I bet that got your attention huh?? But really, I did find $75,000 in my wallet. The only thing that sucks about it is that it is all plastic and belongs to someone else. I just cleaned out my wallet and I had several cards in there that I no longer use.
My wallet contained the following cards:
- Amex $45,000 limit; $115 balance - This is the card I use as my everyday card. Paid in full every month although Amex will let me carry a balance.
- Citibank $15,000 limit; $0 balance - I used to use this card alot when I got 5% on grocery, gas and pharmacy. Now that they have dropped that to 2%, I no longer use it.
- 2 Chase cards $10,000 limit; $0 balance - Hardly ever use these.
- Visa $5000 limit; $0 balance - Can't remember last time I used this one.
But the "$75,000" should be treated as an asset. No, don't use the "asset" by charging to your cards. They improve your total credit limit and may help your FICO score. In your particular case, you're well below 35% utilization. But the length of credit history with a particular card can help as well.
What to do? Put the cards you don't want to use in a safe place. Maybe once a year, use each one to buy a tank of gas. Then pay your bill right away so you don't forget, and hide the card away for another year.
I try to remember to use them for a small purchase and pay them off just to keep them active.
Darn, I only found $20,000 in my wallet. Then again, there's about another $80,000 that sits at home.
All of it in the same situation as yours. :)
I'm inspired now to clean out my wallet and just leave the extras at home. I can't quite remember the last time I used anything other than my amex or back up Visa for when amex isn't accepted, so it looks like I'm just carrying around dead weight.