topic Re: Excessive credit cards in Credit Cards

Excessive credit cards

Ladyk06 — Wed, 14 Jun 2023 17:05:01 GMT

Hey there, no judgment just curious. What is the point in having 15, 20 and 30 CC's? I see people in here with a lot of cards and I'm just wondering why? Is it to be more credit worthy or just because you can? I'm not judging I'm just trying to optimize my credit worthiness. I have 7 cards totaling up to 100K. My scores are close to 800.

Re: Excessive credit cards

captainsensation — Wed, 14 Jun 2023 17:25:24 GMT

Mostly utilization for me. My credit is not where yours is yet. Once it is i will cull the cards that dont serve me anymore. Ideally id like to have 70K + between 4/5 cards but until then ill keep the 15 i have sadly.

Re: Excessive credit cards

Priory_Man — Wed, 14 Jun 2023 17:32:30 GMT

For me, it just kind of happened over the years. I suppose at some point I thought each card served a purpose, not sure what though anymore.

Re: Excessive credit cards

Ladyk06 — Wed, 14 Jun 2023 18:22:10 GMT

@Priory_Man First of all thank you for your service. I was just wondering because, I think I have enough credit but, I was just trying to get a solid grip on the 800 club. Currently I'm 3 points away on 2 Fico reports and 7 on the other. My utilization is 1%. I noticed that the people with the high credit scores have a lot of cc's and high combined CL's.

Re: Excessive credit cards

Rogue46 — Wed, 14 Jun 2023 19:04:49 GMT

I will be the first to admit I have more cards then I need, I honestly only really use the Amex and Chase cards i have to build up points for travel. The others serve a specific purpose but I could probably do without some of them.

I'm 52 now and have pretty much always had bad credit until I started taking it seriously and ended up here reading everything I could on building my credit score, Now its more of a hobby and it's enjoyable adding new cards and getting CLI. I'm guessing the feeling of getting a high limit card or high CLI is akin to how a gambler feels when they win big but without the downside

Re: Excessive credit cards

Kforce — Wed, 14 Jun 2023 21:13:16 GMT

@Ladyk06 wrote:
Hey there, no judgment just curious. What is the point in having 15, 20 and 30 CC's? I see people in here with a lot of cards and I'm just wondering why? Is it to be more credit worthy or just because you can? I'm not judging I'm just trying to optimize my credit worthiness. I have 7 cards totaling up to 100K. My scores are close to 800.

My best scores, 850's were with 3 cards & a mortgage.

A large number of cards, or combined CL's have very little to do with scores.

This forum is full of people with credit cards as a hobby.

Very few can really benefit from having 10+ cards. (Yes there are some)

Those with extremely large spend and or lots of travel where premium travel & hotel cards can be used

For those with only cash back cards, it becomes a different story.

For most diminished returns are had after 4-7 cards.

I am getting more than 80% of all possible rewards for my spend with 2 cards.

Yes I have an exceptional general spend card and high spend on a 6% with large cap

Lets assume one has a nice 2.5% general spend card (available as we speak) and 19: 5% rewards cards.

Half of ones monthly spend able to be put on 5% cards.

More than 80% of possible rewards should be feasible with 5-7 card's.

The numbers : (Edit , Fixed)

cards : rewards % : % of total rewards

1 : 2.5% : 67%

4 : 3.0% : 80%

10 : 3.5% : 93%

20 : 3.75% : 100%

Re: Excessive credit cards

Priory_Man — Wed, 14 Jun 2023 20:18:44 GMT

@Ladyk06 wrote:
@Priory_Man First of all thank you for your service. I was just wondering because, I think I have enough credit but, I was just trying to get a solid grip on the 800 club. Currently I'm 3 points away on 2 Fico reports and 7 on the other. My utilization is 1%. I noticed that the people with the high credit scores have a lot of cc's and high combined CL's.

Getting into the 800 club, did not happen overnight for me, it has took some work and many years. Adding cards like I have done has in fact slowed my progress down, due to the hits for applying, the lowering of my Age of oldest card etc. etc.

