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Question about the bragging about having multiple cards open

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aav
Established Contributor

Re: Question about the bragging about having multiple cards open

I see the credit data as informational. When I read someone's post I like to have a credit background with which to respond. Also, when I post it gives readers my background information so I dont have to remember to post it every time either. The signature line provides info and saves time. Plus were all proud of our accomplishments. That goes without saying!
EQ - 834 TU - 823 EX - 822
Amex NPSL Amex BCP - 25,000, Amex EDC - 12000, Diner's Club Premier -35,000, Ritz Carlton - 22,500 Discover 25,100, Chase Reserve -31,000 Total Rewards 13200, Barclay 10000 Citi Diamond P 8,900
Message 31 of 124
takeshi74
Senior Contributor

Re: Question about the bragging about having multiple cards open


@Anonymous wrote:

Does it help your credit or something to just apply for every credit card you can think of and just and keep them open and don't spend on them?  Or are people opening up 20 different cards and using all of them.  Are you just charging them all up and filing bankruptcy?  Im a little confused....


You're oversimplifying quite a bit.  Start by reading up on the standard factors used for credit scoring:

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

Applying for every credit card isn't a good idea since each new account comes with a hit due to the hard pull (New Credit) and a reduction in AAoA (Length of Credit History).

 

That said, keeping utilization (Amounts Owed) low does generally help.  The generic advice is to keep utilization under 30%.  If applying and seeking every possible point then one should allow only one balance to report at 10% or less since scoring models favor fewer balances and lower utilization.

 

Number of cards is up to each to determine based on needs/wants/preferences/etc.  Number of cards is a very common topic so don't overlook prior threads on the matter.

 


@Anonymous wrote:
Question about the bragging about having multiple cards open

Don't just assume that signatures are bragging. Some may be bragging because they were building/rebuilding and are excited to have their current lineup but that doesn't mean that everyone is.  Keep in mind that this is a credit discussion forum and it allows people to not have to post their lineup every time they're discussing their own credit.

 

It does seem like bragging to me which is why I don't have a signature but at the same time I don't just assume that everyone who does is bragging.  I don't find that enough of my posts refer to the specifics of my tradelines to warrant having them in a signature either.

 


@Anonymous wrote:

Or are people opening up 20 different cards and using all of them.  Are you just charging them all up and filing bankruptcy?  Im a little confused....


People vary.  Don't assume that everyone is the same no matter what the topic.

 


@Anonymous wrote:

Id rather have 10 million dollars and big house then a 700 credit score lol....


Your call but the two aren't mutually exclusive.  You can have money and poor credit.  You can have no money and good credit.  You can have money and good credit.

Message 32 of 124
kdm31091
Super Contributor

Re: Question about the bragging about having multiple cards open

No one is really bragging, I don't think -- just showing their collection of cards.

 

You want to keep utilization low. The way to do that is to have a few (3 or more) cards with low balances. The more credit is available to you, the better. There's a tipping point though where lenders will simply decide you have too much credit, so be careful -- I'd keep it proportionate to income if I were you.

 

Generally, anyone will benefit from having 3 cards. That's a number often thrown out there for just a good score. 3 cards with low / no balances will show you can handle a few accounts and show positive utilization, which will help you out.

 

Beyond 3 or so, the decision becomes more of a preference. Some open a lot of cards for bonuses or benefits during the first year. Others tend to look at long term benefit and open cards less often. It depends on your preferences. I do not advocate applying for a lot of cards at once, because you will start to get lower limits and higher APRs. IMO, Gardening for awhile and applying sparingly yields better overall results vs. having to recon 5 times and getting $500 @ 22.9, but it also depends on your income, history, whatever -- some people seem to be able to apply constantly with no ill effects. For the majority though, I'd say keep it to less than 6 inquiries a year for the best possible terms (again, this is a subjective number).

 

Good luck!

Message 33 of 124
longtimelurker
Epic Contributor

Re: Question about the bragging about having multiple cards open

Bragging or otherwise, one good reason for not having a detailed signature: to avoid a lender identifying you (if you are a little paranoid).   With many cards listed, and in some cases open dates, you are probably identifiable if they chose to bother!

