Question about the bragging about having multiple cards open

[Imperfectfuture]

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@Anonymous wrote:

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@bigalkescott514 wrote:

Are you mad...OR NAW!?

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Any particular reason you reopened a 7 month old thread?  Seems kinda useless and board cluttering

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Heehee, before the lock.  Didn't even bother to read all the posts, do not remember what it was about.

[Anonymous]

Is there a thread that shows you how to put cards in dignature? I searched but couldn't find anything. Not that I have anything really to "brag" about lol

[Anonymous]

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@Anonymous wrote:

Is there a thread that shows you how to put cards in dignature? I searched but couldn't find anything. Not that I have anything really to "brag" about lol

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I think this thread might help:
http://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

[Anonymous]

Awesome thanks! !

[Kb109]

"Charge them all up and file bankruptcy"

LMFAO.

[Open123]

Old thread, but here's my personal take.

For me, and I think many here, CCs and credit are a hobby.  We're enthusiasts, especially when it comes to earning/maximizing rewards, maximizing cashback, improving score, and "collecting" the "best in class" cards.  From this perspective, I see it more as sharing, than boasting.  While I can only speak for myself, I'm always what other cards people have (maybe, I should have it too?), and enjoy seeing it in their profiles.

This is similar to any hobby.  For instance, I love mechanical watches, have since I was 10 years old.  When meeting other horology enthusiasts, we all enjoy showing and sharing the watches we've acquired over the years.  On the surface, it may appear as "showing off," but nothing can be further from truth.  We just enjoy watches, of all kinds.

And, on here, people just enjoy CCs, of all kinds.

[SpiceIslander]

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@Anonymous wrote:

Im reading through these forums and I see alot of people posting and at the bottom of whatever there posting about they have all the different credit cards they have opened and the there credit limits for those cards.  As someone else mentioned, I think we're just proud of the progress we've made, we're not necessarily bragging. Many of us came here because we  needed help or wanted to learn about credit & FICO scores. That by itself (in my opinion) is an indication that we're serious about our credit journeys. When we make progress, we're proud of it and that's just as it should be. It also helps when someone posts a question, to see their lineup instead of having to ask them "what cards do you currently have?" or "What's your score?" Since FICO gives us the option to have a signature line, why not use it?

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?  Of course, many cards can help with utilization % but that won't help if those cards are maxed out.

Or are people opening up 20 different cards and using all of them.  I don't have 20 cards but except for my store cards, I use all of them every month! Personally, I don't believe in the "sock drawer." If I apply for a card, I WILL use it. However, some get more usage than others.

Are you just charging them all up and filing bankruptcy? No!!!...besides I think that those who file for bankruptcy protection don't do it in a cavalier manner. It's a last resort. That's a painful process that everyone tries to avoid.

 Im a little confused....I hope the responses lessen or eliminate your confusion.

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[Anonymous]

Haha, what a good question. 

It's not necessarily bragging, but it's more of an accomplishment getting credit cards with ultimate rewards for your purchases as opposed to paying cash for everything (big no-no!). Not only do you get to enjoy the perks of each card depending on your spending, it's sometimes healthy for your credit if you know how to control your inquiries and account utilization. As an example, say I have 2 credit cards with a total credit limit all together of $2,000 ($1,000 on each card). I can only charge up to around $600 before my credit score starts to take a ding if I let that $600 report on my cards. Some people such as myself like to keep their utlization under 10% as opposed to the FICO recommended 30%. Now, let's say you have 10 credit cards with a total available credit line all together of $25,000. That means I can charge up to $7,500 before my score takes a dip. It's good if you want to take a vacation or have an emergency where you may need to run up a high balance for a little bit and not have to worry about your score dropping. Yes, it's a little bit more responsibility having multiple cards and constantly monitoring for fraud, but it's well rewarding in the end. 

[Anonymous]

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@kdm31091 wrote:

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.

@Anonymous 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!

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I concur.

[Anonymous]

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@red259 wrote:

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@NRB525 wrote:

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@Anonymous wrote:

How come we haven't gotten OP to chime in to all the responses after he asked the question?

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I often wonder the same thing. It's interesting when you see a thread that is 3 pages long after one day, and the lead poster has 1 total post.

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OP probably has more of a life than we do and will check back tomorrow. OP seems legit and I think is just trying to understand how credit works on a basic level. 

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