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Frequent Contributor
Posts: 279
Registered: ‎06-01-2014

Re: How many credit cards do you have?


Transmogrifying_Bee wrote:

JoshNurse wrote:

What I do is put very small fees on each card.  For example one for netflix, one for hulu, one for my web hosting fees etc..  I can probably use about 4 cards and the rest completly automated in terms of paying them and charging them.

 

Is this even a good idea?  I see you have a much higer score than me Transmogrifying_Bee.


In the LONGER term, I don't think having too many cards will hurt your credit score.  SHORTER term, you're probably going to hurt this score by racking up too many inquiries, depending on how fast you app'd.  Also, your AAoA may take a hit initially.

In MY case, I just don't want that many cards in my cc portfolio, especially store cardsI'd rather funnel my spending through fewer cards than try to keep every cc company "happy" with an occasional purchase.  I may miss out on the higher sale discounts a store card may offer, but that's okay for me.  Now, if you're younger and just starting out with a house, etc., I can see the benefits of, say, a Lowe's card (or such) which may extend you higher CL's and favorable payment terms.  As they say, YMMV . . . !


+1

Valued Contributor
Posts: 2,371
Registered: ‎06-21-2014

Re: How many credit cards do you have?


JoshNurse wrote:

Thanks guys!

 

I just counted my credit cards and I actually have 12...I think credit karma is not showing my newest ones.

 

So I will probably get up to 15 and then I will not get any more cards for several years.

 

Which Chase card gave you the highest CL? Any other good card recommendations?  No Barclays please I already have too many Barclays.


The Chase sapphire or CSP ( same card but is called chase sapphire preferred and has 40.000 points bonus and you can transfer points to miles and X7% annual bonus or something along with an AF of $95). My Chase sapphire was $5k and i apped for it after the freedom which gave me $3,500. The CS is a Visa siggy which is a min $5k


My Cards: Amex BCE $3,000; Amex Everyday $12,000; Amazon Store Card $2,800; Amazon Visa $1,000; Chase Freedom $4,500; Chase Slate $5,000; Chase Sapphire Preferred $5,000; Chase Marriott: $5,000; Citi Thank you preferred $6,000; Citi Simplicity $4,000; Discover it $2,500, BestBuy Store card $2,000; Capital one QS $1,500; Bank Of america MLB rewards card $10,000; Capital one Playstation card $2,500; Barclay's NFL extra point card: $2,000
EX:717, TU:730, EQ: 704
Frequent Contributor
Posts: 415
Registered: ‎06-12-2011

Re: How many credit cards do you have?

I do have close to whatever it is CK recommends, but the majority of it is a bunch of student loans and then those same student loans showing up as additional accounts from when they switched servicers.

BofA Cash Rewards 25,000 (2009) | Citi Forward 10,300 (2011) | Cap1 Quicksilver 19,500 (2013) | Discover It 6250 (2014) | Chase Freedom 6000 (2014) | Barclaycard Sallie Mae 13,000 (2014)

FICO: 776 Discover/Barclays TU, 782 Citi Equifax
Goal: 800+
Frequent Contributor
Posts: 253
Registered: ‎09-25-2013

Re: How many credit cards do you have?

7 Cards

 

Highest FICO is 757.  

 

Juggling cards seems like a good idea (I had 9 or 10 at one point).  But it gets old quick.  I'm looking to cut down to 3 or 4.

Credit Scores: Equifax - 744 (Oct FICO) | Experian 736(Oct Fico) | Transunion - 755(Oct Fico)

Credit Lines: Diners Club 20k | Penfed Plat Rewards 7k | SDFCU 5k | Amex BCE - 10.5k | Chase Freedom 4.5k | CSP - 10.6k | Discover IT - 9k | Sallie Mae 3.8k | BofA 123 - 4.9k | CITI Double Cash 9.1k | Total Rewards 3.25k
Frequent Contributor
Posts: 437
Registered: ‎03-19-2013

Re: How many credit cards do you have?

Thanks Closingracer99. I will apply for the Chase Sapphire Preferred card next!

Established Contributor
Posts: 901
Registered: ‎05-31-2013

Re: How many credit cards do you have?

I have 7 and 3 store cards plus Au on Care credit

Score is TU 758

Current Score:EQ-748 TU-762 EX-754 Cards:Lowes-25,000 AmexEDP-15,000 Discover iT-10,100 AmexBCE-10,000 JCP Mastercard-10,000 Sapphire-6,000 Macys Amex-6,000 Belk-5,500 Barclay World Arrival-5,400 Simplicity-5,100 Home Depot-4,500 Slate-3,500 Freedom-3,000 BestBuy-3,000 Macys-2,500
Valued Contributor
Posts: 2,371
Registered: ‎06-21-2014

Re: How many credit cards do you have?


JoshNurse wrote:

Thanks Closingracer99. I will apply for the Chase Sapphire Preferred card next!


