03-06-2013 09:13 AM
03-06-2013 09:41 AM
distantarray wrote: I honestly got to ask... what's the point of getting tons of credit cards? and for what?
It doesn't make sense to me. I'd rather have less cards with high limits.
I am an AU on two store cards, but literally never use them. If they weren't so old they wouldn't be worth keeping in my opinion. My other six cards are more than I need, and I seem to have to jockey them around in order to make sure they all see a bit of use. The limits are high enough that I really don't run into utilization problems.
I plan to PC or upgrade if I need different features, and try to keep the accounts I have for as long as possible. I look forward to changing my Orchard card into something better once Cap1 finishes the transition.
The only exception to that would be Chase. On one hand, I would really like to app for Sapphire Preferred once my report is spotless, but know that I could PC it instead. Applying would net me the bonus gain, but it would also hit my AAOA, and add a card. Doing a Product Change would cost me the annual fee and the bonus points, but keep my number of cards low and maintain my AAOA.
What I've learned here points to new credit as a common cause of denial and higher rates, and too many low and medium limit cards can be a barrier to high limits. So I lean toward the PC even if it costs me a few hundred bucks.
03-06-2013 09:53 AM - edited 03-06-2013 09:58 AM
My wife and I are up to 8 prime cards and she holds one store card as well. My wife will admit that the current card load is making her nervous in terms of making sure everything is organized. It was a lot easier for her two months ago when we just had three cards to manage. But after March, one of the cards will likely get sock-drawered (except for occasional purchases) since better cash back deals are on other cards. We'll see how it all goes.
I do agree that a card app needs to be for a product that you are going to use past the introductory bonus. I was all for getting a CSP until I realized that I would never use it past getting the bonus. I don't need another travel card...I travel for a living anyway, and all those purchases are on a company provided Amex not listed below. All the new cards have a specific purpose for saving money in our budget this year. I'm looking for a $2500/yr spiff over time based upon our previous purchase history.
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