Sooo many credit cards, so what

[sarge12]

I am trying to understand how some posters are so proud of how many cards they have secured. Why??? If I have 15 cards, all that really says is I am intelligent enough to fill out 15 credit card applications. People also make statements like I am the proud owner of 20 credit cards....no you are not, the banks own those cards, and can turn them into useless landfill plastic at any moment without even needing a reason. Credit cards are not an asset, and in the wrong hands can be very dangerous to ones financial future. Credit cards only represent the ability to easily take on debt. Now I am not saying having a lot of cards is bad, I have a lot of them myself due to a weakness to resist free money in rewards bonuses. but it is not something I take pride in. I am proud of the fact that I have responsibly handled all my credit. That is an accomplishment. So is a high credit score, especially if maintained over years of elapsed time. If someone posts that they have 50 credit cards, I'm thinking, so what they know how to fill out apps. Not really an accomplishment. I also see it as a red flag for someones credit future if this is what you take pride in.  End Rant!!!!

Comments welcome, even if you disagree!!!

[Anonymous]

I have 86 account showing up on my TransUnion. 25 are open. That is counting the personal loans and auto loans I have had since age 18. I turn 40 this year. 3 of my accounts are over 12 years old. Jcpenny is over 20.

I can see your point. A 20 year old collecting credit cards then going outside and collecting Pokemon has no business ramping accounts up that quick.

There isn't much to brag about if you are approved for 15 cards. It's because you meet the criteria as everyone else that has them. Now if you beat the system and got something that you don't deserve you need to shut up and enjoy it! Don't let the secret out to myfico lol.

I think the majority of the people who post all the pretty cards in their signatures is because they have overcome things and feel like they have earned them, whereas six months ago a year ago 2 years ago there was no chance at all to be approved.

The people with excellent credit and excellent income are posting those pretty cards to kind of set an example… these are the ones they use to save money with their use, which is how you're supposed to use credit cards when you can obtain the cash back and points system accounts.

[Random_idiot]

Everyone has different reasons.

Some may not like rewards, and utilize the cash back feat. While others do it, as you mentioned, a way to 'show off.' I personally don't get that reason either.

I am happy with just a handful of cards, and only use 1 heavily, and utilize the others in a way thats beneficial (whether they may be free monthly fico score, combination of ultimate rewards, etc. etc.).

If people have 15 cards, and all 15 are beneficial, I completely understand. But to each their own I guess..

[Anonymous]

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@sarge12 wrote:

I am trying to understand how some posters are so proud of how many cards they have secured. Why??? If I have 15 cards, all that really says is I am intelligent enough to fill out 15 credit card applications. People also make statements like I am the proud owner of 20 credit cards....no you are not, the banks own those cards, and can turn them into useless landfill plastic at any moment without even needing a reason. Credit cards are not an asset, and in the wrong hands can be very dangerous to ones financial future. Credit cards only represent the ability to easily take on debt. Now I am not saying having a lot of cards is bad, I have a lot of them myself due to a weakness to resist free money in rewards bonuses. but it is not something I take pride in. I am proud of the fact that I have responsibly handled all my credit. That is an accomplishment. So is a high credit score, especially if maintained over years of elapsed time. If someone posts that they have 50 credit cards, I'm thinking, so what they know how to fill out apps. Not really an accomplishment. I also see it as a red flag for someones credit future if this is what you take pride in.  End Rant!!!!

Comments welcome, even if you disagree!!!

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I think the majority of people who have many cards feel a sense of pride about their responsibility in managing their credit - just as you do.  It is a privilege that is earned to be extended credit by a lender, and some people don't even qualify for a single card, so I think you are just a bit misguided in the assumption that people who like having many cards are proud of something worthless.  However, I do agree that the people who are proud of having cards just for the sake of having cards need to re-evaluate their priorities and the things in which they take pride.

[sarge12]

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@Anonymous wrote:
I have 86 account showing up on my TransUnion. 25 are open. That is counting the personal loans and auto loans I have had since age 18. I turn 40 this year. 3 of my accounts are over 12 years old. Jcpenny is over 20.

I can see your point. A 20 year old collecting credit cards then going outside and collecting Pokemon has no business ramping accounts up that quick.

There isn't much to brag about if you are approved for 15 cards. It's because you meet the criteria as everyone else that has them. Now if you beat the system and got something that you don't deserve you need to shut up and enjoy it! Don't let the secret out to myfico lol.

I think the majority of the people who post all the pretty cards in their signatures is because they have overcome things and feel like they have earned them, whereas six months ago a year ago 2 years ago there was no chance at all to be approved.

