topic Re: I'm sure this has been asked a million times... in Credit Cards

I'm sure this has been asked a million times...

Anonymous — Fri, 27 Mar 2015 06:02:59 GMT

But...

Do I have too many credit cards?

I'll go ahead and list what I have, as of today:

Capital One Venture: 10,000

Amex BC: 8900

Amex ED: 3000

Chase SP: 6700

Citi DC: 5700 (Just got the approval for this one TODAY)

Discover: 1500

BOA BB: 2500

Amazon SC: 1100

BBY SC: 6000

VS ANGEL: 500 (meh limit...)

So, this is 10 cards thus far... I got the VS (Soft pull, just got preapproved or some such nonsense), Venture, Chase SP, and the Citi cards recently. Had the Chase Freedom, but recently closed it and reallocated the lmit to the Sapphire Prefferred, because I like the card more, and the Discover IT has the rotating categories thing going on.

My question is... Am I getting a little too ambitious. My scores have shot up, like WAY up recently... And, the approvals for such good cards are giving me a rush. Does anybody else have this problem? I'm like... in a position to go ahead and apply for more. But, I feel as though I should just cool it. And, honestly, I wouldn't even know what to shoot for next...

Any advice or oppinions?

For a better understanding, I make about 35,000 or so a year. I now have more available credit than my total annual income...

Re: I'm sure this has been asked a million times...

Anonymous — Fri, 27 Mar 2015 06:08:28 GMT

The answer to your ambitious question is -Yes. Kindly go sit in the corner in the garden and be nice to my plants while you are at it. The rush and adrenaline can make you feel like you can get any card when you are getting approvals. But are actually doing more harm as we get cards we don't need.

If I were in your shoes, I'd let these accounts age... Why would you want to get a new card anyway? Is it a need OR a want?

Re: I'm sure this has been asked a million times...

iwazl71 — Fri, 27 Mar 2015 06:06:48 GMT

Not even close...but it depends on how you feel about it. Some feel more than 1 card is enough while others feel like there is no number high enough.

@Anonymous wrote:
But...

Do I have too many credit cards?

I'll go ahead and list what I have, as of today:

Capital One Venture: 10,000
Amex BC: 8900
Amex ED: 3000
Chase SP: 6700
Citi DC: 5700 (Just got the approval for this one TODAY)
Discover: 1500
BOA BB: 2500
Amazon SC: 1100
BBY SC: 6000
VS ANGEL: 500 (meh limit...)

So, this is 10 cards thus far... I got the VS (Soft pull, just got preapproved or some such nonsense), Venture, Chase SP, and the Citi cards recently. Had the Chase Freedom, but recently closed it and reallocated the lmit to the Sapphire Prefferred, because I like the card more, and the Discover IT has the rotating categories thing going on.

My question is... Am I getting a little too ambitious. My scores have shot up, like WAY up recently... And, the approvals for such good cards are giving me a rush. Does anybody else have this problem? I'm like... in a position to go ahead and apply for more. But, I feel as though I should just cool it. And, honestly, I wouldn't even know what to shoot for next...
Any advice or oppinions?

For a better understanding, I make about 35,000 or so a year. I now have more available credit than my total annual income...

Re: I'm sure this has been asked a million times...

Anonymous — Fri, 27 Mar 2015 06:16:18 GMT

Congrats on those awesome cards! I don't think it's too many. I kind of did the same thing. Got 10 to be exact! Now in the garden for 18 months. Looks like I'll be handing you a pair of wellies and a watering can!

Re: I'm sure this has been asked a million times...

lg8302ch — Fri, 27 Mar 2015 06:17:06 GMT

tja....that is like many other things in life a bit a different view for everyone. I always say that as soon as you have problems managing the cards and start getting lates you definitely have too many cards. But remember to add them slowly and before applying comes the question: Do I need the card or why would I like the card and does this card offer me something that I do not already have..or something along these lines. I had many times doubts about the Amazon store card with 5% but Sallie Mae does so well there that I told myself that I do not need it and still have no store card...lol

Re: I'm sure this has been asked a million times...

Anonymous — Fri, 27 Mar 2015 06:17:54 GMT

And the rush makes you want to keep going! But we know we need to stop and do the right thing.

Re: I'm sure this has been asked a million times...

TURNERHOOVER — Fri, 27 Mar 2015 06:36:07 GMT

From what I've seen on myfico, you don't have enough.

Re: I'm sure this has been asked a million times...

onstar — Fri, 27 Mar 2015 06:39:16 GMT

I know that *I* have too many cards. I need a spreadsheet just to keep track of what's going on with them.

I will be closing out a couple of cards, probably in 2016.

Amex Delta (after 3X CLI then CL transfer to SPG).

Chase Amazon (if they don't match the 5% like the Store Card).

Citi My Best Buy (it's SD as is).

Re: I'm sure this has been asked a million times...

Anonymous — Fri, 27 Mar 2015 06:44:14 GMT

Haha! I keep mine in my notes on my pc! I have the same amount & will be closing 4 here shortly. But will get more when I'm out of the garden. It is the rush for sure! Could be worse. Could be a gambler. We're just working on our credit. As long as we stay responsible, it's a positive thing!

Re: I'm sure this has been asked a million times...

EdMan63 — Fri, 27 Mar 2015 12:13:13 GMT

I think about this quite a bit. Not that i have a lot of cards but since joining this forum I see the same behavior here that is on many internet forums. Most people who join forums are not typical of the average consumer. They tend to be more "enthusiast" or collectors. When most people embark on a new hobby or interest, they tend to go overboard and want to get everything they can. As they age or mature in the interest, they become more refined in goals.

I would gamble that most people here are either new to credit or recovering from a credit catastrophe Either scenario breeds what the OP is referring to. The rush from being able to get new cards. I would gamble that most will become more refined as time goes on. If you can manage a lot of cards, fine. For me, its more about quality and havng a few good cards with great limits than a bunch of cards I have no need for. To each his own. Just be responsible.

Re: I'm sure this has been asked a million times...

lg8302ch — Fri, 27 Mar 2015 12:19:50 GMT

@EdMan63 wrote:
I think about this quite a bit. Not that i have a lot of cards but since joining this forum I see the same behavior here that is on many internet forums. Most people who join forums are not typical of the average consumer. They tend to be more "enthusiast" or collectors. When most people embark on a new hobby or interest, they tend to go overboard and want to get everything they can. As they age or mature in the interest, they become more refined in goals.

I would gamble that most people here are either new to credit or recovering from a credit catastrophe Either scenario breeds what the OP is referring to. The rush from being able to get new cards. I would gamble that most will become more refined as time goes on. If you can manage a lot of cards, fine. For me, its more about quality and havng a few good cards with great limits than a bunch of cards I have no need for. To each his own. Just be responsible.

I very much like that idea Keep your focus.