For Those of You With 10+ Credit Cards... A Few Questions

[Johnny_Favorite]

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit?

[adavis425]

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@Johnny_Favorite wrote:

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit?

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My apps were carefully considered and planned. Each card was deliberate and gained with a specific purpose in mind. So if I had to do it over again, yes, I would in the same way. I can honestly say I have all the cards I set out to get and have nothing on my card wish list. They have in no way hindered my ability to obtain other credit.

[p-]

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@Johnny_Favorite wrote:

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit? 

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1. Yes, but just the 5 that I have.  I think that's plenty, and will probably drop one if I add one.  I have a good spread of statement dates so it's easy to manage utilization, and a good mix of different card types.  Any more than that and I'd really skew my AAOA. 

2.  Yes.  I added three of them in the same year, and then applied for CSP.  The recon rep told me that I had a lot of new credit, and she really wanted to see how I handled that before extending me any more.  She specifically pointed out that they were all only 6 months old.  Later, after the cards were over a year old, I had someone from the same department give me the CLI to 10k.  Not a word about number of accounts or young accounts.  I think it has a worse effect short term than long term.

I don't know if it's true, but I imagine one could get higher limits with less cards.  I'd rather have that than a lot of cards adding up to a high limit anyway.  Unless you are a serious rewards junkie, I don't think there's real value in having a bunch of cards.  A few cards with the features that fit my spending patterns is all I need for now.

[navigatethis12]

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@Johnny_Favorite wrote:

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit?

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1. Yes

2. Not really. Recently Chase only gave a 1000 increase . Everyone else has said nothing of it and I have gotten nice approvals.

[thom02099]

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@adavis425 wrote:

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@Johnny_Favorite wrote:

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit?

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My apps were carefully considered and planned. Each card was deliberate and gained with a specific purpose in mind. So if I had to do it over again, yes, I would in the same way. I can honestly say I have all the cards I set out to get and have nothing on my card wish list. They have in no way hindered my ability to obtain other credit.

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+1, in total agreement. 

15 cards here, all for a specific purpose. all for a specific goal in mind.  I would also do it all over again and in the same way -- it's what got me to where I want to be.  There are no more (attainable) cards that I will pursue.  Having the cards I have and the limits I have allowed me to get the CLI's and CL's that I wanted.

[E150GT]

This is interesting. I really cant even utilize the cards I have. I cant imagine 10 or more!

[QAMngrGirl]

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@Johnny_Favorite wrote:

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards? I don't think I would have gotten my Macy's card. It's a toy limit but hopefully their promos & discounts (seasonal) will make it a little more useful. Does add to my AAoA & Util though   My (3) rebuilder/starter cards that I still have have progressed nicely (for the most part), and were needed to get me on the good road I travel now. I don't regret the Orchard I applied for, and just recently closed either, it did help me start building a good profile.

2. Have your cards ever caused any problems for you with getting other credit?  I know now that I should have hit up some of my CC's for CLI's prior to getting my Barclay's NFL Card. No biggie though, I need to learn to be patient!

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[scenery_guy]

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@Johnny_Favorite wrote:

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit?

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1. Yep, just as many but I would have done it sooner in life. Should have had an AMEX 15-20 years ago. Should have been earning rewards that long too. 

2. Actually it seems I am getting higher limits with each successive card. Never issues with other types of credit, might even help a bit as long as utilization stays low. 

[creditnocash]

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@Johnny_Favorite wrote:

First off, I have many cards in such a short time, I am worried about the possible negative effects long-term (if there are any).

1. If you could do it over again, would you still apply for so many cards?

2. Have your cards ever caused any problems for you with getting other credit?

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i probably wouldnt apply for as many cards (at 10 right now) 

i had 2 for 2 years then a third last january and 6 from this past summer and 1 from december(no pull) 

i havent had problems getting other cards except for the fact chase doesn't consider store cards. 

i have 5 store cards and 5 major cards. (including a chase card now) 

i would probably apply for less store cards but thats all i could get at the time. (and most limits have grown nicely)

[jefftca925]

I'm currently possessing 29 cards and most of them I've gotten in the last 2 years or so.  Haven't had an issue with getting any one of them EXCEPT when I applied for a Barclay's NFL Extra Points card last September.  I had just received a CLI on my US Air card the month before and the analyst didn't want to extend me any more credit.  I wasn't interested in getting more credit I just wanted to be able to take advantage of the $400 they were giving for a $1k spend.  So I split my US Air limit in two and BANG... an NFL card!  All of my other issuers have been very generous with CLs and considering all of the free points and miles I've gotten I would definitely do it again...

...and just so everyone knows... no AAs, no CLDs, and I PIF every single month and rarely report a balance.  I use CCs to my benefit.  I seriously believe that DEBT is the DEVIL and if you let him into your house you will be in a world of trouble.... can I get an "amen"!