Judged for the number of credit cards that I have?

[chwebb1]

So, I'm trying to figure out why everyone (except for here) judges me for the number of credit cards I have. I have four that I carry with me (Amex, Discover, Citi Visa, MasterCard). They get even crazier when I tell them that I have another card sockdrawered. They also generally say "Credit cards are BAD", and my response almost always is "I use my credit cards as debit cards, and I pay all of them off at the end of the month. You have to have self control to not go and spend all of the money, and spend more than you can afford to pay off." Some of them even say "Would you believe that I don't have a credit card?". Well, that's good for you I guess, but what is that doing for your credit score? I also have a debit card that I carry with me in case some place has the stupid "Must be over $XX to use credit" rule. Do any of you get judged for the number of credit cards you have? If so, why do you think this is?

[compassion101]

You're wrong. I don't judge you for how many credit cards you have.

[FixMyCredit1992]

They are probably like me and read the Dave Ramsey's book "total money makeover". I myself drank the cool-aid and was convienced that CC's were terrible. After doing my own study I found CC's are a VERY valueable tool provided you use them properly. 

[compassion101]

I misread the question. I think some people just don't feel they can discipline themselves to not abuse credit cards. And some of them are right. So they probably think you are in the same category and think you shouldn't have so many cards.

I haven't had this problem because I don't think I've ever told anyone how many credit cards I have, it really isn't any of their business.

[Gunnar419]

chwebb, I'm guessing you're a Millennial? "Credit cards are bad!" seems to be a mantra with some people, especially twentysomethings. I wouldn't worry about it at all. Five is an absolutely reasonable number of cards as long as you can handle them well, which it sounds like you do.

I guess in a way it's healthy to see a lot of people shying away from credit, but it's one thing to shy away from excessive debt and another to make the leap to "credit cards BAD!" That's just group think.

Pay no attention. If your friends want to bug you about something so stupid, just don't talk to them about it. Or be an ambassador, explaining that having credit cards doesn't neccessarily mean going deep into debt.

[FixMyCredit1992]

I think the reason why "twentysomethings" have such a bad view of credit is this:

Their older brothers and sisters (the 30somethings), saw as a kid that CC's are often portrayed in film and TV as a piece of plastic that provides the holder a carte blanche to get whatever he or she wishes. I remember growing up watching cartoons, and that seemed like way they were always shown. 

The 30somethings ended up spending more than they made, and got into debt, this gave the twentysomethings the idea that they are bad.

However, it is probably a good thing. Some people (especially teenage girls) have no concept of money and keeping them from using a CC is probably the best course of action until they mature and figure out how to manage their finances appropriately. 

[chwebb1]

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@Gunnar419 wrote:

chwebb, I'm guessing you're a Millennial? "Credit cards are bad!" seems to be a mantra with some people, especially twentysomethings. I wouldn't worry about it at all. Five is an absolutely reasonable number of cards as long as you can handle them well, which it sounds like you do.

I guess in a way it's healthy to see a lot of people shying away from credit, but it's one thing to shy away from excessive debt and another to make the leap to "credit cards BAD!" That's just group think.

Pay no attention. If your friends want to bug you about something so stupid, just don't talk to them about it. Or be an ambassador, explaining that having credit cards doesn't neccessarily mean going deep into debt.

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Yes, I am a Millennial. Although I've heard this from people twice my age, too. Which I find odd.

I wish that people my age would see that credit cards aren't bad if you don't spend more than you can afford to pay off at the end of the month, or if you do need to spend more than you can afford to pay off at the end of the month, have a plan for paying it off in a reasonable amount of time.

[Brax]

I think the fundamental reason is the conventional view that people with a high number of credit cards only have so many cards because they MUST be in debt and therefore are irresponsible, reckless, live beyond their means, etc. The concept of things like credit card churning for FF miles worth tens of thousands of dollars is unknown to most people, not to mention viewed with skepticism as "too good to be true". I also don't think most people have the financial discipline to manage half a dozen to a dozen credit cards in order to maximize all the spending categories where you can get returns well above 1%.

As a 20 something I agree that we are for the most part more conservative than the previous generation with credit card debt. We've spent most of our careers/adult years in a very difficult economy where outrageous economic and salary growth can no longer be counted on like it was in the late 90s/early 2000s. The CARD act also placed a lot of restrictions on young adults almost discouraging them from getting ANY credit cards until their mid to late 20s. That's my perspective at least.

[parkman]

He said except for here. And yes, I've heard similar things, even from my wife, who doesn't quite get it yet why I'm so adamant about improving both of our scores, not just mine. But she'll convert soon...bwa-ha-ha!

[chwebb1]

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@FixMyCredit1992 wrote:

I think the reason why "twentysomethings" have such a bad view of credit is this:

Their older brothers and sisters (the 30somethings), saw as a kid that CC's are often portrayed in film and TV as a piece of plastic that provides the holder a carte blanche to get whatever he or she wishes. I remember growing up watching cartoons, and that seemed like way they were always shown. 

The 30somethings ended up spending more than they made, and got into debt, this gave the twentysomethings the idea that they are bad.

However, it is probably a good thing. Some people (especially teenage girls) have no concept of money and keeping them from using a CC is probably the best course of action until they mature and figure out how to manage their finances appropriately. 

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I'm sure that movies such as "Confessions of a true Shopaholic", while amusing, don't help the perceptions of credit cards either.

Almost all of the "reasons" people give me to not have credit cards involve people using them irresponsibly. Sure, if you can't trust yourself to not run up a huge bill, then don't get one. But just because you can't not go and spend money you don't have doesn't mean that other people can't.

I think most of us have learned hard lessons when it comes to credit. When I first got my BB&T card, I went and bought a lot of stuff that I couldn't really afford. I ended up with a balance around $2000 because "Hey, it's 0% interest", and it took me around 6 months to pay it off (luckily a couple of months before the 0% expired). Because of this, I completely changed my perspective on credit cards to "Only use it for things you can afford to pay off at the end of the month". I think it's better to learn lessons like that when you're young rather than when you have cards with much larger limits.