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    Platinum cmoney's Avatar
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    Credit Score Question

    I have seen some other threads about this so there does seems to be some pros on here in regards to this subject. I checked my credit and the only negative thing on my report said that i have too many cards which means i had access to "too much credit."

    I probably have like 20 cards but was always told that closing them is a bad idea. I actually rather just have like 2-3 but i worried if i do a massive card shut down credit will take a hit.

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    Quote Originally Posted by cmoney View Post
    I have seen some other threads about this so there does seems to be some pros on here in regards to this subject. I checked my credit and the only negative thing on my report said that i have too many cards which means i had access to "too much credit."

    I probably have like 20 cards but was always told that closing them is a bad idea. I actually rather just have like 2-3 but i worried if i do a massive card shut down credit will take a hit.
    The 20 cards isn't the problem I would assume the 5m in limits spooks the computers. Not everyone is a fucking baller like you are, and after 2008 they have gone crazy with perceived risk.

    For normal people closing accounts is a problem because it hurts your utilization rate (and in turn your score), for you it won't matter unless you go scorched earth and close a lot of them. I can't imagine you ever carry a balance.

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    Platinum cmoney's Avatar
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    Quote Originally Posted by NaturalBornHustler View Post
    Quote Originally Posted by cmoney View Post
    I have seen some other threads about this so there does seems to be some pros on here in regards to this subject. I checked my credit and the only negative thing on my report said that i have too many cards which means i had access to "too much credit."

    I probably have like 20 cards but was always told that closing them is a bad idea. I actually rather just have like 2-3 but i worried if i do a massive card shut down credit will take a hit.
    The 20 cards isn't the problem I would assume the 5m in limits spooks the computers. Not everyone is a fucking baller like you are, and after 2008 they have gone crazy with perceived risk.

    For normal people closing accounts is a problem because it hurts your utilization rate (and in turn your score), for you it won't matter unless you go scorched earth and close a lot of them. I can't imagine you ever carry a balance.

    Nah, never carry a balance. The only use two cards an Amex and Chase card for miles and usage of airport lounges. I may just chance it and shut the rest down. With all the fraud these days, it is annoying to have to think about them.

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    Quote Originally Posted by cmoney View Post
    Quote Originally Posted by NaturalBornHustler View Post

    The 20 cards isn't the problem I would assume the 5m in limits spooks the computers. Not everyone is a fucking baller like you are, and after 2008 they have gone crazy with perceived risk.

    For normal people closing accounts is a problem because it hurts your utilization rate (and in turn your score), for you it won't matter unless you go scorched earth and close a lot of them. I can't imagine you ever carry a balance.

    Nah, never carry a balance. The only use two cards an Amex and Chase card for miles and usage of airport lounges. I may just chance it and shut the rest down. With all the fraud these days, it is annoying to have to think about them.
    I am surprised they haven't cut the other ones you don't use already. Typically if they see a huge limit that is not being used they will cut it down to nothing. I know a high net worth individual who went from 400k in limits to about 25k overnight, and even after talking to high level people at the bank (it was Bank of America) and explaining how much money/income he had etc etc.....they basically told him to pound sand they don't care.

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    Quote Originally Posted by cmoney View Post
    Quote Originally Posted by NaturalBornHustler View Post

    The 20 cards isn't the problem I would assume the 5m in limits spooks the computers. Not everyone is a fucking baller like you are, and after 2008 they have gone crazy with perceived risk.

    For normal people closing accounts is a problem because it hurts your utilization rate (and in turn your score), for you it won't matter unless you go scorched earth and close a lot of them. I can't imagine you ever carry a balance.

    Nah, never carry a balance. The only use two cards an Amex and Chase card for miles and usage of airport lounges. I may just chance it and shut the rest down. With all the fraud these days, it is annoying to have to think about them.
    Amex Plat and Chase Saph Reserve should be the only cards in your wallet. Close the rest down besides maybe a hotel card at your favorite chain. It barely will effect your credit.

     
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    Platinum cmoney's Avatar
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    Quote Originally Posted by monsterj View Post
    Quote Originally Posted by cmoney View Post


    Nah, never carry a balance. The only use two cards an Amex and Chase card for miles and usage of airport lounges. I may just chance it and shut the rest down. With all the fraud these days, it is annoying to have to think about them.
    Amex Plat and Chase Saph Reserve should be the only cards in your wallet. Close the rest down besides maybe a hotel card at your favorite chain. It barely will effect your credit.


    Thanks for advice. Shutting down the rest today.

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    Gold handicapme's Avatar
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    They tell you not to close cards because you want to have open credit for an extended period of time that you can show good history on. My suggestion to you is keep the ones you have had the longest open and the ones you actually need (Chase sapphire reserve is a must).

    Of your 20 open, I would close all but say 3-5. Keep the 3 oldest ones open + your cards you use for perks (Sapphire or like monster said Amex). For the older ones you prob won't use make sure the limit isnt above +10k, if so call the bank and have them reduce it. This way you still maintain your credit history with nice amount of revolving credit but will not scare the algo when it sees you already have access to 250k.

