For Those of You With 10+ Credit Cards... A Few Questions

[slarano]

Have over 20+, if not close to 30 cards. Also have about 44K in student loan debt, all current. Scores are below, only have one revolving card report any kind of balance from month to month.

[youngandcreditwrthy]

I have about 20 cards.
I find it easier to manage than one might think...
I have all of my due dates memorized, even statement cutting dates....

I always pay right when I get the bills!!

Having that many cards has gotten my Fico where it is today!!!! Keep in mind, I've gone on a few app sprees since 2007 to gain that many carda, and the limits ultimately grow assuming you are responsible with them.

Long credit history with multiple tradelines+big limits+ no baddies= great Fico!!!

Good luck!:-)

[Croselx]

1) If I had a need/use for the cards I would do the same thing .Every card needs to have a purpose that is different and useful to me before applying such as: a sign up bonus, special financing, cash back, etc. And even 2 cards that have same cash back % may apply it to different things (ex. one for dining, one for gas).

2) So far, no. Only having 1-2 cards with low limit and high util did though! This may be more of a problem during the first 6 months of gaining the accounts, but down the road can only be a positive if managed well.

[snowkitty]

---

@Johnny_Favorite wrote:

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit?

---

1. I have 15 cards in total and I have gotten them all in the past 6 months. I do not regret it and would do it all over again with a few exceptions. First of all, I regret the Brylane Home card....it was a popup preapproval that I really didnt need or want but I could not resist pushing the accept button. Also, I would have waited alittle later on the Chase Freedom card because I would have gotten a better credit limit.

2. The only cards I have been denied for are Capital One (I applied for the wrong card....a higher tier one) and Paypal Mastercard (I had just opened 4 GE accounts). Both of these cards were at the beginning.

I'm very glad that I got so many around the same time because I was paying cash for everything for years and not realizing it was taking a hard hit to my credit because everything was falling off. My car installment fell off last month and my mortgage is only showing up on one report and will fall off next year. If I would have waited any longer, I would have been starting fresh and would not have hardly any of the cards that I have now. I pif each month on all but 3 of the cards. I have Christmas balances on 2 of those cards and they will be paid off when my tax refund comes in, the other 1 has a tv on it for 18 month 0% interest. My score dropped about 30 points from aaoa and the car falling off and being my oldest account.

[Neat]

---

@jefftca925 wrote:

I'm currently possessing 29 cards and most of them I've gotten in the last 2 years or so.  Haven't had an issue with getting any one of them EXCEPT when I applied for a Barclay's NFL Extra Points card last September.  I had just received a CLI on my US Air card the month before and the analyst didn't want to extend me any more credit.  I wasn't interested in getting more credit I just wanted to be able to take advantage of the $400 they were giving for a $1k spend.  So I split my US Air limit in two and BANG... an NFL card!  All of my other issuers have been very generous with CLs and considering all of the free points and miles I've gotten I would definitely do it again...

...and just so everyone knows... no AAs, no CLDs, and I PIF every single month and rarely report a balance.  I use CCs to my benefit.  I seriously believe that DEBT is the DEVIL and if you let him into your house you will be in a world of trouble.... can I get an "amen"! 

---

Amen.