Rewards Credit Card For Daily Expenses
Author: Brammy
Posted: Thu Mar 15, 2007 11:20 am
Post subject: Talk me down
I posted earlier about really wanting a rewards card for daily expenses. Of course that card is to be PIF every month. Got one with my highest limit yet. Logged on to one of my current cards and got a notice that that card could be upgraded to a rewards card at no extra cost.
I had gotten another card on the spur of the moment and was thinking about closing it but didn't. Now with the new card with the higher limit and two rewards cards, I figured closing it wouldn't help my score but wouldn't hurt it either.
To make a long story short, called to cancel the card and instead they talked me into doubing my credit limit. Here's the problem, I'm already getting dinged for too much avail credit. One year ago I had about 1450.00 in total credit with a subprime card, when I just checked my portfoliomanager, I found that I now have over 14K in revolving credit avail.
I'm not a guru and would appreciate any advice on management with this sudden credit access. Its divided between 5 majors and 2 store cards. I only plan on using one of them actively, the 2% cash back, the other has a 1.99 % BT I don't plan to use until its paid off. I have no need for this much credit but as one of the gurus said its btter to get it when you can instead of waiting until you need it and can't get it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Nemesis
Posted: Thu Mar 15, 2007 11:27 am
Post subject:
How are you getting dinged for too much available credit?
Author: artcubed
Posted: Thu Mar 15, 2007 11:28 am
Post subject:
Well, do you trust yourself with those limits? If you do, then don't close the card. The only instance I've ever heard of someone having a problem with lots of availible credit is when applying for a mortgage. Who's "dinging" you for having lots of availible credit? Lots of people have aggregate limits of 100k+ (mouse, fatwallet posters, etc)
I'm in a similar boat, 10k in limits across 4 cards and 2 store cards. No problems here...I plan to apply for Blue Cash and probably a business card when some of my inq's drop off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Thu Mar 15, 2007 11:30 am
Post subject:
I posted the exact score reasons from Equifax in this thread
http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=12226
I completely trust myself with those limits its just that I really wouldn't know what to do with so much credit.
Author: artcubed
Posted: Thu Mar 15, 2007 11:35 am
Post subject:
Brammy wrote:
I posted the exact score reasons from Equifax in this thread
http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=12226
I completely trust myself with those limits its just that I really wouldn't know what to do with so much credit.
I wouldn't worry about what Equifax is saying. If a creditor said you had too much credit, then I would be concerned.
You don't have to use those limits, they can just sit there and look pretty, really. Or you can play the 0% transfer into a 5% savings account if you're disciplined enough. Definitely don't lower them or close them though. If you ever decide you want the limit back to where it was, it can be a pain to do so.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Thu Mar 15, 2007 11:20 am
Post subject: Talk me down
I posted earlier about really wanting a rewards card for daily expenses. Of course that card is to be PIF every month. Got one with my highest limit yet. Logged on to one of my current cards and got a notice that that card could be upgraded to a rewards card at no extra cost.
I had gotten another card on the spur of the moment and was thinking about closing it but didn't. Now with the new card with the higher limit and two rewards cards, I figured closing it wouldn't help my score but wouldn't hurt it either.
To make a long story short, called to cancel the card and instead they talked me into doubing my credit limit. Here's the problem, I'm already getting dinged for too much avail credit. One year ago I had about 1450.00 in total credit with a subprime card, when I just checked my portfoliomanager, I found that I now have over 14K in revolving credit avail.
I'm not a guru and would appreciate any advice on management with this sudden credit access. Its divided between 5 majors and 2 store cards. I only plan on using one of them actively, the 2% cash back, the other has a 1.99 % BT I don't plan to use until its paid off. I have no need for this much credit but as one of the gurus said its btter to get it when you can instead of waiting until you need it and can't get it.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Nemesis
Posted: Thu Mar 15, 2007 11:27 am
Post subject:
How are you getting dinged for too much available credit?
Author: artcubed
Posted: Thu Mar 15, 2007 11:28 am
Post subject:
Well, do you trust yourself with those limits? If you do, then don't close the card. The only instance I've ever heard of someone having a problem with lots of availible credit is when applying for a mortgage. Who's "dinging" you for having lots of availible credit? Lots of people have aggregate limits of 100k+ (mouse, fatwallet posters, etc)
I'm in a similar boat, 10k in limits across 4 cards and 2 store cards. No problems here...I plan to apply for Blue Cash and probably a business card when some of my inq's drop off.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Thu Mar 15, 2007 11:30 am
Post subject:
I posted the exact score reasons from Equifax in this thread
http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=12226
I completely trust myself with those limits its just that I really wouldn't know what to do with so much credit.
Author: artcubed
Posted: Thu Mar 15, 2007 11:35 am
Post subject:
Brammy wrote:
I posted the exact score reasons from Equifax in this thread
http://creditcardperks.webgroups.biz/phpBB2/viewtopic.php?t=12226
I completely trust myself with those limits its just that I really wouldn't know what to do with so much credit.
I wouldn't worry about what Equifax is saying. If a creditor said you had too much credit, then I would be concerned.
You don't have to use those limits, they can just sit there and look pretty, really. Or you can play the 0% transfer into a 5% savings account if you're disciplined enough. Definitely don't lower them or close them though. If you ever decide you want the limit back to where it was, it can be a pain to do so.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:08 AM
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