    Also, if you already have to much credit from one bank look into transferimg it to another if you want to take advantage of an offer they have. I got fucked for like 3 months because I held my mortgage + 3 cards in the bank I work for and wanted to take advantage of something but already had to much credit with them so had to reduce before they approved me.
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    The only thing that hurts when closing is that it affects "avg age of credit" the longer the tradelines/credit has been extended the better it looks.. Its one reason my score is in the shitter somewhat.. I have one credit card only right now as I did the responsible thing and paid the other couple off and have a few medical collections hanging over me from when my insurance got cancelled retroactively in 2016 leaving me with 20k in medical bills I couldn't pull cash out my ass to fix.. I believe the sweet spot with credit cards is 5-7 roughly.. and I have to agree too many cards can be a detriment especially with somebody like your income level C$ .. Fraudsters see you as a cash cow hoping you wont see them steal a few hundred or even thousand here and there and not bother with it..

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    Platinum cmoney's Avatar
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    Quote Originally Posted by NaturalBornHustler View Post
    Quote Originally Posted by cmoney View Post


    Nah, never carry a balance. The only use two cards an Amex and Chase card for miles and usage of airport lounges. I may just chance it and shut the rest down. With all the fraud these days, it is annoying to have to think about them.
    I am surprised they haven't cut the other ones you don't use already. Typically if they see a huge limit that is not being used they will cut it down to nothing. I know a high net worth individual who went from 400k in limits to about 25k overnight, and even after talking to high level people at the bank (it was Bank of America) and explaining how much money/income he had etc etc.....they basically told him to pound sand they don't care.

    It is weird because I actually paid off an expensive car thinking my credit would benefit from it. But it actually went down after I paid it off. So weird.

    Solid advice from all you guys.

    Going to keep the oldest couple of cards and reduce limits on those and then get rid of the rest besides Amex Cent, Chase Shap and Chase United. That will get be down to 5 and keep the perks i want the most (miles . restaurants and hotels)

     
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    Plutonium Sanlmar's Avatar
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    Serious question cmoney, why do you give 2 fucks what your credit score is? In this case the effect would be so inconsequential.

    I have never looked mine up on my own. Whether it is a few points up or down makes absolutely no difference to me. I know mistakes are made to your account and all that and I still don't care enough to look.

    Aren't you running a lot of your action through your business anyway? For instance, your car isn't run through the business as an expense?

    Your not doing enough legal stealing to balance out whatever petty credit score issues there might be?

    This is a Druff contagion and you need to contain it
    Last edited by Sanlmar; 07-03-2017 at 11:08 AM.

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    Gold abrown83's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Serious question cmoney, why do you give 2 fucks what your credit score is? In this case the effect would be so inconsequential.

    I have never looked mine up on my own. Whether it is a few points up or down makes absolutely no difference to me. I know mistakes are made to your account and all that and I still don't care enough to look.

    Aren't you running a lot of your action through your business anyway? For instance, your car isn't run through the business as an expense?

    Your not doing enough legal stealing to balance out whatever petty credit score issues there might be?

    This is a Druff contagion and you need to contain it
    For starters your car insurance and home owners insurance rates are done based on your credit score. As well as things like life insurance.

    Beyond that, if you are high net worth there may be times you are cash poor and need access to large lines of credit. It's good practice to keep your score in good shape.

    As far as the twenty cards I would close most but anything that's been open a long time 5-7 years+ that doesn't have annual fee I would leave open.

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    Gold handicapme's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Serious question cmoney, why do you give 2 fucks what your credit score is? In this case the effect would be so inconsequential.

    I have never looked mine up on my own. Whether it is a few points up or down makes absolutely no difference to me. I know mistakes are made to your account and all that and I still don't care enough to look.

    Aren't you running a lot of your action through your business anyway? For instance, your car is run through the business as an expense?
    I know someone who has made >2mm who was denied 2 cards (one of which is the company we work for) because he had revolving credit open of +500k in CC and his credit score was shit. When he applied for his monster mortgage last yr he got hit with 6.5% when mine (granted a third of his) was 300bps less.

    Moral of the story is that no matter what your income is your credit score will impact your borrowing ability. Income and wealth is only 1 pair of the equation(obv largest) but your credit score is measured by your reliability which in some cases matters more.
    "I GOT NO TOE"

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    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by abrown83 View Post
    Quote Originally Posted by Sanlmar View Post
    Serious question cmoney, why do you give 2 fucks what your credit score is? In this case the effect would be so inconsequential.

    I have never looked mine up on my own. Whether it is a few points up or down makes absolutely no difference to me. I know mistakes are made to your account and all that and I still don't care enough to look.

    Aren't you running a lot of your action through your business anyway? For instance, your car isn't run through the business as an expense?

    Your not doing enough legal stealing to balance out whatever petty credit score issues there might be?

    This is a Druff contagion and you need to contain it
    For starters your car insurance and home owners insurance rates are done based on your credit score. As well as things like life insurance.

