I almost lost my Mastercard this week after almost calling Citibank to lower my credit limit. I guess I didn't stuff it back into my wallet securely. Thank goodness Natalie the Traffic Master found it on the floor and got it back to me. I didn't even realize it was lost.
I mentioned this in a thread over at Give Me Back My Five Bucks, and another poster asked why I'd want to lower my limit.
I now have three credit cards:
- a MC with about a $9000 limit
- an Air Miles amex with an $8000 limit
- a bank Visa with a $10000 limit
Total: $27-thousand in credit, plus a bank line of credit.
I don't use it. I really don't use it that much.
I pay off my balance in full each month, and I don't charge much on them anyway. At most, some airline tickets and hotel when we're travelling.
I've *heard* that when it comes time to apply for a mortage, lenders may look at credit card credit as entirely debt, even if you don't spend up to your limit. I don't want the lenders thinking I have $27-thou in debt when, in fact, I have none.
I'm sure a simpler solution would be to cancel a card, but ......
- I've had the MC since about 1994 (or earlier?), so that's my longest piece of credit history. I'd love to ditch it, though, 'cuz I hear narsty things about CitiBank. And they're American
- the Amex earns me Air Miles
- and the Visa is with the bank and gets me points.
So, I'm reluctant to part with any of 'em.
That's what I'm thinking. Am I off-base?