1 million. "I did the job, credit came with ease But one couldn't stop, it's like I had a disease. I got another and another" that's my story and I'm sticking to it. 😂😂😂 have to list my disclaimer that this was my personal choice folks.

[Loquat]

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@Anonymouswrote:

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@fltireguywrote:

So, here I sit with 38 MC/Visa/Amex cards. CL’s from $500-$25000.  (Plus a few store cards that go from $3000 - $16050) I swore that when my rebuild was complete, that I would quit applying for cards. But, I didn’t. I swore that I would close the low CL cards. But, I didn’t. (Well I did close a few, including Barclays when they AA’d me 18 years ago and slashed my $1k CL despite a perfect payment history for EVERYTHING in the past 5 years). As of this morning, total CL, including my car, sits just shy of $400K.  (In 3/2016, I had a $1800 secured CapOne QS1)

So, I’m a credit snob now. If YOU (insert lender’s name here) don’t give me at least a 5 figure CL YOU have no place in my wallet, and will live in my SD, except for that special occasion when I have a use for you... 

So, I guess it’s my hobby now - collecting credit cards, and the quest for ever higher CL’s. I’ll never get in with Chase on a 5/24 card, because, inevitably, a new FOTM will come out that I just HAVE to app for..LOL

Maybe, just MAYBE I’ll convince myself to close that crappy $500 CL card.. It’s not like anything can hurt my AAoA at this point (and I know that the card will stay on my CR for 10 years anyway).. 

AM I THE ONLY ONE IN HERE WITH THESE ISSUES?

@Anyway, enough rambling... Time to go hit NFCU up for my 6 month CLI on my GoRewards, currently sitting @$7.5K (I would like to see $17-25K out of this one). Hopefully I’ll get something, but then again, they did open that Flagship for me the other day with a $12.9k SL... 

Oh. One more thing. Inquiries ARE overrated! 

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It can be exciting to be approved and to watch your limits grow. I'd like to think at some point though you will grow out of it. Or maybe you just have not found the right one yet (this is what people tell me about women LOL). 

I am sitting on 17 cards right now and it has actually become a burden and tiresome. Ever since I got my USAA Limitmess (#foundtherightone) I have had to start looking for reasons to swipe my other cards to keep them active. Tired of it. Tired of the game. I have achieved what I wanted to and now its time to start thinning the herd (I'm looking at you PenFed!). 

So hopefully you will grow out of it and you do not suffer any AA in the near future. But then you do not seem the type that will be phased by any AA LOL. Congrats on your accomplishments!

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+1 That right there is my exact thought.  

[Credit-hoarder]

At this point with 35+ cards I've pretty much achieved most of what I wanted as far as number of cards--I put a solid limit of 40 on personal CCs. So now like it pretty much has been the whole 4.5 years it's basically a hobby. I still plan to go for the occasional CLI-especially if it's a SP-but not as interested in taking a HP for one as I used to be-although I do have a few card closings planned and maybe 1 or 2 more openings this year (Chase Freedom will be the 1st to go). I figure this well help with my approach toward getting 800+ scores. As far as personal credit once I hit $500K--I AM DONE.  I am now and will be concentrating more on business credit going forward.

[hawkins]

I just got to ask. Why could you possibly need so many cards? I have a hard time justifying 5 cards. I don’t know seems like a bit of work figuring out what card to use at any given time. That being said WOW! I am truly in awe.

[Anonymous]

Having whiffed on two (SP, fortunately) CLI requests this morning with Discover and Care Credit, I've been thinking about where the eventual stop line is for me, too. I currently have $81.1K spread out over ten cards with about 7% overall utilization, and my goal (admittedly, for now anyway) is to get to over the $100K mark. That being said, I do want to consolidate cards and payments as I can without putting too much of a ding on either total/available revolving credit or spiking utilization too much.

I'm currently planning to BT the remaining $150 (after the next statement cuts) balance on my older Discover card, as well as about $80 balance (after next statement) on my Overstock card to my Apple FCU Platinum Visa, which has plenty of room to take in some BT's without going over 28.9% util, has a decently low APR compared to my other cards and is plain-vanilla, having no rewards, so that I won't be losing anything from utilizing it mainly as a BT card.  I plan to follow up with BT'ing either Amazon or Walmart to that card. My biggest CL is Capital 1 QS Visa at $16k, so once the 0% APR purchase period ends in October I plan some BT's there as well.

Longer-term, I want to close my older Discover card, either by combining it with my newer Disco (providing there's CLI availability on that card at that time), or reallocating as much of the CL from the older card to the newer card as possible; CS told me in secure messaging that wasn't possible, but I think they might be mistaken given that other people here have said they've been able to do it. I'm also considering closing Overstock in the long run, but only if I can get a better, lower-APR general-purpose rewards card with a comparable CL to replace it. To that end, I'm planning to join Navy FCU once I get the necessary documentary proof of eligibility, and apply for their CashRewards Visa early next year once my current gardening phase has gone on long enough to allow several more HP's to age to at least 1 year or drop off. I've been considering other cards such as Blispay (which, in spite of their notorious ID verification problems, does have that 2% cash back), Sync's Marvel Mastercard (though that may have to wait until Walmart transfers to Capital One in the fall of 2019), the Apple Rewards Visa (after Goldman Sachs takes it over - no way do I want to deal with Barclays), Commerce's Charity Charge MC, and even Amex's new CB card once my BK ages to where I can apply without being auto-denied. Navy, though, is at the top of the list.

