topic Re: What is too much? in Credit Cards

What is too much?

Booboo71 — Wed, 29 Jul 2015 01:25:39 GMT

I just finished counting my cards that I store in a rubbermaid container and realized I have..

30 Credit cards (Visa, Mastercard and Discover)

39 Store cards.

I didnt even count the cards I'm authorized on from my husband. Thats a lot!

Re: What is too much?

pizza1 — Wed, 29 Jul 2015 01:28:25 GMT

The world is never enough.....LOL

Re: What is too much?

Booboo71 — Wed, 29 Jul 2015 01:29:56 GMT

PIZZA!!!!!!!!!!!!!! I forgot Barneys in that mix! so add one to my store cards! lol

Re: What is too much?

pizza1 — Wed, 29 Jul 2015 01:31:13 GMT

RON1 AND CA WILL TELL YOU ...sorry, didn't realize my caps was on....anyway..they will you NO, its never enough!! LOL

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 01:37:57 GMT

Two good definitions of "too much" in this space

1) You are finding it too hard to keep track. In bad cases, this can be leading to late payments, or cards you want being closed for non-usage

2) You are unable to get cards you really want, getting declined with "too much available credit" either overall or from a particular issuer.

What counts as too much for definition 1 varies greatly! 5 is a stretch for some, others are fine with 100+. Definiton 2 depends more on credit history and how spread out your cards are between issuers.

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 01:39:47 GMT

And adding: "enouigh" is when you don't see a need to add another card, because all your reward categories are covered, you have sufficient CL for your needs etc

Re: What is too much?

Booboo71 — Wed, 29 Jul 2015 01:41:55 GMT

@Anonymous wrote:
Two good definitions of "too much" in this space

1) You are finding it too hard to keep track. In bad cases, this can be leading to late payments, or cards you want being closed for non-usage
2) You are unable to get cards you really want, getting declined with "too much available credit" either overall or from a particular issuer.

What counts as too much for definition 1 varies greatly! 5 is a stretch for some, others are fine with 100+. Definiton 2 depends more on credit history and how spread out your cards are between issuers.

I have been keeping it to a few cards.

The only other card I want is Amex but have to wait!

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 01:51:12 GMT

'Too much' is when you need a tupperware container for your cards, hahaha!

In all seriousness, some people can handle owning and/or carrying many, many cards. Some people, like myself, like having cards you can count with a single hand. I think the main variable here is simply comfort: If you're comfortable with your number of cards, you're good. If you're not comfortable with your number of cards, one way or another, then it's too much/too little.

Re: What is too much?

kdm31091 — Wed, 29 Jul 2015 01:52:52 GMT

To me, "too much" is when managing them becomes more of a chore than you can handle, and also the "too much available credit" is a very real thing for anyone on a modest income. Any lender can decide you have too much overall credit for your income and refuse to grant you a new card etc.

Re: What is too much?

ddemari — Wed, 29 Jul 2015 03:09:41 GMT

I agree my count has increased a few but im sitting at 38 cards. I can manage them all completely fine. But i have a plan to pay off balances by december on cards and want to close 3-5 cards store cards and combine 2 cap 1 cards.

When u start to pay late and OVER Extend is when u have too many imho

Re: What is too much?

morgacj2004 — Wed, 29 Jul 2015 05:23:34 GMT

So here is my two cents on this subject. If you enjoy collecting cards as some do on this forum I say go for it. It can be a fun game. That is as long as you are not using most of those cards, u r not paying AF and you have no major purchases coming up in the future ie: mortgage. The people who get in trouble are those who over extend, can't keep track of what they owe and then get hopelessly in debt. So have fun but be careful.

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 05:41:00 GMT

When the title question is asked. 😏 Whoever referred to Ron and Addict, please. Not everyone is mentally nor financially set up to handle 20, 40, 100 accounts. Leave the collecting to the professionals with established credit! To the original poster, is there currently a rhyme or reason for the continued applications?

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 05:50:56 GMT

It's called an infallible AAoA. What are you a noob here or something?

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 05:56:33 GMT

There is nothing infallible about having too much on your plate. What good is 30 accounts only 8 at best used actively? Who is that actually helping. Any underwriter worth a half sack of potatoes will see through the AAoA veil that some try to pull over them.

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 06:01:32 GMT

Creditors want to see that you have credit and that you dont need it. AAoA is a nice chunk of your score.

http://www.myfico.com/images/myfico-infographic.jpg

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 06:03:06 GMT

That is only half the story. The original poster's problem is clearly not available credit solely but thw number of accounts it is spread over.

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 06:13:11 GMT

OP never said it was a problem. They want to apply for more lol. I think the title was more of a rhetorical question if you didnt understand that.

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 06:16:51 GMT

Rhetoric or not it was still pressing enough to post a topic about it. If the original poster didn't want honest opinions then they would not have posted it.

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 06:19:05 GMT

Whoosh

Re: What is too much?

Anonymous — Wed, 29 Jul 2015 06:22:48 GMT

@pizza1 wrote:
The world is never enough.....LOL