Having a high amount of available credit does not seem to have played a very large role in me reaching the scores I have. It has mostly come from making sure my debt is low and paid off on time and having the right mix of different types of loans that seem to satisfy the scoring gods.

I pay in full on each card used every month, I do not follow the AZEO method that some guys do to boost their scores, I am too lazy to do so, a few cards report balances each month, some times low sometimes high, but the scores seem to stay about the same.

If I was to do it all over again, I probably would have stopped at about 5 cards.

Re: Excessive credit cards

Kforce — Wed, 14 Jun 2023 20:32:07 GMT

@Priory_Man wrote:
@Ladyk06 wrote:
@Priory_Man First of all thank you for your service. I was just wondering because, I think I have enough credit but, I was just trying to get a solid grip on the 800 club. Currently I'm 3 points away on 2 Fico reports and 7 on the other. My utilization is 1%. I noticed that the people with the high credit scores have a lot of cc's and high combined CL's.
If I was to do it all over again, I probably would have stopped at about 5 cards.

I have been reducing my cards a few each year

Down to 6.

2 used all the time, 2 for age, 2 as backup's for my 2 best cards.

(Expecting the exceptional ones to be nerfed at any time)

Re: Excessive credit cards

redpat — Wed, 14 Jun 2023 20:37:13 GMT

Been there, done that, high of I think 14 personal cards down to 5.

It only takes 2 - 3 cards to work rewards and perks.

Waiting for that Super Duper Chase Sapphire card 10x meals and 5x everything.....

Re: Excessive credit cards

Guyatthebeach — Wed, 14 Jun 2023 20:38:14 GMT

Ladyk06,

You bring up an extremely valid point. I have 52 cards and I have them either for rewards or other benefit. Between my credit cards nd lines of credit, my utilization now never goes over 4%. I have only closed a couple of cards over the years. Currently my Fico scores range from 807 to 815. When I hit my goal of 850, I plan on closing a couple every year.

In my personal opinion, everyone has a different profile, but I do believe it's possibly to hit the 800 club for everyone.

Guyatthebeach

Re: Excessive credit cards

Rogue46 — Wed, 14 Jun 2023 20:45:38 GMT

@Guyatthebeach wrote:
Ladyk06,

You bring up an extremely valid point. I have 52 cards and I have them either for rewards or other benefit. Between my credit cards nd lines of credit, my utilization now never goes over 4%. I have only closed a couple of cards over the years. Currently my Fico scores range from 807 to 815. When I hit my goal of 850, I plan on closing a couple every year.

In my personal opinion, everyone has a different profile, but I do believe it's possibly to hit the 800 club for everyone.

Guyatthebeach

Holy moly! I have 16 cards and sometimes feel overwhelmed keeping track of them. 52? I'd have a stroke!

Re: Excessive credit cards

SouthJamaica — Wed, 14 Jun 2023 21:26:34 GMT

@Ladyk06 wrote:
Hey there, no judgment just curious. What is the point in having 15, 20 and 30 CC's? I see people in here with a lot of cards and I'm just wondering why? Is it to be more credit worthy or just because you can? I'm not judging I'm just trying to optimize my credit worthiness. I have 7 cards totaling up to 100K. My scores are close to 800.

There's no connection between number of cards and creditworthiness.

Re: Excessive credit cards

TheRedHat — Wed, 14 Jun 2023 21:33:58 GMT

I don't really see the point unless you are doing so as a hobby or chasing sign-up bonuses. I'm actually closing more of mine within the next couple years.

Re: Excessive credit cards

M_Smart007 — Wed, 14 Jun 2023 22:50:39 GMT

@SouthJamaica wrote:
@Ladyk06 wrote:
Hey there, no judgment just curious. What is the point in having 15, 20 and 30 CC's? I see people in here with a lot of cards and I'm just wondering why? Is it to be more credit worthy or just because you can? I'm not judging I'm just trying to optimize my credit worthiness. I have 7 cards totaling up to 100K. My scores are close to 800.
There's no connection between number of cards and creditworthiness.

