Hate to say it...

[creditreformer]

it's not so much how many ccs you have, but how you manage them AND whether you have a plan for them.  ex., currently i have these ccs

date acquired- 1/07-3/07

first premier x2

orchard x2

date acquired- 4/08-5/08

cap 1

BA 99/500

target red

*utilization is of course very low, never late, etc.

now my PLAN w/these ccs-

7 is more ccs than i want/need, but I NEEDED the first premiers/orchards to 'rebuild' as I could NOT get any other ccs @ the time w/my ficos.  since getting those ccs, I was able to 'move up a notch' and get the other 3.  b/c of this combination, my fico's RISEN 100+ points.  first premiers/orchards have done their job and soon it will be time to 'breakup' w/them.  losing those 4 ccs will bring me down to 3- which is my ideal # of ccs.  eventually it may be time to breakup w/cap 1 if the cc won't grow w/me.  i plan to keep BA for as long as it's prudent to do so.  i do NOT intend to app for ANY new ccs (beyond perhaps a secured CC so i can get my 1st 4 digit CL and continue 'moving on up' w/rebuilding) as i do NOT really need or use ccs for anything other than flights/hotels or purchases i can/will pay off BEFORE interest hits.

it's exciting to see people get approved- gives me an idea of my chances (of course YMMV) and it gives me hope to watch others' progress fico wise.  however, like constantly buying fico scores, i realize that i don't have to app just b/c someone posted a 'tempting' approval thread.

prior to 07, i went W/O ccs for 7 yrs.  it's really not as hard as people think.  during those 7 yrs, i learned to love CASH AND get my financial house in order.  i think 'stepping off the cc train' was the BEST thing that could've happened to me frankly.  it's made ccs 'less thrilling' than they were in college when i apped for ccs b/c i THOUGHT i needed them and b/c they were being handed out like candy.  now i get far more of a 'high' from PIF and watching my CASH reserves increase.

for some people, they want/need 10+ ccs.  for others (like me), they've mismanaged ccs (and $ in general) in the past and those 'dark days' will likely forever make them more cautious w/ccs.  as w/apps/credit repair, YMMV and i don't think there's a 'right' or 'wrong' approach.

Message Edited by creditreformer on 06-15-2008 07:12 PM

[FretlessMayhem]

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@islandchild82 wrote:

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@Anonymous wrote:
Actually, it's kind of like being a wine aficionado and collecting different vintage wines. If you are an alcoholic, it's probablly a horrible idea, but if you are responsible with the credit you apply for and receive, it can be very rewarding.

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That's a great analogy!

It's true, it's all about what you do with what you have. And like NewWorldMan mentioned, there is a difference between debt and credit. It's all up to using that credit responsibly. And when you haven't, taking the steps to bring it back in line.

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I agree. Fantastic analogy.

[creditreformer]

afficionado/alcoholic's a very good analogy.  compared to others, i took (and still am) 'baby steps' getting back on track credit wise.  some people go full steam ahead, but after mucking up so horribly in the past, i had to visit the AA of ccs for awhile (ok, 7 yrs was a tad long).  now i'm slowly dipping my toes back into the 'afficionado' stage.

i guess i still have a little bit of teetoler when it comes to ccs in me.  my BA statement just cut and i must admit that i got excited over logging online and seeing '0' balance   there were days when i used to dread opening my cc statements and now i get excited to open them b/c even if a balance DOES show, I can PIF w/o having to stress out.

[Anonymous]

I gained 2 accounts since joining, but since I only had 1 revolving account this was a positive, and my score has slightly increased, and will definitely increase up to 30 points in the next 2 years. That would not have been possible without the advice I received on this site.

That said, while it is up to the individual to be responsible, I don't understand why anyone would want to take on juggling 10+ revolving accounts. If you pull it off you are my hero.

[Anonymous]

You only juggle the 10 revolvers if you spend more than you can afford on those 10. If your budget for "extra" expenses in $1000.00 per month, then that's all you should spend on those cards... $1000.00 per month (but of course PIF).

If having a card waved in front of you makes you spend uncontrollably, then you obviously need not have those cards. But if you are here in this forum for the purpose of correcting your poor credit, then you already know that spending your credit because it's available is a doomsday scenario. (as that's probably how you end up with bad credit to begin with).

