03-17-2009 09:32 PM
Hi Guardian, my question is how long ago was your BK and how did you get Amex and Discover after a Bk. Is it still showing on your credit reports? and what kind of BK was it?
Hello, it was discharged in 2001 and I Amex is not a BK friendly creditor, however, we have been business clients of Costco for more than, oh god 20 years when it was still Price Club, and I had the mutated Amex/HSBC card and it was converted over. Does that help? The discover, they didn't care, my score was good, they pulled EQ and they gave it to me, I guess somehow they didn't realize I had an account with them in the past that was BK-ed or didn't care given my current standing, don't know. Plus you have to keep in mind, I have gotten my BK removed from TU and EQ after 2 and 3 years respectively, it only still shows up on EX and that has luckily not been the one most of them have pulled for me, so gotten lucky in that department. It was a Ch. 7. Let me know if I can give you anything more.
03-18-2009 05:27 AM
I have 37 - Wife has 16. For us it is not a question of need - we PIF everything but the 0%ers every month.
Couple of reasons to increase FICO and then app and then increase FICO and then app again. Having a lot of cards allows a lot of flexibility on rewards. Discover may be offering 5% back on resturants for 3 mths. Fine - it doesn't change our spending habits, but if we happen to be going to a resturant, I will take a 5% discount. Or Chase offers a $25 gift card if you spend $750 or more in 3 months on there card. Fine - I will take an extra 3%. Or Sovereign Bank will allow you to open up a checking account using a CC and charge it as a purchace. Fine - I will max out the rewards on a card. Lots of cards = lots of flexibility.
Also - most of those cards had some sign-up bonus. 12000 miles, an amazon gift card, $100, something. Always look for a sign-up reward.
Finally, and most importantly, having lots of cards (and using responsibly) will allow you to build CL at prime CC companies. So you build up your CL at BOA, and when they approve you for a 0%, 0 fee BT for 6 months - you can transfer most of your CL balances to that card - and take a big balance transfer and make some real interest. Same thing with Chase, or Discover. More cards usually means more CL. Then when you pay back the 0%ers, and app for the next 0%er, you will be able to do it all over again with an even bigger number.
Work the system, don't let it work you.
03-18-2009 06:38 PM
I am going to stay with the five cards I have. I believe this should be just right.
Sounds about right. Do you have a good mix? If you do, then you are set, you can work on increase your AAoA, building history with good payments, get CLIs and you should be served pretty well. Good luck.
03-19-2009 01:57 PM
25 cards plus 1 store card!!!!!!!!!!!!!!!!!!!!
I myself have 6 visa/mc cards, 3 store cards and I am doing ok, but not everyone uses credit the same, so they have to find their own "happy place" if you will