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Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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10+ credit cards?

I honestly got to ask... what's the point of getting tons of credit cards? and for what?

 

I know it's good to have a good category cards to save you money on cash back, getting 5% on everything, getting points, and sign up bonuses etc.

 

but there are wayyyyyyyyyyy too many people who just get subprime cards with no real function or benefits that leaves me bewildered... is it just to see how many banks will approve you? Personally I don't see any point if there's no real benefits (credit card bonus, program rewards etc)

 

Personally I don't see any reason to get any cards other than these

 

Any airline, hotel, or cash back cards I can understand

 

but people are getting store cards to places they don't even shop, and with banks and credit unions that offers no rewards and subpar limits and higher interest rates.

 

 

 

 

 

 


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Moderator
Posts: 27,206
Registered: ‎09-13-2012
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Re: 10+ credit cards?

There is no reason to app for cards you will not use, need or serve some kind of purpose (Walmart TU). Personally, I think it would be a job in itself just properly monitoring them. :smileyfrustrated:

Established Contributor
Posts: 643
Registered: ‎01-31-2013
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Re: 10+ credit cards?

[ Edited ]

Someone asked a similar question a couple weeks ago.  You may be interested in checking it out:

 

http://ficoforums.myfico.com/t5/Credit-Cards/For-Those-of-You-With-10-Credit-Cards-A-Few-Questions/t...

 

Edit:  Also, while I don't have 10+ cards, I'd like to chime in on the rewards issue.  I think there's more to credit cards than simply the rewards they offer.  There are a couple institutions who have treated me very well over the years and who I will go out of my way to do business with.  My personal opinion is that you just can't replace good customer service.  That also goes both ways; there are a couple companies I've considered who offer cards that have great rewards structures, but whose customer service has made me swear them off as viable options.

    
FICO Scores 800+
Senior Contributor
Posts: 3,906
Registered: ‎10-02-2012
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Re: 10+ credit cards?

My dad has 10 and mom has 8 about 2 cards have been obtained to help my sister begin credit since the are joints. Other than that I agree with you 100%

Chase Zappos Rewards VISA $500 (Just have 1 credit card)
Banking with Wells Fargo
Gardening since 02-01-14
Frequent Contributor
Posts: 331
Registered: ‎08-27-2012
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Re: 10+ credit cards?

Before I filed Bk in 09(I was only 23) I had never had a credit card. I didn't want one either. I remember applying for a few like VS and Wal-Mart and got denied so I gave up. I also knew nothing about credit. After finding this website, I better understand the purpose of credit cards and know how to use them wisely. I only have three, two cap one and one nfcu, all low $500 limits. I opened a WF secures card but ended up closing it because my husband was not happy with all the new credit. I'm happy with what I have now, just would like to.increase my limits to $1000 or so and ill be happy. I don't want more than I can afford, and I want to be able to keep my balances low. But I agree. When I see people post their app sprees with a gazillion new credit cards, I'm like why?! If that were me, it would be way too much temptation to fall back into a hole that I never want to be in again!
Senior Contributor
Posts: 3,906
Registered: ‎10-02-2012
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Re: 10+ credit cards?

TRUE^^^^^^^^

Chase Zappos Rewards VISA $500 (Just have 1 credit card)
Banking with Wells Fargo
Gardening since 02-01-14
Valued Contributor
Posts: 1,959
Registered: ‎01-24-2012
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Re: 10+ credit cards?

[ Edited ]

I have about twenty and each serves a purpose and I use them all. I got most for sign up bonuses and others I got for the zero interest periods in case I needed to carry a balance for business. I couldn't care less about interest rates, so I will never get a card that has no rewards at all.

 

I think some people just see "approved" and get excited, so they apply for a lot of cards they don't need, just to see "approved" again. It seems this happens more with people with bad scores and what they don't get is applying and opening multiple accounts is going to make them look worse to future lenders.

 

There are a few more cards I think may be good for me, so I don't think there is such a thing as too many cards.

Frequent Contributor
Posts: 331
Registered: ‎08-27-2012
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Re: 10+ credit cards?

It's sad to admit that, but I realize after reading these threads that I'm not alone in my debt and rebuilding journey. I also know that despite the fact that I have significantly improved my spending habits and urges to live beyond my means, I know that if I were given a cc with a ridiculous limit, I would HAVE to burn it, or I would be too tempted to go blow it. I don't have that great of willpower, but I'm getting better!
Frequent Contributor
Posts: 331
Registered: ‎08-27-2012
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Re: 10+ credit cards?

Don't get me wrong, I applaud those who are able to get that many cards and be responsible with them. Kudos to you!
I just know if it were me, it would do me more harm then good :smileytongue:
Established Contributor
Posts: 2,112
Registered: ‎09-25-2011
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Re: 10+ credit cards?


jdirilo wrote:
It's sad to admit that, but I realize after reading these threads that I'm not alone in my debt and rebuilding journey. I also know that despite the fact that I have significantly improved my spending habits and urges to live beyond my means, I know that if I were given a cc with a ridiculous limit, I would HAVE to burn it, or I would be too tempted to go blow it. I don't have that great of willpower, but I'm getting better!

lol it's tempting since I have over 100k in limits, but in the end the rewards are more worth it for me in the long run of maintaining a good credit profile, and is if things pan out it's a must have for my 5 year plan. If successful I'll be able to live comfortably and potentially retire way before 40 =)

 

If things go to hell...... :cattongue:


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
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