The reason for having credit is to have it available for when you actually need it. It's not for spending more than you can afford at Christmas or to by that plasma TV that you couldn't afford if you saved for a dozen years.

More importantly, that credit can and will build you true wealth if you realize that retiring a rich man is much more valuable than blowing it on a TV and Blu-ray player to enjoy today.

No one in these forums would ever suggest that you should get credit if you are spend-a-holic. We only suggest people to get credit if they are truly fed up with their miserable FICO and really want to improve the fabric of their future lives.

Message Edited by Tovya on 06-15-2008 08:27 PM

[BBYGRL]

To whom much is given much is required. I do admit that I have opened 4 new accounts since joining the forums. These accounts have helped my score tremendously. I am a reformed credit abuser so I am determined not fall prey to pitfalls of using my new cards irresponsibly. I charge what I can afford and what benefits me in the long run. I can't blame the forums if I abuse my cards again.

[Anonymous]

I am always surprised when I read posts of people on app sprees and their "obsession" of getting new credit.......But occasionally when you look at the scores they post it makes sense, these people just want the same successes they read others can get by doing so.

The only thing that bothers me is when people take the route of paying more interest on cards because their scores get the extra couple of points.....

It is my STRONG opinion that paying off debt is far more important than a FICO score since in the long run the points all come out the same (and yes I understand the rare occasions where points are needed immediately) but for the most part some forget that the ultimate goal here is to be debt free...

[creditreformer]

exactly mel.  while my ficos probably could be *slightly* higher, my past credit mismanagement (and more financial common sense) has me leery of paying interest *just* to rack up a few more fico points.  i pulled my ficos when i first came here b/c i hadn't pulled them in ages (a good 10 yrs to be exact) and was curious where i stood.  i found i stood @ a point where i could probably get some added ccs (cap 1, ba, target red) BUT that i still needed to do A LOT of work.  since being here, my scores have risen 100+ points, but i attribute that mostly to slashing utilization heavily, adding some new accts (which i was going to do anyway), and continuing dispute/repair efforts.

it's nice to have some 'new' ccs...for example, my BA 99/500 really makes me feel good b/c it's a cc that WILL grow w/me and the 'new cards' have put me in a position where I can FINALLY kick the subprimes like first premier/orchard to the door WITHOUT worrying about 'having no ccs available' as CLIs on cap 1, target, and BA will make up what i 'lose' by closing first premiers/orchards.

while it may seem trivial to most, there IS a big difference between a $500 CL and a $300 CL.  B/C I now have the BA 99/500, I could book a plane ticket/hotel on it to show 'use' on the cc.  I couldn't have done that w/first premier or orchard due to the low CLs.  However, what was even BETTER was that b/c I bank w/BA, bam, the $ I charged for the flight/hotel's already been paid off...so now I can use a cc that will grow w/me, enjoy my trip W/O worrying about the 'bill' waiting for me when i return, etc.

Most of all, I'm DEBT FREE in terms of ccs and have a decent amount of SAVINGS in the bank...which I foolishly did NOT have when i mucked up my credit the first time around.  you never know when 'life' may hit you and i'd rather have ccs PIF and CASH than a few more fico points.

my next goal is the 700 club.  i don't plan on pulling ficos for another 6-12 mos. min. when i *may* apply for another cc.  i lived w/o obsessively checking ficos or applying for 10 yrs and so not knowing for the next 6-12 mos. will seem like a piece of cake.  for now, my efforts are redirected towards credit repairing and continuing to stockpile savings.

[rubaty]

Sometimes it about having a goal.  I got 11 new CC in the last 9 months but that is because I wanted my available credit to match my HHI. 

[creditreformer]

i hear you rubaty...that's my next goal after 'fire subprimes', 'have $X in savings', and 'hit 700s'.  my CLs don't even come remotely close to my HHI and that's ok for now, especially as i still have some baddies (last 1's from 2003) still lingering on my reports.

i found when i made my goals more manageable, it became easier to attain them AND it motivated me to make new goals...which is what this board's good for.  while i may not app every time someone says 'ooh, ___ approved me' and i may not feed the fico monster every time someone says 'oooh, fico just jumped ___ points,' i must say that it's 'comforting' to read others' stories and to see that even if you've had a misstep (or few) in the past, you CAN get back on track.