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Valued Contributor
Posts: 2,489
Registered: ‎01-22-2012
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Re: A question for those with multiple credit cards.

For me it's about maximizing returns across various categories, maintaining diversity among lenders and networks, and having access to a variety of benefits that I want (all of them are never available on just one card).

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Super Contributor
Posts: 14,068
Registered: ‎01-04-2014
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Re: A question for those with multiple credit cards.

Last App-Jan 26* It's All In The Magic Of Your Own Destiny * FICO TU 769 EQ 723 EX 777
Valued Member
Posts: 33
Registered: ‎08-07-2008
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Re: A question for those with multiple credit cards.

In my case "5" was for the benefit of having a portfolio of different cards with different benefits. I'm done at 5. 

CapitalOne VentureOne ($6,5k) PFFCU Visa ($5k) Discover it ($16k) AMEX Blue Sky (10k) Citi Diamond Preferred (5k) Citi Forward (13,8k)
Established Contributor
Posts: 1,034
Registered: ‎03-09-2010
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Re: A question for those with multiple credit cards.

I agree with all of these posts and I'll add one more reason. Having a bunch of cards puts me in a great position to negotiate better terms with each lender. For instance I call Chase and explain that I have 7 other cards with better rewards than Slate and if they don't PC to Freedom then I use those other cards to remodel my kitchen. Then I call discover and tell them that I keep utilization under 10% so their $3500 limit is holding back my spending. Constantly call whoever has the highest APR and if they won't lower it then guess what there are 7 other ones that already did. Always be polite but firm and make them earn your business.
Established Contributor
Posts: 1,034
Registered: ‎03-09-2010
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Re: A question for those with multiple credit cards.

Also don't underestimate the revenge factor. I bet most of us had bad credit in the past. It's exactly the same as getting dumped by a girl and using that as motivation.
Valued Contributor
Posts: 3,021
Registered: ‎02-09-2012
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Re: A question for those with multiple credit cards.

I had 21 up until this past January.


My scores went up with each one, too.


I just app, get bonus, and then close before the AF hits.


That being said, I'll likely not app for as many cards going forward, as I have in the past.  After my repo falls off this year, I'll be able to have an even better selection of prime cards to choose from (Ie ALL of Chase Banks offerings), and will no longer look for the easy cards, just for the sake of rebuilding, like I did 2 years ago.

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Frequent Contributor
Posts: 323
Registered: ‎12-16-2013
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Re: A question for those with multiple credit cards.

In my case, I started out with low limits because of a lack of a credit history. It would be easy to hit 10% util on a $750 CL card in one grocery store trip. Having multiple cards allowed me to spread it, and not have to pay multiple times before the statement so my score does not take a hit. Responsible use of these cards allowed me to get better ones eventually with decent limits. I have a few store cards (4) and I got them for the discounts given to cardholders (30% discount at Kohls, etc). I'm hoping that with a "thicker file", creditors will see that I have managed it well and I can get a decent car loan and eventually a mortgage later on.

Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Regular Contributor
Posts: 233
Registered: ‎08-05-2010
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Re: A question for those with multiple credit cards.

Interersting topic and timely for me.  I don't want a slew of cards that I have to track and juggle, but it's important to have SOME. 


Another reason for me:  some cards have intro 0% APRs, which are handy if you are planning to make a big purchase, for which payments can be spread over a few months with no interest. 

New Contributor
Posts: 57
Registered: ‎01-14-2009
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Re: A question for those with multiple credit cards.

I know that for me it was because of a lack of understanding of how to use credit.  I picked up the majority of my cards when I was in college, and just recently closed many of them that I haven't used in years.  I'm reorganizing my credit portfolio and trying to only keep the ones I will actually use from here on out.  

Valued Contributor
Posts: 1,603
Registered: ‎12-07-2008
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Re: A question for those with multiple credit cards.

When I had a lot of baddies I tried to really open any card I could get.


Nowadays, I just try to take advantage of point and cash offerings.  For instance, I had 4 Hilton HHonor cards and racked up a ton of points.  I opened 2 Hawaiian Airline cards and one Virgin Atlantic card just so I could get the points and transfer them into Hilton points.  The list goes on.  Those with annual fees, if I don't use them anymore, I close before they hit.  Some I just kept open because it can't hurt but I don't really use them - so there's no juggling.


Perfect example...

In 2 weeks we are taking a trip to Costa Rica paid for by Hilton points "earned" from just cards.  I believe it was $95 to book an all-inclusive resort.  Then we used United points to book the 2 round-trip tickets (with the free bags!).  I think we had to pay around $20 there.  Then we decided to book a car rental that the DW used her Discover card rewards for.  So basically for under $150 we're having a nice "paid" for vacation, food included with a rental car and round-trip flight from NY.  This is just one example.


The sign-up bonuses are really decent on some cards if they're of use to you.  One can really earn free trips/flights/cash just from sign-up bonuses ad maximizing points.


Other cards, such as the Freedom/BCP/Lowes, etc. give cashback or discounts when you use them.  In my mind, why NOT have multiple cards?  Smiley Wink

11/30/08 TU 648 EX 672 EQ 656 SEPT 2014 TU 787 EX 789 EQ ???
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800

Starting Score: 648
Current Score: 736
Goal Score: 765

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