I have historically not been one to apply for a lot of credit cards. Recently, I refinanced my mortgage, so I finally app'd for my first new card in over three years. I got SW Priority Card and AmEx Everyday Card. I fly SW very often (five or six times per year), not exclusively, but more often than not, thus the Priority Card. I plan to use this card ($26.7K CL) for the majority of my daily purchases. I got the AmEx Everyday for use at grocery stores ($15K CL). I have read about AmEx cutting CLs in half on this board. I'd be concerned about AA from AmEx and Barclays due to lack of use. I'm always amazed and impressed by those who have 15 or 20 cards with $150K+ in CLs. How does one keep all of their cards happy and not lose CLs?
I have all that set up now. I just am concerned about only using a small fraction of the CL and end up getting slashed like some here have seen with AmEx. Barclays was my previous daily driver card, but SW will now be. Barclays is going to go from several thousand per month used to a few bucks. I always PIF each month, but I do like the idea of having the CL in case I need the fire power.
Whoa long time Byrdman good to see you!
Anyway everyone else’s point is basically correct: drop some random recurring charges if you have them or otherwise take them out for a Starbucks run or similar every six months or so.
Right now the credit market is still all sunshine and rainbows (mostly, Amex reallocation of lines not withstanding) and until we see a recession or other financial crisis I don’t expect to see much in the way of credit portfolio tightening in the current environment... maybe if interest rates start going down and banks start refinancing every mortgage they can again, maybe.
I am somewhere north of 175k in total personal revolving CL now, but really I only spend maybe 3k/month average 95% of which are on two Chase cards, and PIF and haven’t had a problem with a lender-initiated CLD yet.
Have to say though with the APR’s on rewards cards if there is a situation where I can’t write a check for it (or don’t want to, out of work cash hoarding for example) I self-refinance that with a quickness to my HELOC.
Ultimately I could make do with my old goal number of 50k CL but after a point approvals of the 20/25 and even 30k variety have been falling out of the sky in my semi-limited apps over the last few years.
Anyway everyone else’s point is basically correct: drop some random recurring charges if you have them or otherwise take them out for a Starbucks run or similar every six months or so.
Right now the credit market is still all sunshine and rainbows (mostly, Amex reallocation of lines not withstanding) and until we see a recession or other financial crisis I don’t expect to see much in the way of credit portfolio tightening in the current environment... maybe if interest rates start going down and banks start refinancing every mortgage they can again, maybe.
I am somewhere north of 175k in total personal revolving CL now, but really I only spend maybe 3k/month average 95% of which are on two Chase cards, and PIF and haven’t had a problem with a lender-initiated CLD yet.
Have to say though with the APR’s on rewards cards if there is a situation where I can’t write a check for it (or don’t want to, out of work cash hoarding for example) I self-refinance that with a quickness to my HELOC.
Ultimately I could make do with my old goal number of 50k CL but after a point approvals of the 20/25 and even 30k variety have been falling out of the sky in my semi-limited apps over the last few years.
