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What am I missing?

Established Contributor

Re: What am I missing?

I like to feel secured. I can walk into any restaurant or hotel or even in an airport with super high credit lines and buy anything my heart desires. Being treated with the utmost care and respect is the experience I look for. Even if sometimes my appearance lacks. (surf shorts and t-shirt) All these cards let me do that. As for having many of them. I spend 9500 on credit a month and PIF. If I ever decide to carry a balance. I have utilization Buffers that companies wont start AA just because I got close to the limit on one card (stuff happens.) Anyway, I like spreading my wealth over the cards and I can redeem them for great rewards. Certain cards in the future, I may just keep for 1 year and burn them for the spend reward (maybe Baclay) but Amex, Chase (don't have yet,) Discover, Capital One, will always remain in my wallet.

 

 

Message 11 of 21
Frequent Contributor

Re: What am I missing?


Redangler wrote:

I am still very new to the group, started here about a month ago. Let me say that there is a weath of info here and it has already improved my scores about 15+ points in last 30 days. Now, I understand the whole concenpt of available credit and usage but I am having a hard time understanding what the adantage is to lots of credit cards and available credit in the hundreds of thousands? Unless I hit the lottery or find a buried treasure in my backyard, I can see myself spending around $2000 per month on my credit cards and paying them full each month. So if I was able to build my credit to the point of 4 or 5 cards with a total of $80,000 to $100,000 SL, why would I need any more than that? Please understand that I am not trying to bash anyone but just not sure what the advantage is. Thanks again for this being a great resource!


It's a sickness and quickly becomes excessive compulsive. We try to get that same high we got when our first card arrived. Now it takes more and more cards to reach that same euphoric state. Then comes the binging and purging. Finally there's the withdrawls...  wondering where our next fix will come from. 

 

Seriously, 3-5 major cards should suffice most everyone IMHO.

Message 12 of 21
Super Contributor

Re: What am I missing?


Archange1 wrote:

I like to feel secured. I can walk into any restaurant or hotel or even in an airport with super high credit lines and buy anything my heart desires.


+1

 

Never know if there's a big purchase you'd like to make, order that expensive item on the dinner menu, or have a card suddenly declined from fraud/review.  Always best to have relatively large (10K+) on main cards from different lenders.

Message 13 of 21
Established Contributor

Re: What am I missing?

I don't have a very big credit line but I will tell you why I have so many cards.

 

At first it was to prove to myself that I could do it and rebuild my credit, then it became a bit of an addiction.

 

Lastly I want to be able maximize rewards on anything I purchase.

 

I do not use any debit cards anymore, everything gets put on a credit card.

 

Also my DW has horrible credit so I add her as AU so her credit can improve a bit too.

~All Thanks to the education I received from MyFicoers~ | 100K CLUB 10/31/16 |

Fico Scores: | Amex EX 763 | Discover TU 763/EX 763 | Capital One 763 | Barclay TU 771 | Huntington EQ 749 | Citi EQ 758 | Sam's TU 763 | Amazon TU 763 | Chase TU 763(Update 5/28/17 Mowing the Lawn 1/6/17) | Goal 799
Message 14 of 21
Super Contributor

Re: What am I missing?


JamP wrote:

I don't have a very big credit line but I will tell you why I have so many cards.

 

At first it was to prove to myself that I could do it and rebuild my credit, then it became a bit of an addiction.

 

Lastly I want to be able maximize rewards on anything I purchase.

 

I do not use any debit cards anymore, everything gets put on a credit card.

 

Also my DW has horrible credit so I add her as AU so her credit can improve a bit too.


I suspect most are "addited" to rewards, much like they're addicted to making more money, rather than addicted to app'ing for the sake of app'ing.

 

*Edited*  PS - I see no point in app'ing for a card without a sign-up bonus/benefits or superior rewards on spend, at least greater than 2% general spend.

Message 15 of 21
Super Contributor

Re: What am I missing?

I do see a lot of people fall into a cycle of adding a bunch of cards to cover every possible category of spend, then getting overwhelmed or realizing it's not a significant gain, then closing cards, then getting "bored" with that, etc, etc. When adding any card, run the numbers. See how much in real dollars the card will add every month to your rewards. You may find its not worth it.
Message 16 of 21
Valued Member

Re: What am I missing?

Wow, lots of great answers here! I really had not thought to much about the spedific rewards or sign up bonuses and can see where that would be useful. Always great to have another perspective. I can only imagine the spreadsheet that I would have to have to keep up with that may cards.....As I rebuild I am looking at several that will fit into my wallet and maximize my own rewards structure. I can see how it can be addicting because I already spend way to much time on this site trying to see how I can gain that next point increase. 

 

Besides having to many credit cards in my wallet would probably throw my back out again.....

Message 17 of 21
Established Contributor

Re: What am I missing?


kdm31091 wrote:
I do see a lot of people fall into a cycle of adding a bunch of cards to cover every possible category of spend, then getting overwhelmed or realizing it's not a significant gain, then closing cards, then getting "bored" with that, etc, etc. When adding any card, run the numbers. See how much in real dollars the card will add every month to your rewards. You may find its not worth it.

I definitely agree with you, as I said it became a bit of an addiction.

 

Luckily some places like Cap1 and Amex let you roll the cards credit line into another card, which I will be doing as soon as I spend the rewards or they become old enough to do so.

 

Overwhelmed sometimes, surely I do not need this many cards, and I will eventually close/merge some.

~All Thanks to the education I received from MyFicoers~ | 100K CLUB 10/31/16 |

Fico Scores: | Amex EX 763 | Discover TU 763/EX 763 | Capital One 763 | Barclay TU 771 | Huntington EQ 749 | Citi EQ 758 | Sam's TU 763 | Amazon TU 763 | Chase TU 763(Update 5/28/17 Mowing the Lawn 1/6/17) | Goal 799
Message 18 of 21
Super Contributor

Re: What am I missing?


Redangler wrote:

I am still very new to the group, started here about a month ago. Let me say that there is a weath of info here and it has already improved my scores about 15+ points in last 30 days. Now, I understand the whole concenpt of available credit and usage but I am having a hard time understanding what the adantage is to lots of credit cards and available credit in the hundreds of thousands? Unless I hit the lottery or find a buried treasure in my backyard, I can see myself spending around $2000 per month on my credit cards and paying them full each month. So if I was able to build my credit to the point of 4 or 5 cards with a total of $80,000 to $100,000 SL, why would I need any more than that? Please understand that I am not trying to bash anyone but just not sure what the advantage is. Thanks again for this being a great resource!


It's good to have enough available credit so that if you have reported balances, they total 9% or less.

 

But it's not important to have more than that.

FICO8 EQ 721 TU 772 EX 769 Total revolving credit 500k
Message 19 of 21
Community Leader
Senior Contributor

Re: What am I missing?


Redangler wrote:

Wow, lots of great answers here! I really had not thought to much about the spedific rewards or sign up bonuses and can see where that would be useful. Always great to have another perspective. I can only imagine the spreadsheet that I would have to have to keep up with that may cards.....As I rebuild I am looking at several that will fit into my wallet and maximize my own rewards structure. I can see how it can be addicting because I already spend way to much time on this site trying to see how I can gain that next point increase. 

 

Besides having to many credit cards in my wallet would probably throw my back out again.....


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Message 20 of 21