What have I done??

[Anonymous]

After my bk in 2012 I have rebuilt but all my cards are cut up except for 1. Thats how I keep my spending in control and its the best thing I have ever done for my finances. 

[icyhot]

I think my bad spending habits will persist whether I use cash or credit lol but at least with cash it’s over and done

[Aim_High]

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@icyhot wrote:
I had a nice credit journey and acquired great cards with great limits,
then it all came crashing down and I ended up $80K in debt and filing for BK.
... I’m just worried because these are the same exact habits I fell in before BK.

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Listen to your gut instinct.  You're concerned and asking for advice for a reason.  Did you ever identify what happened the last time that led you to fail?  Have you fixed whatever that was, or resolved to do things differently?  What led to your getting out of control the last time?  I'm concerned for you and think you might be headed in the same direction if you aren't careful.   BK can be a fresh start but only if we're willing to learn from it and put the past behind us.  Tread lightly.

[Brian_Earl_Spilner]

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@icyhot wrote:
I think my bad spending habits will persist whether I use cash or credit lol but at least with cash it’s over and done

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Then you have your answer. Cut up the cards and open some secured ones.

[longtimelurker]

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@Anonymous wrote:

so keep using all these cards but make sure util doesn't go above about 9% on any individual card. always pay in full, never carry a balance, and request CLI's on the cards as often as possible if they are a softpull, don't take a hard pull for a CLI on these.

I'm with NRB525 on this: don't ask for CLIs.   If you have potential issues with misusing credit, don't add to availability!

having even one store card can lower your fico score a bit, having more than one must look pretty bad.

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Why do you think store cards lower FICO scores?  

[Remedios]

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@icyhot wrote:
I think my bad spending habits will persist whether I use cash or credit lol but at least with cash it’s over and done

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A few posts ago you asked how you should be approaching your finances based on my comment

I think you just answered it yourself. 

A person does not need a single CC to ruin their finances. Sometimes even twice or more. The only difference is, CC may postpone the inevitable by a bit. 

[icyhot]

Well the reason I got into BK was because I was unemployed with a lot of bills so I used my cards to keep me afloat. I also helped way too many people that I shouldn’t have. Prior to that I always paid in full and never had a high UTL. I guess I’m concerned about going card crazy and opening and closing unnecessary accounts. That didn’t directly lead to my BK, but it wasn’t smart

[longtimelurker]

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@Aim_High wrote:

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FWIW, probably not Albert Einstein.   See, e.g https://quoteinvestigator.com/2017/03/23/same/

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

so keep using all these cards but make sure util doesn't go above about 9% on any individual card. always pay in full, never carry a balance, and request CLI's on the cards as often as possible if they are a softpull, don't take a hard pull for a CLI on these.

I'm with NRB525 on this: don't ask for CLIs.   If you have potential issues with misusing credit, don't add to availability!

having even one store card can lower your fico score a bit, having more than one must look pretty bad.

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Why do you think store cards lower FICO scores?  

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i didn't realize he had a compulsive spending addiction, i was trying to help him lower the risk of high util. i agree, he should get credit counselling or addiction counselling or something. i have seen in a fico handbook or on the experian site that having any store cards is seen as a negative.

[icyhot]

I don’t run up balances on my cards and pay the minimum or buy things I can’t afford to pay back. So I don’t have that big a problem