    Beyond that, if you are high net worth there may be times you are cash poor and need access to large lines of credit. It's good practice to keep your score in good shape.

    As far as the twenty cards I would close most but anything that's been open a long time 5-7 years+ that doesn't have annual fee I would leave open.
    I know your right. It's a matter of effort spent and stress spent for the return. In the case of cmoney he is shuffling large cash on sports etc for entertainment. Nickel & diming home owners insurance would negate that. Get an independent insurance broker and be loyal to him. Let him fight your claims & prices.

    Get an accountant and allow him to freely criticize

    Druff has in the past spelled out a rationale for his tireless shopping. He has more energy than I do and he is not wrong.

    Gimme the kid with mismatched socks who is thinking bigger picture all day.

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    Platinum cmoney's Avatar
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    Quote Originally Posted by Sanlmar View Post
    Serious question cmoney, why do you give 2 fucks what your credit score is? In this case the effect would be so inconsequential.

    I have never looked mine up on my own. Whether it is a few points up or down makes absolutely no difference to me. I know mistakes are made to your account and all that and I still don't care enough to look.

    Aren't you running a lot of your action through your business anyway? For instance, your car isn't run through the business as an expense?

    Your not doing enough legal stealing to balance out whatever petty credit score issues there might be?

    This is a Druff contagion and you need to contain it
    Business credit doesnt really mean much unless you are a large company and most of the time requires a principal to be responsible for any loan. I am just more concerned about ditching 15 cards and then it drops a shitload which would be a problem for buying real estate.

    There are limits how much you can run through a business in regards to a car. Here is a pro tip if any of you want to get a super car (which i didn't do on my first one so i learned from my mistake). This is actually a good idea for any high end car.

    You buy/lkease the car under an LLC in Montana ( no sales tax and other perks). The bank (there are only so many that will do this) will personally make you sign for it meaning if you fuck them it will go on your credit. However, if you dont default on the payment they will never report it to your credit report and it will be under the LLC. This is good if you are into things where you always need credit (such as real estate) as the 100k-400k lease wont bog your credit down.

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    Platinum cmoney's Avatar
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    Quote Originally Posted by handicapme View Post
    Quote Originally Posted by Sanlmar View Post
    Serious question cmoney, why do you give 2 fucks what your credit score is? In this case the effect would be so inconsequential.

    I have never looked mine up on my own. Whether it is a few points up or down makes absolutely no difference to me. I know mistakes are made to your account and all that and I still don't care enough to look.

    Aren't you running a lot of your action through your business anyway? For instance, your car is run through the business as an expense?
    I know someone who has made >2mm who was denied 2 cards (one of which is the company we work for) because he had revolving credit open of +500k in CC and his credit score was shit. When he applied for his monster mortgage last yr he got hit with 6.5% when mine (granted a third of his) was 300bps less.

    Moral of the story is that no matter what your income is your credit score will impact your borrowing ability. Income and wealth is only 1 pair of the equation(obv largest) but your credit score is measured by your reliability which in some cases matters more.
    Exactly what I am worried about.

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    Plutonium Sanlmar's Avatar
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    Handicap makes a solid point.

    I was gonna mention taking loans from business but I forgot. If you are the principal you are only gonna get shot down if it is a patently bad idea.

    There are arguments on the marketing side for not having leased a Toyota. Real estate people don't buy Hyundais for a reason.

    I'm wrong but interested that you micro manage this. I just can't. Maybe you or I should hire someone to clean it up and advise. I am sure there is a service.

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    Plutonium sonatine's Avatar
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    FWIW I have a fairly strong credit score and ended up getting hoarslapped on my mortgage insurance rate because of revolving debt and all that mess; they said point blank that they looked beyond the numeric score and simply bumped my rate based on arbitrary negatives. Same negatives that impact credit score mind you, but the score itself was not really considered in their decision.
    "Birds born in a cage think flying is an illness." - Alejandro Jodorowsky

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    Plutonium Sanlmar's Avatar
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    Quote Originally Posted by sonatine View Post
    FWIW I have a fairly strong credit score and ended up getting hoarslapped on my mortgage insurance rate because of revolving debt and all that mess; they said point blank that they looked beyond the numeric score and simply bumped my rate based on arbitrary negatives. Same negatives that impact credit score mind you, but the score itself was not really considered in their decision.
    Yeah, I'm sure that Coinbase activity on the bank statement you submitted during application was not to blame.

    Shoulda headed your own advice.

    Any evidence Facebook posts affect decision making yet?
    Last edited by Sanlmar; 07-03-2017 at 12:05 PM.

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    Owner Dan Druff's Avatar
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    I credit card bonus whored super hard from 2013-16, and my credit score was barely affected.

    This included opening AND closing lots of cards.

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    kinda off topic

    but has anyone ever done "churning"?

    Ive been thinking about doing it lately as it's basically the biggest bonus whoring you can do.
    "Winning is the most important thing in my life, after breathing. Breathing first, winning next."

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