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I've never been a big credit user but after experiencing a rough patch a few years ago I ve decided to take a proactive approach to managing my credit. I really needed to add some depth to my file so I just added a couple of cards and only plan to add 2 more long term. I only feel I need 4-5 strong cards that match my lifestyle. I will not add cards simply because I can. They need to provide a benefit to my everyday life.
@TheGardner wrote:
Thicker file mainly. So when a new special card you pass up comes along your AAOA is not effected. Of course you need to build a thicker file quickly so they all age together.
^This
For me:
First card (2009 I think) - I should probably start building credit ($500 CU card with a cosigner, since closed).
Second card - 2012 - The bank basically begged me to take it. But it got me in the door with AMEX, Discover, and Barclays. (BB&T, since closed)
Third card - June 2013 - I wanted to get in with AMEX, so I did (AMEX BCE)
Fourth Card - June 2013 - I wanted to get rid of my CU card and the BB&T card, so I apped for the Barclaycard Ring.
Fifth Card - August 2014 - I wanted to get in with Discover
Sixth Card - September 2013 - The Barclaycard Ring's CL was too low for me to use as an everyday card (started at $1000), so I applied for the Citi Dividend (switched to the Double Cash later).
Seventh card - December 2013 - Wanted to get the BoA BBR for the free $120/year, so I did.
Eighth card - January 2014 - Got AMEX Blue Sky for backdating purposes.
Ninth card - February 2014 - Wanted to move my Citi spending over to another bank after bad experiences with Citi customer service, so I got the BoA Cash Rewards card to mostly replace the Citi card.
Tenth card - June 2014 - Barclays Sallie Mae - Amazing rewards, been wanting for a while.
In the future, the only cards I can forsee wanting are the Chase Freedom for rewards, and cards with 2-3 credit unions in case banks melt down again. I am very concerned about my overexposure to big banks, and CUs didn't seem to CLD/close accounts during the credit crisis, so I want to diversify. I want to get a card with DCU (I've had deposit accounts there since early 2014), and UFCU (low APR) and Andrews CU (Chip+Pin + low APR). I don't forsee wanting any more credit cards after those 4. And I may consider closing Citi altogether as well (instead of just mostly SDing it).