New MyFico Trend?? "Less is More?"

[grillandwinemaster]

It seems that in the past, going back a year or two, there was a definite trend on MyFico where more was better, in regards

to open credit card accounts.  

Is it just me, or has anyone else noticed a reversal of trends in which "less is more" is gaining momentum?  It appears

to me that more and more members are by choice, reducing there portfolio holdings.  

I recall some members being very active, that definitely were of the more is better mindset.  I 

a few members held credit card accounts that numbered close to the 100's??  It appears that you don't hear as much from some of

those members.  I wonder if they have just lost interest, or if there hobby "got them in trouble" in some form or fashion?  

Has anyone else noticed this "less is more" movement/trend?  What are your thoughts on the

"MORE IS BETTER,"  or "LESS IS BETTER" philosophies?  I'm not discounting either philosophy, just wanting input from both sides.

[Anonymous]

I've noticed that as well, OP. I've always been a 'less is more' person as I only have 5 credit cards.

I read an article the other day that showed CC apps are at an all time high this year.

[Revelate]

If anything I think this forum is a leading indicator for the consumer base at large.

I always found the more is better a bit dubious as a universal truth other than the AAOA buffering which certainly does exist for some folks' credit behaviors, and I find the less is better dubious for similar rationales... though I still personally lean towards the more is better route but if they get taken away from me I'm not going to cry and I'm trimming some fat anyway though it's more in CL's rather than tradelines.

Really I don't think there's any perfect number for everyone, I will state unequivocably that people should get at least 4 revolving lines and 1 installment line for modern FICO maximization, but not everyone cares about that.

Really though, the best analogy comes from cooking which I don't do very well: season to taste.  That pretty much sums up how I think people should approach the number of credit cards debate, do what's right for you and ignore what others are doing.

[grillandwinemaster]

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@Anonymous wrote:
I've noticed that as well, OP. I've always been a 'less is more' person as I only have 5 credit cards.

I read an article the other day that showed CC apps are at an all time high this year.

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I am also of the less is more camp.  However, I wasn't always.  I originally was trying to get every card

i could get my hands on.  After killing my AAofA, I realized my mistake.  By the end of 2017, i'm hoping to get down to 

3 or 4 cards.  

[rlx01]

I get the cards that maximize my rewards for my spend, no matter how many cards that ends up being.

I don't open accounts for fun. I have 9 cards and each one serves a purpose. If they don't, I PC them to something else (I.e. the CSP is a pointless card if you have a CSR, so downgrading to a FU makes sense for 1.5 UR on non bonus non-Amex spend).

[Anonymous]

Maybe we are seeing a little bit more of "less is more" stuff but there are still others (e.g. the 45+ thread that is active).

I agree woitj rlx01 and others in that you should have the number of cards that you find useful (and where you are not overwhelmed) rather than getting cards for their own sake.    While I feel there are often diminishing returns as you add cards, that's not always the case with things like hotel cards, where you can keep getting free nights at new chains

I would love to see a "Hey, you don't really need a CLI!" movement, but that seems a way off!

[grillandwinemaster]

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@Anonymous wrote:

 I would love to see a "Hey, you don't really need a CLI!" movement, but that seems a way off!

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That would be pretty hilarious!! 

although, the banks may impose that particular movement if we head down a recessionary spiral like in 08, 09

[Anonymous]

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@grillandwinemaster wrote:

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@Anonymous wrote:

 I would love to see a "Hey, you don't really need a CLI!" movement, but that seems a way off!

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That would be pretty hilarious!! 

although, the banks may impose that particular movement if we head down a recessionary spiral like in 08, 09

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Yep.   CLIs were on my mind afer a recent thread:  people were discussing about whether you can get an Amex CLI every 180 days or every 6 months, and putting reminders on your phone to ask for CLIs after 182 days.    I started writing a post about how horrible your life  would be if you accidently ended up waiting 185 or (shudder) 190 days before a CLI.  Then I remembered my 2016 resolution to be FSR at least 6 times.....

[driftless]

I have been an advocate of the Less is More group but it is more Have a Real Plan advocacy. Too often folks are not in position to take the next step in their rebuild or to apply for a goal card because they do not have a Plan. At least to me, IMHO, and all other disclaimers, it is too apparent that folks apply for more cards than are rationally needed because they have had nothing but denials for so long. App Sprees strike me as any other addictive binge.

[EdMan63]

I've always been in the less is more category. But I agree, one should do whatever works best for that individual. Unfortunately many people find this forum and get caught up in the credit frenzy and open up a bunch of accounts without really knowing what works best for them. As they mature in their credit knowledge and spending habits, their needs become more clear and the inevitable "thinning of the herd" behavior begins or taking a more refined approach. We always talk about credit being a journey not a race. This is so true but most of us aren't very patient and want everything now. I don't think either approach is wrong, but if we took our time building our profiles, it would be all the better with either approach.