Message 34 of 124
CreditCuriosity
Moderator Emeritus

Re: Question about the bragging about having multiple cards open


@longtimelurker wrote:

Bragging or otherwise, one good reason for not having a detailed signature: to avoid a lender identifying you (if you are a little paranoid).   With many cards listed, and in some cases open dates, you are probably identifiable if they chose to bother!


lol was wondering why you removed your cards from your sig after your AMEX fiasco..  I think they have better stuff to do, but to each and their ownSmiley Happy

Message 35 of 124
Anonymous
Not applicable

Re: Question about the bragging about having multiple cards open


@longtimelurker wrote:

Bragging or otherwise, one good reason for not having a detailed signature: to avoid a lender identifying you (if you are a little paranoid).   With many cards listed, and in some cases open dates, you are probably identifiable if they chose to bother!


In your case, it may be more than lenders that are stalking you Smiley Wink

Message 36 of 124
longtimelurker
Epic Contributor

Re: Question about the bragging about having multiple cards open


@CreditCuriousity wrote:

@longtimelurker wrote:

Bragging or otherwise, one good reason for not having a detailed signature: to avoid a lender identifying you (if you are a little paranoid).   With many cards listed, and in some cases open dates, you are probably identifiable if they chose to bother!


lol was wondering why you removed your cards from your sig after your AMEX fiasco..  I think they have better stuff to do, but to each and their ownSmiley Happy


They have better things to do unless they don't, depending on the perceived risk!

 

But I also removed it as I decided it really wasn't needed.

Message 37 of 124
longtimelurker
Epic Contributor

Re: Question about the bragging about having multiple cards open


@ArmyVietVet wrote:

@longtimelurker wrote:

Bragging or otherwise, one good reason for not having a detailed signature: to avoid a lender identifying you (if you are a little paranoid).   With many cards listed, and in some cases open dates, you are probably identifiable if they chose to bother!


In your case, it may be more than lenders that are stalking you Smiley Wink


Look, I totally deny the allegations that I am an FSB agent.   Thee is simply no evidence.  And the evidence that there is probably planted.  And anyway, it was a long time ago.

Message 38 of 124
Anonymous
Not applicable

Re: Question about the bragging about having multiple cards open


@Anonymous wrote:

This guy has me thinking.  We have a ratty old used car lot down the road.  They have marked the price of each car with white shoe polish on the windshield.  Are they bragging about how much inventory they have?  And those have to be FAKO prices because I would never pay that much for one of their cars.  Should I ask these guys why they are trying to sell a $500 for $1750?  I wonder if they think they have a reputation to uphold?


This is quite a coincidence. I have a ratty old used car.

Message 39 of 124
Anonymous
Not applicable

Re: Question about the bragging about having multiple cards open

Every situation is truly different.  I have maintained good credit since college (graduated in 1978).  I have three or 4 credit cards with high limits that had grown over the years.  I found this forum as well as Flyer Talk and realized I could leverage my credit for free travel/rewards.  If there is a decent sign up bonus I'm in!  On occassion I will get a card like Diners or NASA just for the hell of it and take the $30,000, $40,000 limit but for the most part it's for the freebee's.  In May we are going to Paris.  5 nights at the Marriott ($600 per night) free with Ritz and Marriott sign up bonuses.  2 business class tickets compliments of the multiple Citi AA Exec cards I got last summer.  Last year was London and the year before was Tahiti/Bora Bora.  Trips we could afford but even better free.  We are already working on 2016 vacation.

 

I never would have known this world existed without these forums.  Yes when asked I do post credit limits but not to brag but to help others.  My FICO has ranged from 800 to 670 (right after a long app spree).  I post successes when my FICO is lower to let people know it is possible.  I keep about 12 core cards and dump cards every year and start over.  I no longer care what a card looks like, don't care what the cashier thinks when I put it down, just care what the credit card companies are paying ME for using their card.  Just my story for what it's worth

Message 40 of 124
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