Why SO MANY Credit Cards?

[Anonymous]

Hey guys, I'm new to the forums but I notice a lot of people have 5+ credit cards, sometimes 10 and 20! On top of that, all of the cards have like $10k+ limits! O.O

My question is...why?! Is there a benefit to have that many cards? I have 3 (just got 2, had 1 for a while) and it's the scariest feeling ever (just not used to having this many, I'm sure I'll get used to it, haha), but sheesh if I had 10 cards I'd probably be overwhelmed!

So why?! Do you use all of the cards or do you just get them just because? I'm so confused haha...

[Anonymous]

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@Anonymous wrote:

Hey guys, I'm new to the forums but I notice a lot of people have 5+ credit cards, sometimes 10 and 20! On top of that, all of the cards have like $10k+ limits! O.O

My question is...why?! Is there a benefit to have that many cards? I have 3 (just got 2, had 1 for a while) and it's the scariest feeling ever (just not used to having this many, I'm sure I'll get used to it, haha), but sheesh if I had 10 cards I'd probably be overwhelmed!

So why?! Do you use all of the cards or do you just get them just because? I'm so confused haha...

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Well,not everyone has great credit. Sometimes they are transitioning from bad/fair to good/excellent. That is whats up with my profile. Plus, in the process you can get between $500 and $1200 for a sign on bonus...some of us here value 1 hard inquiry at least $400, if not more.

Some folks have higher income too.

I plan on slowly eliminating my buckle, commerce bank, credit one, and possibly capital one, we shall see.

[OmarGB9]

Different reasons really. Some people like the benefits/perks/bonuses/rewards that come with each individual card. Some like to collect cards. They probably do use them all, but they rotate them. And he's keeping up with them would probably be a full time job in itself lol. I have 7, which is quite a bit compared to the average consumer, haha, but I can manage. I've created a spreadsheet to keep track of everything.

[Anonymous]

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@OmarGB9 wrote:
Different reasons really. Some people like the benefits/perks/bonuses/rewards that come with each individual card. Some like to collect cards. They probably do use them all, but they rotate them. And he's keeping up with them would probably be a full time job in itself lol. I have 7, which is quite a bit compared to the average consumer, haha, but I can manage. I've created a spreadsheet to keep track of everything.

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sigh. I have been procrastinating making my spreadsheet. My method works fairly well. I just write all important info on an envelope and group stuff together. And most things are paid the next day so its not that hard to keep track of I guess.

I tried using mint bills. So annoying. I could not get half of my accounts to add, gave up and deleted it.

[Anonymous]

I see...so is this related to the whole "gardening" idea? What is gardening exactly?

[lhcole77]

I have the ones I do for sign up bonuses, extra discounts, cash back, rental insurance, special privileges, priority boarding, free checked bags, early check in, late check out, minimize effects of utilization, balance transfer offers, maintaining relationships with issuers...I could increase the list ad infinitum 

[Anonymous]

For utililization and cash back 

[Imperfectfuture]

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@OmarGB9 wrote:
Different reasons really. Some people like the benefits/perks/bonuses/rewards that come with each individual card. Some like to collect cards. They probably do use them all, but they rotate them. And he's keeping up with them would probably be a full time job in itself lol. I have 7, which is quite a bit compared to the average consumer, haha, but I can manage. I've created a spreadsheet to keep track of everything.

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Yes, some are on the chopping block.  In the meantime, I will eek out every last month, since this will bouy up the AAOA.  I don't go for SCT cards, but I do have a couple that are no longer offered, give great benefits, and offer great balance transfer options.  Diversifying between banks is not such a bad idea.  As your profile grows, you realize you have outgrown some cards, they get closed, and either lose the credit limit, or transfer the credit limit.  But the closed cards stay on report for 10 years, along with any installment loans.  Gives plenty of time to age your corp cards into 800+ territory.

[vanillabean]

I don't know.. Why do people collect baseball cards and tattoos? I guess one potato chip won't do.

[OmarGB9]

Gardening basically means taking a break from applying for new credit and letting your accounts age and your limits grow.