Excessive credit cards

[Rogue46]

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@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

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

[SouthJamaica]

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@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. 

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

[TheRedHat]

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.

[M_Smart007]

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@SouthJamaica wrote:

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@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. 

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

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@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

[M_Smart007]

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@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. 

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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.

[markbeiser]

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!

[Ladyk06]

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? 😁

[Gollum]

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@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. 

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

[MarkintheHV]

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

[Hoben02]

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