@longtimelurker wrote:
@galahad15 wrote:I hate to be the contrarian here lol, but I tend to err on the side of "more is more", and "more is better"
Why? Easy answer: you never know when another dot.com bust, 2008 housing crisis, and recession / depression(?) is around the corner. I learned my lesson during the Great Recession of 2008, when lenders started RJ'ing and closing out my very best card accounts with super-low fixed (preferred) or variable APRs, leaving me with everything other than the best cards I had previously had still open. As a result, I have learned that it is important to have built-in card redundancy, and backups. That way, you automatically have protection built-in against lenders taking AA on you, or closing out your accounts. There's a reason why I have been acquiring multiple, single-digit APR cards, and more specifically 3 single-digit, fixed-rate cards, some of which have rewards as well. It was only until very recently this year in 2016 that I was finally able to built a card portfolio and collection anywhere close to the one I had before the Great Recession and before CARD Act.
Moral of the story: backups are good, both for computers and credit cards alike
YMMV of course
ETA: edits / adds
I understand the viewpoint, but two confounding factors:
1) In a "hostile" environment caused by a recession, having too many cards (or too big total CL) MIGHT make you more of a priority for AA than otherwise, i.e. in an effort to avoid it, you actually become more of a target.
2) If the recession is big enough, lenders will more or less move in lthe same direction: i.e. you won't get get to keep the 4.9% APR on one card for very long while your other cards go up to 22%, they will all go high.
Outside of extreme conditions though, some redundancy is worthwhile, then it's just a question of the degree needed!
One case of AA can fuel panic on here. Panic fuels the urge to diversify and app aggressively. Aggressive credit growth can increase the chance of AA, both by appearing riskier to some lenders and having more lenders that can potentially take AA.
People may drift to one extreme or another...having few cards and not worrying about AA...or hoarding in preparation for the credit apocalypse, startled perhaps by a little AA along the way.
@CreditCuriousity wrote:I know alot of people personally don't post their approvals anymore just due to the reason of certain people on this forum going off on a soap box and their way is the only correct way. So alot of people simply don't post anymore about approvals or find no need to "brag" or need to share it with the general forum.. Typically it is the rebuilders the post the approvals, but that isnt always the case. I talk to alot of people through PM on this forum and they are constantly getting new cards for spend bonuses or what not, but just dont bother posting in the approval section most of the time. So I personally don't think anything has changed. Just my 2 cents for what it is worth.
I am one of the first to admit I will open a card for 500-1k+ bonus as it is money I am spending anyways and in no shape not spending money I wouldnt be spending anyways and get a good chunk of change back. With that said I usually close out a card when a new card is open as I like to not overexpose myself so future approvals keep coming without the excuse to much available credit. I must admit it is harder to do now though as I have pretty much most of my dream cards other than the CSR, but there will always be new "dream" card that come out. So it is rinse and repeat for me along with many others
Then these people need to be brought to the attention of the moderators so they can be dealt with its what we are here for but if no one lets us know, as we cannot read every thread then they get away with it.
Do you have a mortgage or other loan?
@FireMedic1 wrote:This is from my last FICO 3B report.
So they say 6?
@gdale6 wrote:
@CreditCuriousity wrote:I know alot of people personally don't post their approvals anymore just due to the reason of certain people on this forum going off on a soap box and their way is the only correct way. So alot of people simply don't post anymore about approvals or find no need to "brag" or need to share it with the general forum.. Typically it is the rebuilders the post the approvals, but that isnt always the case. I talk to alot of people through PM on this forum and they are constantly getting new cards for spend bonuses or what not, but just dont bother posting in the approval section most of the time. So I personally don't think anything has changed. Just my 2 cents for what it is worth.
I am one of the first to admit I will open a card for 500-1k+ bonus as it is money I am spending anyways and in no shape not spending money I wouldnt be spending anyways and get a good chunk of change back. With that said I usually close out a card when a new card is open as I like to not overexpose myself so future approvals keep coming without the excuse to much available credit. I must admit it is harder to do now though as I have pretty much most of my dream cards other than the CSR, but there will always be new "dream" card that come out. So it is rinse and repeat for me along with many others
Then these people need to be brought to the attention of the moderators so they can be dealt with its what we are here for but if no one lets us know, as we cannot read every thread then they get away with it.
Preach brother; I put down my stick but I wielded it with alacrity to stamp that sort of crap out when it occurred... utterly against the community that we are trying to engender and actually crosses lines with the TOS too viewed without a strict constitutional interpretation.
Anyway it's stickied still but for review, this sort of thing is what it's here for:
On a personal level I sort of wondered where some of those posts had gone, and I for one am saddened at the loss of information and datapoints in addition to the loss of community.
