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TeletraderuSax asked 5 years ago

I know the goal of most here is to obtain more credit and better perks, but for me it is the reverse.  Although I have been tempted to get more cards and higher lines I have decided to close unneeded accounts and keep my use to a bare minimum.  I closed another starter card with a $ 35 AF and $ 1K no frills CL today (less than 3 years old). I closed two Cap 1 cards after getting a 10K 15.1% NFCU cash rewards and $ 5K (now $ 7K) CSP in January.  I also have a small CL freedom, amazon rewards and a senior AMEX gold backdated to 1991 (only 2 years old in real time).  I took advantage of the CSP bonus and paid for a trip.  I use the freedom for the 5% back and pay it off as soon as I use it.  The Amazon is for small purchases and gas.  AMEX is for backdating and car repairs.  NFCU is for bigger expenses.  CSP is for dining and travel (may PC or cancel it before one year is up and transfer the credit line to another chase card).  I am resisting temptation to overspend again like I have in the past.  I’m 54, living on $ 50K fixed income and have a $ 115K HELOC to pay for the rest of my life.  My credit is maxed, so to speak.  I have enough credit to cover emergencies like car repairs and trips to visit family.  I might rent a house for myself and my dying mother, so that is where my energies lie at the moment.  I have a government-appointed payee to handle my VA check and she’s holding $ 8K in savings that can be used for the move.  Getting more credit cards is just not productive.  I have had it all and blew it.  My 46 late payments, settlements and $ 115K debt are testimonies to my ill use of credit.  Now having gone through gambling addiction treatment (8 months clean now) and continuing with therapy, I am taking advice as to how to handle money.  Getting rid of credit cards has been tough, like stopping gambling.  They are intertwined.  The thrill of getting approved for credit is like hitting the lottery for some, isn’t it?  Surviving financial disasters and winding up with credit again has been a victory of sorts, but I must move on.  


I have been on this forum often since getting the CSP preapproval in December.  It has been kind of a replacement for sitting in front of slot machines without losing.  I’ve come out a winner here.  I have learned a lot about credit and the folks who use it.  Still, I am an addict and need to find something more constructive to do.  I’m too old and poor to play the credit game.  I hope my experience can be of benefit.  I will still be tempted and will wander in and out but life continues to evolve. I’m glad I have some credit but can’t be one of the group who has tons of cards and a shiny credit score.  My recovery, health and fiscal responsibility are more important than a perk on a high-spend card like CSP was.  I’ll have to pass on the citi offers and the other cards, at least for today.  Thanks to all, especially Nixon and creditaddict.  Best wishes.

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