The people with excellent credit and excellent income are posting those pretty cards to kind of set an example… these are the ones they use to save money with their use, which is how you're supposed to use credit cards when you can obtain the cash back and points system accounts.

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No, I am not critisizing the pictures of cards, some of these cards are not available to anyone without excellent credit. It is specifically those that bragg about the number of cards they have obtained that I do not understand. It is quality not quantity that matters. If someone manages to acquire 5 Credit One cards, well I'm unimpressed. The no.1 credit card mistake according to some experts is too many revolving accounts. It can prevent someone from recieving the best mortgages by making their potential DTI too high and that can make the bank nervous....what if this guy runs up those 20 credit cards and winds up in BK!! I know I have way too many premium cards myself due to all the 200 dollar bonus offers, but I sure am not proud of that.

[Anonymous]

Too many revolving accounts with a low score and low income is only potential disaster that can be seen with manual underwriting. Credit unions don't like it, mortgage lending doesn't like it, but car loans and credit cards for the most part look the other way. By the same token if you have 15 accounts and only five of them have balances it looks better than 5 accounts all reporting balances even if util is under control

[sarge12]

Cut and paste from creditcards.com

Experts' advice can steer you away from the top 10 credit card mistakes.

1. Getting too many 
Bypass the shredder and you could make one of the most common credit card blunders by collecting too many credit cards. "Stop and think: do you really need another credit card?" Kersetter says. "The more credit cards you have, the better chance you have of getting deeper in debt."

Remember, credit cards are not a form of supplemental income, says June A. Schroeder, a certified financial planner with Liberty Financial Group Inc. in Elm Grove, Wisconsin.

The annual fees of multiple cards also can add up, Kersetter says.

Having too many cards can also negatively impact both your credit score and your ability to borrow money, she says. On one hand, adding more cards helps your score by lowering your credit utilization ratio -- the amount of debt you carry compared to your available lines of credit. On the other hand, "If you have a lot of credit cards with high credit limits and you go for a mortgage, the lender will take into consideration, 'What if you ran those credit cards up? What would your debt-to-income ratio be?' "

How many is too many? "We have people who are successful using one card because it's easy to track with all their records in one place," Kerstetter says. "Having three to five credit cards is usually not a problem. But if you find your credit card balances are increasing, that's a danger signal. The solution is definitely not another card."

[Anonymous]

I'm fairly new to this forum and I agree with you OP.. it blows my mind how alot of people here have 20, 25+ credit cards. I don't think it's the end of the world to have that many cards but I've always felt that having more than 6 cards is too many.

[kdm31091]

I think the average consumer who wants to build credit and maybe get some rewards, 3 solid cards with decent limits are more than enough. We get caught up in the hype chasing after rewards and it can bite you in the behind if you aren't careful. We get caught up in "credit world" ideas like "diversity" which some people use as an excuse to apply for way more than they need. To each his own, but the reality is all of the big banks are not going to shut down your cards all at once. 3 or so cards from 3 distinct banks are plenty for most people. If you want more fine, but it's not really necessary from a credit standpoint.

I know people who have even less than that, just 1 or 2 cards in good standing, and have scores in the 800's. If anything you will end up dragging your score down with constant apping trying to be "diverse".

If one wants to maximize rewards at get lots of cards, that's fine, but it becomes increasingly harder to track spending the more cards you are spending on, and you will find yourself spending just to keep them active, etc...can be a slippery slope of spending more than you need to.

[Anonymous]

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@kdm31091 wrote:

I think the average consumer who wants to build credit and maybe get some rewards, 3 solid cards with decent limits are more than enough. We get caught up in the hype chasing after rewards and it can bite you in the behind if you aren't careful. We get caught up in "credit world" ideas like "diversity" which some people use as an excuse to apply for way more than they need. To each his own, but the reality is all of the big banks are not going to shut down your cards all at once. 3 or so cards from 3 distinct banks are plenty for most people. If you want more fine, but it's not really necessary from a credit standpoint.

I know people who have even less than that, just 1 or 2 cards in good standing, and have scores in the 800's. If anything you will end up dragging your score down with constant apping trying to be "diverse".

If one wants to maximize rewards at get lots of cards, that's fine, but it becomes increasingly harder to track spending the more cards you are spending on, and you will find yourself spending just to keep them active, etc...can be a slippery slope of spending more than you need to.

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You'd be surprised by how many people only have ONE credit card. I accepts payments all day long from customers and I've noticed two things:

1. Most people pay me with their DEBIT card.

2. The ones that do pay with a CC generally have one card (I know this because anytime it declines for whatever reason I ask for a second card and they tell me they only have one cc)

We're definetly the minority here on this board..