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Valued Member
Tracy727
Posts: 48
Registered: ‎04-04-2008

Too many cards

is there such a thing ? I see some people on this board list all there cards and their apping sprees - seems a little extreme to have 20 cards . Isn;t the goal to have a nice variety of cards, high limits and age ?? is 15 cards needed to do that - my goal are 2 gas cards, a discover , an amex, 1 mastercard, 1 visa and 2 store cards . thats 8 cards that I will let age. whats the point of 15-20 cards . trying to understand how that can be a good thing - please explain
Frequent Contributor
74king
Posts: 403
Registered: ‎04-08-2009

Re: Too many cards


Tracy727 wrote:
is there such a thing ? I see some people on this board list all there cards and their apping sprees - seems a little extreme to have 20 cards . Isn;t the goal to have a nice variety of cards, high limits and age ?? is 15 cards needed to do that - my goal are 2 gas cards, a discover , an amex, 1 mastercard, 1 visa and 2 store cards . thats 8 cards that I will let age. whats the point of 15-20 cards . trying to understand how that can be a good thing - please explain

I'll sum it up nice and easily. You can never have too much.:smileyvery-happy: I love all my cards, i don't have 15 cards but close. And with everything going on with the credit crunch etc. You can never have to much....:smileywink: 

 

King

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Established Member
JeremyATL
Posts: 28
Registered: ‎04-29-2009

Re: Too many cards

I think I can agree with 74king you can never have enough credit!! Its better to have it when you need in advance because if you dont get it while you can, you might not have it when you need it.:smileywink:
****************************************************************************
As of : 5/17/2008 EFX- 695 EXP- 707 TUC- 727
****************************************************************************
Credit History : 3yrs 4mos
Current Accounts : USAA Amex =10K, USAA Platinum MC=10K,
Discover =2.5K, Amex Hilton =2K, Alliant Visa =5K, RBS Kroger
MC =6K, Chase Marriott Visa Signature Premier =5K, Chase Presidential Plus World MC =10K, AT&T MC =4K, NFCU Platinum
MC =20K, NFCU Platinum Visa =17.5K, Cabelas Visa =2K.
**Cards I Closed** : Walmart, AE Visa, & HSBC (all low CL's)
Valued Member
Tracy727
Posts: 48
Registered: ‎04-04-2008

Re: Too many cards

if you are applying for the main things we need credit for - houses and cars - can it be potentially be a bad thing to have alot of credit cards. doesn;t it prove you need credit ? the same way fico scores are adjusted with apping/inquiries  can having a whole lot more cards then necessary mean that a person needs credit ? also doesn;t more cards leave the door open for more debt ? also doesn;t it take a long time just doing the bills monthly.
Established Contributor
Susyquk
Posts: 504
Registered: ‎03-27-2009

Re: Too many cards

Eh my husband has 15 cards...

 

We use 3 each month, one we use for groceries , one used for gas and one for eating out.  We use those 3 cards for one month only and pay all those monthly charges off in full on the statement drop date (as well as paying down some of the existing debt on the cards that carry balances)

 

We rotate through the ones that don't carry a balance to make sure they stay active and eventually when all are paid down it just will mean that every card will get used every 4 months or so for a part of living and then PIF so no interest charges (and just leave a tiny balance on one card until it reports) You still only need to pay 3 or 4 things each month that way 

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

Re: Too many cards


Tracy727 wrote:
is there such a thing ? I see some people on this board list all there cards and their apping sprees - seems a little extreme to have 20 cards . Isn;t the goal to have a nice variety of cards, high limits and age ?? is 15 cards needed to do that - my goal are 2 gas cards, a discover , an amex, 1 mastercard, 1 visa and 2 store cards . thats 8 cards that I will let age. whats the point of 15-20 cards . trying to understand how that can be a good thing - please explain

8 cards is plenty. I might go with just 1 gas card and 1 store card and bump the Visa and MC up to 2 each tough.

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008

Re: Too many cards


smallfry wrote:

Tracy727 wrote:
is there such a thing ? I see some people on this board list all there cards and their apping sprees - seems a little extreme to have 20 cards . Isn;t the goal to have a nice variety of cards, high limits and age ?? is 15 cards needed to do that - my goal are 2 gas cards, a discover , an amex, 1 mastercard, 1 visa and 2 store cards . thats 8 cards that I will let age. whats the point of 15-20 cards . trying to understand how that can be a good thing - please explain

8 cards is plenty. I might go with just 1 gas card and 1 store card and bump the Visa and MC up to 2 each tough.


Personally I see no value in gas cards or store cards in general.  You can buy gas and store items with a major card.  Gas and Store add nothing to you "mix" of credit.  They are just usually easier to get and higher limits when building than the majors sometimes.

 

I have 1 store card, and only because it is my oldest....Macys at almost 21 years.  I have no gas cards and don't plan to ever have one.  I do not plan to ever apply for any type of store card, I just do not see any value in them.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
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New Contributor
techman2008
Posts: 71
Registered: ‎10-25-2008

Re: Too many cards

Hmmm I should get a few more cards lol.   

 

I have  discover miles, boa amex, boa visa, macy's visa,   My aaoa is 9years. 

 

 

 


Starting Score: TU 797 EQ 798 EX 774 10/26/2008
Current Score: TU 787 EQ 784 EX ??? 09/19/2010
Goal Score: 790


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Valued Contributor
clocktick
Posts: 1,578
Registered: ‎12-07-2008

Re: Too many cards


txjohn wrote:
 Gas and Store add nothing to you "mix" of credit. 

 

This is the exact opposite of what I've been reading on here the last few months.  Anyone else care to chime in on this one?

 

11/30/08 TU 648 EX 672 EQ 656 MARCH 2014 TU 763 EX 740 EQ 721
Amex BCP $24.1K/Clear $8.5- Barclays LLBean $15k/Sallie Mae $12.5 -Cap One QS $4 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




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Current Score: 736
Goal Score: 765


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Valued Member
Tracy727
Posts: 48
Registered: ‎04-04-2008

Re: Too many cards

store cards for the extra discounts offered only - especially for childrens place and macy's. gas cards because i like to keep exact count of my gas paid for business reasons. I just would not want to complicate my life with 20 cards. don;t see the purpose so I was wondering if there was some reason i was missing that can potentially hurt me not having 15,20 or 25 cards.

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