Curious...Why some of you have so many cards?

[Anonymous]

Ever since I joined specifically to learn about the process of my bankruptcy and the rebuilding which I am and always will be grateful from you awesome guys and gals!

I'm just curious as to why some of you have so many cards (even while rebuild) let's say 10, 20 cards? I'm sure some of you have some reason(s) for it, be it for higher credit UTI, etc... If I have that many cards, I would be NERVOUS as hell trying to remember which are due, which cards have balances, or to rack up debts, etc... I know the good way to maximize credit scorings is to have 3 cards.

Have a great Monday! Cheers!

[Anonymous]

I dont have 10-20 but what I do have was due to trying to increase total available credit, keep utilization low. I have-Discover It, Barclays Rewards, 2 Cap One Quicksilvers, a Buy Power card issued by Cap One (wish I had never app'd), WalMart, Amazon and JCP store cards.

As far as staying on top of payments etc, set each card to auto-pay (if they happen to have a balance that is) and if you want to pay more etc just make multiple payments each month. It also helps to set up a spreadsheet which can track balances, utilization per card, total utilization over all of the cards. Lots of spreadsheets out there that are available to download. I've also got marked on my spreadsheet beside each account, the due date and statement cut date.

[Anonymous]

I think part of it for me is that I didn't think I could ever get some of the cards that I have. Some are for places I definitely use. I don't use all of the cards every month and after the holidays some of them will definitely be sock drawered for a little while. Part of it is utilization. Part of it is knowing that if an emergency does happen, I have the ability to take care of that. It is comforting knowing that I don't have to lose sleep over being able to take care of my family and obligations.

As far as keeping track of them, I have a simple spreadsheet that has each of the cards listed, the day the statement is supposed to cut and the payment date. I make sure each are paid prior to that date. I also save each statement as a PDF to make sure I can look at them if needed.

[elim]

To build a thick, robust credit file

[gibeon]

For me it is about two things:

1) Starter cards: As my scores/history improved I have been able to get better cards with better Rewards and better terms and higher limits. I have kept the other cards open, because of...

2) On Time Payments: The more cars I have reporting, the more on-time payments I'll have on my reports versus late payments. And since a lot of those lates were for student loans, there are a LOT of them. (I hate that each sidester was basically two loans...)

Also, as for keeping track of what to pay, I've made it easy on myself. I have a set of cards that I use very sparingly for a coffee here or there, or gas (only buy gas twice a month). Those I put on auto-pay or just pay them the next day.

Also, instead of worrying about due dates, I just pay everything when I get paid. I get paid every two weeks, so I won't ever be late on anything.

I also have a spreadsheet that I use to keep track of balances and utilization. So that I always know generally where I stand and who I owe money to.

[Anonymous]

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@Anonymous wrote:

Ever since I joined specifically to learn about the process of my bankruptcy and the rebuilding which I am and always will be grateful from you awesome guys and gals!

I'm just curious as to why some of you have so many cards (even while rebuild) let's say 10, 20 cards? I'm sure some of you have some reason(s) for it, be it for higher credit UTI, etc... If I have that many cards, I would be NERVOUS as hell trying to remember which are due, which cards have balances, or to rack up debts, etc... I know the good way to maximize credit scorings is to have 3 cards.

Have a great Monday! Cheers!

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This is a GREAT question, cant wait to see the response you get from everyone

[Anonymous]

In my case, it was to lower my utilization and rebuild my credit history after a divorce.  I had accounts that were more than 15 years old, and lost them all but 1 that was only 5.5 years old.  In January, I refinanced my house to get the mortgage in my name only, and that was the last credit I'd applied for.

A veterinary emergency cropped up in October that was costing my mom and me an arm and a leg, so I needed to apply for Care Credit to pay for surgery a few weeks ago.  I figured, while I'm at it, I'll take advantage of my stellar credit score and applied for a whole lot more cards.

Yes, my score will take a big hit in the short term, but I don't need any more credit now and in several years the average age of my open accounts will be less impacted if I open a new line of credit.  Having only one older account really makes it hard. So, I did it to lower my overall util and to build a strong base of accounts to age.  I was planning for a high credit score in the long term.

[Anonymous]

I have so many to help my on time payment history. I went from a 48% to over a 90% in just 6 months. 2 card 1 late is 50% 20 cards 1 late is 95%.
35% of your FICO is based off payment history.
My score jumped tremendously almost 200 points in those 6 months. By all means I'm not saying run out and apply for 20+ cards. It just works for me. And will help me in the long run to have a nice solid payment history, solid AAoA, and a nice profile in a few years.
I have currently (8) 30 day lates for 2012-2013.

[olehammer]

I too am looking to build a solid base so future new credit doesn't impact my AAoA significantly. My family and I will like to take advantage of travel hacking in the future once my scores recover into the mid 700's. Have a solid AAoA base will minimize the impact of a new card every 6 months or so.

[Anonymous]

6-7 cards is plenty if you're making your payments on time.  4-5 rewards cards, and 1-2 useful store cards (one of which will be sockdrawered until it's needed).  Since I'm still technically rebuilding, I'll keep all of them, then once I hit my goals I'll see about thinning the herd.