NP :smileyhappy:

 

Going to app that next year probably close the CS then along with the Amazon visa or Store card with it 


My Cards: Amex BCE $3,000; Amex Everyday $12,000; Amazon Store Card $2,800; Amazon Visa $1,000; Chase Freedom $4,500; Chase Slate $5,000; Chase Sapphire Preferred $5,000; Chase Marriott: $5,000; Citi Thank you preferred $6,000; Citi Simplicity $4,000; Discover it $2,500, BestBuy Store card $2,000; Capital one QS $1,500; Bank Of america MLB rewards card $10,000; Capital one Playstation card $2,500; Barclay's NFL extra point card: $2,000
EX:717, TU:730, EQ: 704
Valued Contributor
Posts: 1,067
Registered: ‎03-16-2013

Re: How many credit cards do you have?

[ Edited ]

Closingracer99 wrote:

JoshNurse wrote:

Thanks guys!

 

I just counted my credit cards and I actually have 12...I think credit karma is not showing my newest ones.

 

So I will probably get up to 15 and then I will not get any more cards for several years.

 

Which Chase card gave you the highest CL? Any other good card recommendations?  No Barclays please I already have too many Barclays.


The Chase sapphire or CSP ( same card but is called chase sapphire preferred and has 40.000 points bonus and you can transfer points to miles and X7% annual bonus or something along with an AF of $95). My Chase sapphire was $5k and i apped for it after the freedom which gave me $3,500. The CS is a Visa siggy which is a min $5k


Can a person even apply for a the regular sapphire?  Side bar they are definitely not the same card?  I am not even talking about the card being metal I mean the other benfits.  Even if you can apply for both why would you when the CSP has a 40k sign up bonus and no AF the first year.  You can always degrade to the regular sapphire before the AF kicks in.

 

2x travel, No FTF,  20% off travel,  1:1 transfer to transfer partners, chip and sig.  Just some of benefits of the CSP that the regular doesn't have.

Valued Contributor
Posts: 2,371
Registered: ‎06-21-2014

Re: How many credit cards do you have?


ezdoesit wrote:

Closingracer99 wrote:

JoshNurse wrote:

Thanks guys!

 

I just counted my credit cards and I actually have 12...I think credit karma is not showing my newest ones.

 

So I will probably get up to 15 and then I will not get any more cards for several years.

 

Which Chase card gave you the highest CL? Any other good card recommendations?  No Barclays please I already have too many Barclays.


The Chase sapphire or CSP ( same card but is called chase sapphire preferred and has 40.000 points bonus and you can transfer points to miles and X7% annual bonus or something along with an AF of $95). My Chase sapphire was $5k and i apped for it after the freedom which gave me $3,500. The CS is a Visa siggy which is a min $5k


Can a person even apply for a the regular sapphire?  Side bar they are definitely not the same card?  I am not even talking about the card being metal I mean the other benfits.  Even if you can apply for both why would you when the CSP has a 40k sign up bonus and no AF the first year.  You can always degrade to the regular sapphire before the AF kicks in.


I apped for the Regular version ... No way am i going to be hitting the 3 months spending on that + the 2 other cards i apped for that already has bonuses. IF you read what i wrote after that i said it was the same but you get 40k bonus points, transfer of points and af at 95... might be some more but generally the only differences. 

 

Im planning on apping for the CSP next year which is my goal... 


My Cards: Amex BCE $3,000; Amex Everyday $12,000; Amazon Store Card $2,800; Amazon Visa $1,000; Chase Freedom $4,500; Chase Slate $5,000; Chase Sapphire Preferred $5,000; Chase Marriott: $5,000; Citi Thank you preferred $6,000; Citi Simplicity $4,000; Discover it $2,500, BestBuy Store card $2,000; Capital one QS $1,500; Bank Of america MLB rewards card $10,000; Capital one Playstation card $2,500; Barclay's NFL extra point card: $2,000
EX:717, TU:730, EQ: 704
Frequent Contributor
Posts: 440
Registered: ‎10-30-2013

Re: How many credit cards do you have?

14 cards.
FICO 689

Plans are (next yr) to close two cap 1 cards, combine my Barclay Cards to just the Sallie Mae and open a travel card. So ideally 12 next year.
Start: MyFICO EQ 579 (Oct 2013)
Now: MyFICO EX 717 | EQ 697 | TU 727 | (DEC 2014)

AMEX Everyday $23.5K | Chase Marriott Premier $12K | Sportsman Guide Visa $10K | Discover IT $9K | Loft MC $7900 | J Crew $7150 | Chase Freedom $5.5K | Talbots $5100 | Barclays Sallie Mae $5K | Nordstroms $5K | Amazon $3700 | Banana Republic $3500 | Macys $2500 | Cap One QS1 $1800 | Cap One QS1 $1750 |
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