@Fico2Go wrote:1: I can focus on using the card that offers the best reasons to use...ie.. rewards, apr, bonus, etc;.
2 Less headache shuffling between cards
3: Spending does not as easily impact UTIL;
4: Shows other providers you can handle higher limits and breeds higher limits;
5 Gives you greater peace of mind in that you won't go over the limits as easily;
6: In the case of multiple cards with same provider, I think there's no additional value in having more than one or two due to the fact that it's difficult to increase UTIL on all cards without getting CLDs or account closure. It doesn't make sense to have a bunch of cards from the same provider when you won't be able to use the limits without also getting a shutdown. How many times have we heard someone say they've had all their card shutdown because of "one" thing related to another card with the same provider? Basically, having a $5K credit line over five cards ( $25K combined limits ) is not at all better than having one card with $10K limit.
7: Thick wallets can lead to spinal issues in later years;
8: Easier to get higher CLIs. Asking for a 10% CLI seems easier than asking to double a lower limit say $1000.
9: More cards increase risk of loss and risk of fraud;
10: More difficult to convince lenders to give CLIs when/if they see too many accounts with lower limits.
Without being tagged as a pessimist, I do believe the only and biggest reason for having multiple cards at lower limits is the added cushion provided with UTIL. But that's about it and even that can be overcome with just a few high limit cards.
If you only have one card, you have to pick carefully, because it is impossible to "optimize" rewards. The reward structure on that card is it.
Only one card with one CCC can work. The shutdown risk with multiple cards depends on the actions of the cardholder: Having multiple cards is not the trigger, the behavior of the cardholder, and the interpretation by the bank algorithm is the reason.
So, which one card are you going to end up with? Because if you say one $10k is better, that's fine. The real test is, can you get down to one card to walk the talk? 
Edit: It's not going to be the Discover or one of the AMEX, because they aren't accepted everywhere. The Slate (stale) has no rewards at all, so it can't be that one, and the BofA is only $6k. So, which one is it 
@NRB525 wrote:
@Fico2Go wrote:1: I can focus on using the card that offers the best reasons to use...ie.. rewards, apr, bonus, etc;.
2 Less headache shuffling between cards
3: Spending does not as easily impact UTIL;
4: Shows other providers you can handle higher limits and breeds higher limits;
5 Gives you greater peace of mind in that you won't go over the limits as easily;
6: In the case of multiple cards with same provider, I think there's no additional value in having more than one or two due to the fact that it's difficult to increase UTIL on all cards without getting CLDs or account closure. It doesn't make sense to have a bunch of cards from the same provider when you won't be able to use the limits without also getting a shutdown. How many times have we heard someone say they've had all their card shutdown because of "one" thing related to another card with the same provider? Basically, having a $5K credit line over five cards ( $25K combined limits ) is not at all better than having one card with $10K limit.
7: Thick wallets can lead to spinal issues in later years;
8: Easier to get higher CLIs. Asking for a 10% CLI seems easier than asking to double a lower limit say $1000.
9: More cards increase risk of loss and risk of fraud;
10: More difficult to convince lenders to give CLIs when/if they see too many accounts with lower limits.
Without being tagged as a pessimist, I do believe the only and biggest reason for having multiple cards at lower limits is the added cushion provided with UTIL. But that's about it and even that can be overcome with just a few high limit cards.
If you only have one card, you have to pick carefully, because it is impossible to "optimize" rewards. The reward structure on that card is it.
Only one card with one CCC can work. The shutdown risk with multiple cards depends on the actions of the cardholder: Having multiple cards is not the trigger, the behavior of the cardholder, and the interpretation by the bank algorithm is the reason.
So, which one card are you going to end up with? Because if you say one $10k is better, that's fine. The real test is, can you get down to one card to walk the talk?
Edit: It's not going to be the Discover or one of the AMEX, because they aren't accepted everywhere. The Slate (stale) has no rewards at all, so it can't be that one, and the BofA is only $6k. So, which one is it
The rule of 80/20 probably applies here too. I will use the card where 80% of my spending is at. The other 1-2 would be backup cards in case of decline or technical issue with network. For me right now, 80% of my spending are in grocery and gas.
I may lose out opportunities on the 20% but I think spending time on the 20% has opportunity cost or takes away effort from something else.
Sorry, but your argument doesn't make any sense to me. Perhaps you need to restate it.
You need to have at least 3-5 cards to establish and maintain a strong credit report. And its not like you can start off requiring a $10k limit on your credit cards.
I've obtained 13 credit cards, 3 of which are now closed. Of those 13, only 2 started at 10k or more. I now have 5 of 10 cards at 10K or more. And in another 1-2 months I'll have a reasonable shot at getting 2 of the remaining 5 cards to 10k via soft pull credit limit increases.
Now, having said all that, the real reasons to have multiple cards are to get more rewards, whether sign up bonuses, cash back or travel rewards. And the individual credit limits don't have a direct bearing on how many rewards you get, just on how many times per month you have to pay off your cards.