I think, ultimately, I want to have a maximum of 10-12 cards with a total $100K - $120K limit.

[Anonymous]

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@fltireguy wrote:

So, here I sit with 38 MC/Visa/Amex cards. CL’s from $500-$25000.  (Plus a few store cards that go from $3000 - $16050) I swore that when my rebuild was complete, that I would quit applying for cards. But, I didn’t. I swore that I would close the low CL cards. But, I didn’t. (Well I did close a few, including Barclays when they AA’d me 18 years ago and slashed my $1k CL despite a perfect payment history for EVERYTHING in the past 5 years). As of this morning, total CL, including my car, sits just shy of $400K.  (In 3/2016, I had a $1800 secured CapOne QS1)

So, I’m a credit snob now. If YOU (insert lender’s name here) don’t give me at least a 5 figure CL YOU have no place in my wallet, and will live in my SD, except for that special occasion when I have a use for you... 

So, I guess it’s my hobby now - collecting credit cards, and the quest for ever higher CL’s. I’ll never get in with Chase on a 5/24 card, because, inevitably, a new FOTM will come out that I just HAVE to app for..LOL

Maybe, just MAYBE I’ll convince myself to close that crappy $500 CL card.. It’s not like anything can hurt my AAoA at this point (and I know that the card will stay on my CR for 10 years anyway).. 

AM I THE ONLY ONE IN HERE WITH THESE ISSUES?

@Anyway, enough rambling... Time to go hit NFCU up for my 6 month CLI on my GoRewards, currently sitting @$7.5K (I would like to see $17-25K out of this one). Hopefully I’ll get something, but then again, they did open that Flagship for me the other day with a $12.9k SL... 

Oh. One more thing. Inquiries ARE overrated! 

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No I don't have those issues. I won't get a card now though that doesn't give me 500 dollars of value from getting it.  The higher limits are pretty pointless.  But if that is what gets you excited than go for it. Once my total limit hit 200k I stopped noticing but I have cancelled a bunch of cards so I think I am under 200k now.   I only use the cards until I get the sign-up bonus.  Then they are dead to me.  I don't carry a balance though.   

I am working on business cards exclusively at the moment and the limit is totally irrelevant at this point as they don't report to my personal report so they can have 90 percent utilization of 2k for all I care. 

Unless you  are a multi-millionaire or a business owner I am not sure what benefit you get from having anything over 100k.     

[Anonymous]

I almost wrote a post asking if it's normal to be THIS obsessed, and I am just at the beginning. I had very bad credit, and made a plan to raise my score enough to get in with Amex because in my head, that meant I made it. I started researching, and then I wanted amex and Discover. Well I got that last month. But the CLI's, the approvals, the cash back, the rising score... it's intoxicating to research and figure out how to make it perfect. I'm planning Pc's, which cards I'm going to SD, and which card is next to apply for. I'm a little scared that it will never be enough! It's definitely become a rabbit hole! I am being very careful and making sure I don't overspend and don't get myself in a rabbit hole of debt, but man this game is fun as heck.

[Anonymous]

yeah 38 is a little excessive lol it's kind of impressive that you can manage all of those accounts

[K-in-Boston]

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@12njoy wrote:
Hey fltireguy,

I know exactly what you're talking about. I said I'd quit at 100k, 250k, 500k and then at 1 million. "I did the job, credit came with ease But one couldn't stop, it's like I had a disease. I got another and another" that's my story and I'm sticking to it. 😂😂😂 have to list my disclaimer that this was my personal choice folks.

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LOL as soon as I saw 5x income, I did the math and immediately thought "Ooh, I would pass @12njoy."

When I got to $300k, I though that was good, then decided $400k, $500k, and $600k.  I'm not as concerned about overall limits anymore now that there's no chance that any amount of ill-timed balances reporting after doing the balance transfer shuffle will put me above 30% (or even 20%), but there are some instances where I really do need those massive limits that I keep trying to hit.  I would have found it odd to be exceeding a $21k credit line several months in a row a few years ago since almost all of my spending was on a charge card, but this spring I found myself doing just that on my Starwood card.  It's at $35k now, but with the amount of spend I put through it regularly I really can justify that I need a substantially higher credit line than even what I have now.  Since utilization is based on the actual percentage, I take the same hit "only" having $24,500 left of available credit on the card as someone with a $1000 CLI does if they only have a $300 balance.

Once my massive revolving debt is finally paid off, I certainly won't care as much about total credit lines but I would still like to have a handful of very large limit cards.