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Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: 10+ credit cards?

lately i have grabbing cards only for the cash back benefits. other than the ventureone (stupid i know), i have recently acquired the us bank cash plus for the cash back benefits, and i just recently opened my first FSB Elan card, for the 150 cash back bonus for the first purchase. i know its crazy. i currently carry 13 major and 4 store accounts. crazy, i know, but i want it for the extra income.

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: 10+ credit cards?


napplegate wrote:

I find a striking correlation between those with extremely high credit scores and the number of the cards they hold and those with lower scores.  My parents both have 820+ scores (my mother's is right around 840, as a lender she has the ability to check without a hard pull) and they only have 2 cc's a piece.  I plan on sockdrawering my BCE after getting it up to 25k limit and am only retaining my low limit US Bank card due to it being my oldest tradeline.  Between my Chase cards using UR and my MR AMEX cards I can't see a need for any other cards.


 

1. 2 cards = probably had open for a long time.    AAOA is the strongest factor keeping people's scores under 800  (average age of accounts)  and the chances are your mother also has a LONG old mortgage account under her name and a few car loans as well. This will create great diversity and add to a nice age to make a nice score.

 

2. Scores above 720+ is considered prime to majority of lenders, 760+ to few lenders but that just means you can take your business elsewhere.  Regardless anything past 760 is just to flex your Fico online in credit forums cause honestly no one else would really care outside of credit forums. Personally I rather get benefits and bonuses of multiple cards, make a few new accounts every once in a while and take the rewards for a nice vacation to save me a lot of money and show off my pictures to Bora Bora instead of flexing a 820 score. but that's just me :smileyhappy:


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: 10+ credit cards?

[ Edited ]

scottwagnon wrote:

i just recently opened my first FSB Elan card, for the 150 cash back bonus for the first purchase. i know its crazy. i currently carry 13 major and 4 store accounts. crazy, i know, but i want it for the extra income.


for $150? man you can be bought for a meager $150? Why don't you get something like a Chase Ink, Chase Sapphire, Citi Preferred, Amex Premier Gold etc these are cards you can get with over 40-50k + and you can cash out for $500 statement credit.  $150 isn't worth it imo RELAX :smileyhappy:

 

also chances are if your living on your own, get a Chase Ink, anyone can get it even though it's a business card. Internet Cable phonebill and cellphone bills ALONE will save you minimum of $180 a year ($300 spending month) The card saves me over $3,000 annually... yes 3k


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: 10+ credit cards?


navigatethis12 wrote:

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.


i used to be crazy about my cards, thinking about how many i could have, carrying them with me everywhere (phase i needed to experienc) and also had an addiction to seeing the approved on the computer screen. i could care less now, and dont wish to carry so many accounts, but now its the first purchase cash bonus, and top of the line cash back benefits i crave. i would rather have a ton of money and have bad credit then what i have now (excellent credit, duh), and not much income. im actually kind of spooked now about having so many accounts. but this i my garden, and i need to show the financial world i can grow a big, beautiful, financial garden, despite how i'd rather have a few accounts. i would rather have no more than 6 accounts now, not 17.

man how i would give it away for alot of money. i can't even break a 10k limit, so i'd rather not have much at all, but the show must go on. id rather have a few now, and have 20k on each one. sigh.

 

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: 10+ credit cards?


distantarray wrote:

scottwagnon wrote:

i just recently opened my first FSB Elan card, for the 150 cash back bonus for the first purchase. i know its crazy. i currently carry 13 major and 4 store accounts. crazy, i know, but i want it for the extra income.


for $150? man you can be bought for a meager $150? Why don't you get something like a Chase Ink, Chase Sapphire, Citi Preferred, Amex Premier Gold etc these are cards you can get with over 40-50k + and you can cash out for $500 statement credit.  $150 isn't worth it imo RELAX :smileyhappy:

 

also chances are if your living on your own, get a Chase Ink, anyone can get it even though it's a business card. Internet Cable phonebill and cellphone bills ALONE will save you minimum of $180 a year ($300 spending month) The card saves me over $3,000 annually... yes 3k


i have this thing where i don't want to add accounts to major banks. (i feel guilty about having an account with citi, bank of america, and chase) these banks should be shut down for the crimes they have committed.) i get preapproved for all of their no af cards, but i am concerned with whom i am doing business with. so when i get some love from a bank that isn't a big time culprit for sinking our economy. i bite for the money. i don't own a business, so i will not open a business account for personal use.

i kind of wish i had never opened accounts with the big three. if i could go back, i wouldn't have opened these accounts; i hope i am not wrong for keeping them open.

 

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
New Contributor
CreditAce
Posts: 103
Registered: ‎02-19-2013

Re: 10+ credit cards?

Hats off to those of you who can manage that many cards! I know I would have a horrible time keeping track of all the balances, rewards, and due dates. I have 3 cards that I use for my daily expenses and find that that's the perfect balance for me. I know I may get a slightly higher return if I added more cards to the mix but that's just not worth the headache of managing the extra accounts.

Valued Contributor
scottwagnon
Posts: 1,333
Registered: ‎02-07-2010

Re: 10+ credit cards?

i should mention i'm not carrying any real debt at the moment. that could change though... im keeping my fingers crossed..

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012

Re: 10+ credit cards?

Im one of those with 10+ accounts. I can manage them just fine. I only have few stores cards too. Im thinking about closing Citizens bank, kohls and paypal SC.
I use all of them and rotate 3-4 cards a week and PIF all the time.
Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)
Established Contributor
snowkitty
Posts: 985
Registered: ‎09-10-2012

Re: 10+ credit cards?

I have 10+ accounts and I have no problem handling them. I didn't set out for that many but on my credit journey, I started with low cards and worked my way up to prime cards. I am completely satisfied where I am now but plan to close a few of the original cards when they hit being open a year. I keep a spreadsheet in my phone and I keep what card I have, balance, due date and next statement date in there to make sure I am keeping up with them all. The majority are them are at 0 balances all the time so I am really only rotating 3-4 of them. I just occasionally put a little something on the store cards to keep them open. At this point I am just concentrating on getting the credit limits to where I want them and I am almost there. My goal is to have no credit line under 1k.

TU Fico 714 | Sesame 742 | Credit Karma 762 | Wal-Mart FICO 734 | EX FICO 695 (1/28/13) | EQ 740 (3-21-13)

Amex Blue Sky 7.2k | Amex BCE 13.1k | Citi Diamond Preferred 10.2k | CSP 5k | Bofa Cash 9k | Boa Travel 10k | Discover More 3k | Chase SW 5k | Wal-Mart 3.3k | Amazon 5k | Old Navy Visa 5k | Shell 1200 | BP 400 | VS 1500 | Sam's Discover 8.5k | FNBO Amex 16k | Chase Freedom 1.3k | Home Depot 5k | Brylane Homes 1600 | BML 2820

App free since 12/11/13*
Valued Contributor
dddewdrop
Posts: 1,060
Registered: ‎02-06-2013

Re: 10+ credit cards?

   Hi. I agree with you. I have had a full life so far and have made a lot of money, lost a lot, had a lot of credit cards, had none. This time around I am really focussed on doing it exactly right. I plan on having no more than 5 cards total. I have 2 now and I plan on sticking with that. If I can manage to save up 2500 or 3000 dollars I will get a secured card next. If not, I will work on CLIs with my GE Walmart card. As my credit improves I will get a prime card and maybe a Morgan Stanley Amex (I have a brokerage account with them and if I can get approved for Amex, I can hopefully get backdated to 1991.... I think that for me personally, getting a lot of credit cards would put me at a greater risk to go into debt and that is the last thing I want to do right now.

0/10001100/13001346/16001699/2000Prepaid ,,Recent scores:FICO EX 632,EQ 635,TU 632...Link to my Rebuild Log

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