@SouthJamaica, A couple credit unions and WF might argue that point.

I think you get what I mean. This would only apply for people with too much available credit.

Again, this would not apply to the majority of myFICO'ers.

I do have to yank your chain once and a while

Re: Excessive credit cards

M_Smart007 — Wed, 14 Jun 2023 23:27:44 GMT

@Ladyk06 wrote:
Hey there, no judgment just curious. What is the point in having 15, 20 and 30 CC's? I see people in here with a lot of cards and I'm just wondering why? Is it to be more credit worthy or just because you can? I'm not judging I'm just trying to optimize my credit worthiness. I have 7 cards totaling up to 100K. My scores are close to 800.

Re: Excessive credit cards

...I don't have"15, 20 and 30 CC's?" ...

I have 90 open credit cards (if my current count is correct) This does not include open Business cards.

BTW: that is a small # compared to one poster here, I believe He was up to 150'(ish) cards at one time.

I have a couple scores in the 800 range,

EQ F9 is 800

(Click image to enlarge)

and TU F8 is "831"

So why do I have that many?, . ...well long story.

Could be to see what is possible?

Could be offers, more open cards = more offer's? (more tool's in the toolbox)

Utilization padding?, say you want to carry a $50K balance @ 0% APR,

you can do so without killing your score(s) or having lender's take Adverse Action /Balance Chase.

Having a thick file, keeps you from having major swings in scores/AAoA (also do not have to micro manage AZEO)

For Instance, I can apply for a couple of CC's and it does not affect my scores/AAoA

I would add that I am at max inquiry / AoYRA penalty four+ years running. (since about ‎04-12-2019)

Could it be a personal goal to hit 2mil in unsecured credit?

Could it be, I need to find better things to do? ....Probably

As was posted upthread, everyone has different needs/goals.

So as you put it ..no judgement on someone who has 3 cards or 50 cards.

Some have a lot of store cards, again ..No Judgement.

Some are in "Rebuilding" stage ..again No Judgement!

Some do it as a hobby. ....again No Judgement!

People have a right to their own choice(s) in life.

We all "optimize" our credit in our own way.

Just wanted to add my 2 cents, and that is probably all it's worth.

Re: Excessive credit cards

markbeiser — Thu, 15 Jun 2023 04:01:00 GMT

I just want to be able to fund a heck of a "Bucket List" spree in the event that I'm diagnosed with a terminal illness that will kill me in a few weeks/months!

Re: Excessive credit cards

Ladyk06 — Thu, 15 Jun 2023 04:08:21 GMT

Thank you all for your great and somewhat hilarious responses. 😆 looks like I'm on the right track. What would I do without my Fico FAM? 😁

Re: Excessive credit cards

Gollum — Thu, 15 Jun 2023 09:29:21 GMT

@Ladyk06 wrote:
@Priory_Man First of all thank you for your service. I was just wondering because, I think I have enough credit but, I was just trying to get a solid grip on the 800 club. Currently I'm 3 points away on 2 Fico reports and 7 on the other. My utilization is 1%. I noticed that the people with the high credit scores have a lot of cc's and high combined CL's.

I have high FICO scores. I "only" have five credit cards, and my ~~combined~~ total credit card limit is $52,000.

Re: Excessive credit cards

MarkintheHV — Thu, 15 Jun 2023 09:30:06 GMT

A couple of years ago, I was up to 16 or 17 cards. I decided to thin the herd down and go to a less is more philosophy. I have five now, and my vanilla amex platinum will be closed in October since I got a Schwab platinum. I prefer higher credit lines on fewer cards. My total credit line is 184k, so that is adequate for me

Re: Excessive credit cards

Hoben02 — Thu, 15 Jun 2023 09:46:35 GMT

I've never seen any affect on having a large number of credit cards except when I applied to cap one for the venture x and was denied for too many open accounts. In my case I have a lot of specialized travel cards