Is Credit Line Reallocation a No-Brainer?

One of my favorite things about blogging is receiving comments from readers. When you get a lively discussion going, you know you hit a spot with the selected  topic. I want you to know, I very much appreciate you taking the time out of your day to drop a line or two in the comments section. I realize everyone is busy, and you have many obligations to take care of.

One of my regular commenters is Erik. I consider him a white version of Cheapblackdad, my other loyal reader. Yes, I know he is white because he follows my blog on Facebook. I’m not color blind, ya’ll! Anyway, the other day I had a post on canceling credit cards and Erik made this comment:

credit reallocation

And here is my rebuttal, err …response:

reallocation 2

Man, sometimes these posts just write themselves! But as you can see, there are two schools of thought here. I do think it’s prudent to reallocate lines of credit when you first start signing up for cards. That way, you keep your utilization relatively healthy. Check my Beginner’s Guide if you are not sure what I’m talking about. Personally, I have credit lines coming out of my ears at this point.  I’ve got  around 20 opened credit cards (I think) and am not too concerned about utilization.

Readers (other than Erik), what are your thoughts on this matter?

P.S. If anyone is ever interested in contributing a guest post, check this page for guidelines.

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