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Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

I never mentioned one credit card but you absolutely do not need more than 3.
Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


smallfry wrote:
I never mentioned one credit card but you absolutely do not need more than 3.

  Three cards isn't enough.   One cannot be creative with their finances with the  use of 3 cards.  A variety (8-12 cards) is a sure bet to stay ahead of the banks' business tactics.  

Moderator Emeritus
Posts: 4,470
Registered: ‎12-31-2008
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

The FICO ding is FICO code #28 "Number of established accounts" and FICO code #4 "Too many bank or national revolving accounts."  There is no evidence that it is a "minor" ding or code.  The greatest damage may occur when creditors see this code and respond by closing your accounts - which we've seen several times recently on this board.  The ding, though, is relative to an 800+ score.  If you're at a healthy 780 and would be an 800 without this ding, you may consider 20 points minor.  Not to say that 20 points is the value assigned to this, just to say it's all relative.

 

In the end, we all get to choose how many accounts, and of what type, we want to have.  It's just good to know, on these boards especially, the published data FICO provides us that helps us understand what they are looking for.

 

I think it's great to hear personal experiences and viewpoints on credit card issues on this forum.  But, there are potential drawbacks to large numbers of cards, FICO-wise and AA-wise, that we should all be aware of.

 

Best wishes to you - no matter how many cards you keep or prefer.  And thanks to everyone for posting their personal experiences - so very helpful to us all!

Just puttin' syrup on something, don't make it pancakes.
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


DI wrote:

smallfry wrote:
I never mentioned one credit card but you absolutely do not need more than 3.

  Three cards isn't enough.   One cannot be creative with their finances with the  use of 3 cards.  A variety (8-12 cards) is a sure bet to stay ahead of the banks' business tactics.  


Creative? LOL. I'm just paying my bills what could you possibly be doing with your credit cards? By your own admission you now have more than you know what to do with.

Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


beamMEup wrote:

The FICO ding is FICO code #28 "Number of established accounts" and FICO code #4 "Too many bank or national revolving accounts."  There is no evidence that it is a "minor" ding or code.  The greatest damage may occur when creditors see this code and respond by closing your accounts - which we've seen several times recently on this board.  The ding, though, is relative to an 800+ score.  If you're at a healthy 780 and would be an 800 without this ding, you may consider 20 points minor.  Not to say that 20 points is the value assigned to this, just to say it's all relative.

 

In the end, we all get to choose how many accounts, and of what type, we want to have.  It's just good to know, on these boards especially, the published data FICO provides us that helps us understand what they are looking for.

 

I think it's great to hear personal experiences and viewpoints on credit card issues on this forum.  But, there are potential drawbacks to large numbers of cards, FICO-wise and AA-wise, that we should all be aware of.

 

Best wishes to you - no matter how many cards you keep or prefer.  And thanks to everyone for posting their personal experiences - so very helpful to us all!


The over 30 total accounts often reported is a very minor point ding. I am not an advocate of acquiring dozens of low and intermediate limit cards though or multiple accounts with the same issuer.

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


smallfry wrote:

DI wrote:

smallfry wrote:
I never mentioned one credit card but you absolutely do not need more than 3.

  Three cards isn't enough.   One cannot be creative with their finances with the  use of 3 cards.  A variety (8-12 cards) is a sure bet to stay ahead of the banks' business tactics.  


Creative? LOL. I'm just paying my bills what could you possibly be doing with your credit cards? By your own admission you now have more than you know what to do with.


AMEX:  Gym Dues

BOA :  Rental Insurance

Cap 1:  Amazon MP3 orders

Citi:  Misc.

Discover: Cash Over if needed

GM MC:  Auto Insurance

Kroger 123:  Gas and Grocery

Pen Fed:  Cell Phone Bill

Sears:  New Tires when needed

State Farm Visa: Dining Out

Target Visa : Cable/Internet Bill

 

Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

I slap it all on one card and do the same with another card the next month. You're spinnin' yer wheels son.
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.


beamMEup wrote:

The FICO ding is FICO code #28 "Number of established accounts" and FICO code #4 "Too many bank or national revolving accounts."  There is no evidence that it is a "minor" ding or code.  The greatest damage may occur when creditors see this code and respond by closing your accounts - which we've seen several times recently on this board.  The ding, though, is relative to an 800+ score.  If you're at a healthy 780 and would be an 800 without this ding, you may consider 20 points minor.  Not to say that 20 points is the value assigned to this, just to say it's all relative.


 

There are many dimensions of your credit picture that are not reflected in your FICO score. You totally ignore/negate the impact of a thin credit file. A thin credit file can have a very serious negative impact when you apply for credit and there is no code for that. If you want to have credit you have to develop your credit. Thin files don't do that.

 

BTW - There is much evidence that the score impact of "Too many accounts" is minimal and no evidence to the contrary, I personally just had this appear as my one and only negative on TU and I report 10 TL's, 9 open and 1 closed. It is meaningless and there because at my score level there has to be one reported negative reason. BTW, my score went up...

Super Contributor
Posts: 5,759
Registered: ‎01-28-2008
0

Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

[ Edited ]

smallfry wrote:
I slap it all on one card and do the same with another card the next month. You're spinnin' yer wheels son.

You're not being creative with the use of your credit.  You playing things safe...and that's no fun!  Since banks does monthly AR's, I thought I could give them something new to look at monthly.  And they get to see that I can juggle a plethora of accounts, not miss a single payment and PIF.  Now that is what you call a complete credit picture(hustle and bustle of credit use).

Message Edited by DI on 01-02-2010 03:03 PM
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
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Re: Putting my 11 cards to rest until March-UPDATE- I cannot do this.

LOL in the past, I was very creative in my credit use which lead to my credit reign of terror.  These days I am happy to be more of a wuss, altough I made 2 major purchases which will be PIF in less then a year.

 

I hope that BofA looks at my CR and sees the one balance that reports thinking the old Marty is back but unable to get a piece of the action.

11/28/2014 FICO: EQ: 796 EX:788 TU:803
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