Why SO MANY Credit Cards?

[Anonymous]

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it. On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

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I think there's a fine line between having numerous credit cards to:

A) Build a robust credit file that can withstand future AAOA dings

B) Collect sign up bonuses/maximize cashback

C) Cultivate a banking relationship with a wide array of lenders

D) [Insert other valid personal reason here]

and encouraging people to apply for 20 accounts and using them to buy things they can't afford. To be fair, some people with 10+ accounts are true credit addicts, some are not, and while denouncing the harm in addiction is perfectly reasonable, your original comment made a very wide generalization about people who have 10+ accounts and your second comment conflates their experiences with those of "credit hoarders" and people who can't successfully manage their money. I think that, more than the FSR component, is what got people's feathers ruffled.

[myjourney]

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it.  On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

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I truly understand the point you're trying to convey 

However having 3 or 20 cards does not mean one is going to slip into financial ruin so to speak due to a certain number of cards..

What works for you could be a small minority for others.

Example in my case I have a card for gas, card for food, card for cell phone and cable, travel, dining, business, low APR....etc 

There's 7 cards right there for max savings be it cashback or points.

See the point? No spending other than normal everyday monthly spending all of which is in the bank before I spend it so basically their debit cards that I profit from

I'm sure I missed some categories but one could easily benefit from say anything over 3 or 33 and manage them w/o going to the poor house ....Lol

[Imperfectfuture]

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@myjourney wrote:

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it.  On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

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I truly understand the point you're trying to convey 

However having 3 or 20 cards does not mean one is going to slip into financial ruin so to speak due to a certain number of cards..

What works for you could be a small minority for others.

Example in my case I have a card for gas, card for food, card for cell phone and cable, travel, dining, business, low APR....etc 

There's 7 cards right there for max savings be it cashback or points.

See the point? No spending other than normal everyday monthly spending all of which is in the bank before I spend it so basically their debit cards that I profit from

I'm sure I missed some categories but one could easily benefit from say anything over 3 or 33 and manage them w/o going to the poor house ....Lol

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Agree.  Add, for bonus min spend, I pay ahead several bills, so it's just like paying what I would already need (the debit card example).  I also take advantage of 0%. Yet not on large scale.  My 0% way below my annual income, probably at one month's income.  Thus, have more in brokerage and savings vs. 0% debt, and in crunch can easily pay it off.  Count me in as new to credit myself (been one year since I started apping).

[morgacj2004]

JonE said "Personally, enough for me is 3 cards, MAYBE as much as 6. Anyone with more than 10 or 20 has some unresolved issues. ". Also compared many of those on this board with credit hoarders, addictions etc.

i actually understand what you are saying but the way you are saying it is insulting and inflammatory. I have 15-20 acts and PIF each month.  I certainly enjoy collecting cards but I make money in doing so.  I don't pay interest and rarely pay AF.  If this is your philosophy I suggest you rephrase what you are saying or find another forum to post in.  

[Open123]

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it.  On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

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This is undisciplined spending and failure to meet one's obligations, and has nothing whatsoever to do with how many CCs a person may or may not have.

[Gmood1]

@Open123 wrote:

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it, I don't care how 'Friendly, Supportive, and Respectful' people think it is or isn't.  On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

If that's not 'Friendly, Supportive and Respectful' enough for you, too bad!

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This is undisciplined spending and failure to meet one's obligations, and has nothing whatsoever to do with how many CCs a person may or may not have.

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 Exactly, CC's have nothing to do with individuals living well beyond their means. I have uninformed coworkers that say the same. The problem is some of them are broke and don't own one credit card. lol 

I like obtaining bonuses, saving money and I like what the CC' s have done for my credit just in a 5 month period I've been frequenting the forums..

I'm not here to please anyone, but do enjoy helping friends, family and coworkers get their credit back in check. I also enjoy sharing life stories and ideas with people that have similar interest. I'm nearing that 20 card level. Never thought I would. Last I checked, I wasn't living one paycheck to napping under a bridge either. 

[Imperfectfuture]

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@Gmood1 wrote:

@Open123 wrote:

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it.  On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

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This is undisciplined spending and failure to meet one's obligations, and has nothing whatsoever to do with how many CCs a person may or may not have.

---

 Exactly, CC's have nothing to do with individuals living well beyond their means. I have uninformed coworkers that say the same. The problem is some of them are broke and don't own one credit card. lol 

I like obtaining bonuses, saving money and I like what the CC' s have done for my credit just in a 5 month period I've been frequenting the forums..

I'm not here to please anyone, but do enjoy helping friends, family and coworkers get their credit back in check. I also enjoy sharing life stories and ideas with people that have similar interest. I'm nearing that 20 card level. Never thought I would. Last I checked, I wasn't living one paycheck to napping under a bridge either. 

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Yes, if you can't afford the essentials (food, lights, heat, shelter), then maybe start with cash back debit card like paypal business (used to be premier).   Never use overdraft protection, never borrow to pay rent (rent is more important than payments on CC's).  Otherwise, it's kinda nice to be paid to shop.  

[Anonymous]

Over 10 open cards is more than enough for starting out, AND people with 40 years of credit history. Whatever you do, dont have 6+ of your 10  accounts with one bank. They could wipe you out and you have nothing to back yourself up. Also one with 10 different banks--chances are you are not maximizing reward structures this way either, or building history faster with multiple cousin accounts.

The idea of paying several monthly bills on the credit cards is a newer way of going about things for me. I used to do it only when i was going to be short. Now, i look forward to doing so, and almost changed car insurance so i could add another one in the mix (company was more). This is a quick and painless way of scooping up free rewards and spending requirements, and its NOT living outside of my means. Always having at least 75% of the bill ready to pay anyway in cash/checking acct when you charge it, is how you dont becaome the statistic. 

[longtimelurker]

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it. On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

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The issue is where does hoarding begin?  Presumably when you have many more than satisfy any (non-emotional) purpose and that is different for different people.

But had you said at first: something like "[Some] posters here encourage reckless applications, especially for new users (or rebuilders)"  I would agree, but that is a different point.    

[Anonymous]

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@longtimelurker wrote:

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@Anonymous wrote:

I just place credit hoarders in the same category as people who hoard other items, it's a sickness, an addiction and a disease, and I don't encourage it.  On a personal level I can see better things to do with my money than having 20 cards, like sticking the money that would go toward credit card balances and putting it toward an emergency fund or a brokerage account so you might have the means to pay those cards when things hit the fan.  I have seen people in my own family get in serious trouble with credit hoarding, and they wound up in bankruptcy court or consumer credit counseling.  I'm not going to be that guy, and I'm not going to be the one to encourage someone who is brand new to credit, as most new posters on these boards are, to go ahead and apply for 20 accounts they can't afford, to buy things they don't need, to impress people they don't even know. 

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The issue is where does hoarding begin?  Presumably when you have many more than satisfy any (non-emotional) purpose and that is different for different people.

But had you said at first: something like "[Some] posters here encourage reckless applications, especially for new users (or rebuilders)"  I would agree, but that is a different point.    

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I think it begins when the act of collecting begins to interfere with other aspects of one's life. For instance, the Internet is awesome until you end up ignoring your family, friends and job to be on it. That specific point is different depending on the person--some people can't handle even one credit card while others can handle 30-40 or even more with no issues.