I signed up for an American Express preferred Blue card and got approved for a limit of $25,000. I have a 830 credit score. I realized that the places I shop don’t accept that card and you have to pay for it yearly so I canceled it.
Then I decided I was going to get a Costco Visa. Once I signed up the credit limit was only $5,000. So I canceled that one. So I stupidly signed up for a Wells Fargo Visa and that was $4,000.
Don’t leave yet and please don’t make fun of me but I’m not done being stupid. I decided I wanted a different American Express card and when I signed up for it the credit limit was $2,000 so I canceled that one.
Again I know I’m fucking stupid but how bad did I just fuck up my credit?
The fuck is wrong with you?
Why is this upvoted so much? This isn’t useful advice, it’s just an insult in response to an honest question.
Plus, he’s not that stupid. He didn’t rack up tens of thousands in credit card debt he couldn’t repay.
First Internet forum?
However, I am SOMEWHAT stupid. I’ve been rather frugal and financing things and credit cards haven’t really been at the top of my priorities over the years, so I’m rather ignorant of it. I try not to spend money I don’t have.
I’m neurotic
Yeah 4 credit cards in any short amount of time is going to send off the bureaus. To OP, what’s wrong with “only” $5,000 in credit? You know they’ll boost it after just a few months of timely payments, right?
5k is not a lot of money to me.
Ok buddy. And yet you’re signing up for poor people cards
I’ve never really needed credit or credit cards? I just pay cash.
Well fuck you then.
Just to dismiss this myth. How many times you put charges on a credit card or how many payments you make has ZERO bearing on your credit score. The only thing you have to do is, when you have charges, pay on time. There isn’t even a measure for “you paid on time” there are negative measures of “you didn’t pay on time” though.
FICO score is only 5 things and they aren’t a secret. Its published right on their website for all to see.
source
I’m pretty sure they’re talking about credit limit, not score.
Gotcha, on a re-read, I agree with you.
Some card companies don’t boost it automatically. I had the same credit card for like 8 years. Always paid it off in full each month and used the card very often as it is my primary card. I had an incredibly low credit limit of like $1k and was hoping when in the world they would ever increase it since it had been literal years and years of frequent usage and on time payments.
Yeah turns out I just had to ask and they increased it. Then only a few months later I asked for another increase and they increased it again to a much better number. So I mean it’s not automatic at all companies, but they seem pretty open to raising it if you pay on time like you said.
I just smoked a j and I’m reading through this thread and all the regular advice comments, then I hit this and started laughing so hard I almost had an aneurysm.
Thank you.
Hope you’re having a fun time lol