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I hate to be the contrarian here lol, but I tend to err on the side of "more is more", and "more is better"
Why? Easy answer: you never know when another dot.com bust, 2008 housing crisis, and recession / depression(?) is around the corner. I learned my lesson during the Great Recession of 2008, when lenders started RJ'ing and closing out my very best card accounts with super-low fixed (preferred) or variable APRs, leaving me with everything other than the best cards I had previously had still open. As a result, I have learned that it is important to have built-in card redundancy, and backups. That way, you automatically have protection built-in against lenders taking AA on you, or closing out your accounts. There's a reason why I have been acquiring multiple, single-digit APR cards, and more specifically 3 single-digit, fixed-rate cards, some of which have rewards as well. It was only until very recently this year in 2016 that I was finally able to built a card portfolio and collection anywhere close to the one I had before the Great Recession and before CARD Act.
Moral of the story: backups are good, both for computers and credit cards alike YMMV of course
ETA: edits / adds
It depends on who is currently posting and what their financial condition is. Some people want lots of cards others less cards but either way its fine as long as they themselves are satisfied.
I see it as more like "taking out the trash" than "less is more".
Most of the people who are suddenly simplifying are closing garbage cards that many savvy people knew to avoid in the first place.
I'm a strong believer in creating cultures in all facets of community. I can only hope this new "trend" catches on and we see more & more users take to it. Add value to your portfolio. Churn those must have offers, but don't forget to trim the fat when applicable! I wish a year of growth to everyone here at MF.
@Gmood1 wrote:
@Not to be a smart @Anonymous. The only trend I see is the same members posting the same gripes about what others do. Lol
With some famous words from Rodgers & Hammerstein:
"The farmer and the cowman should be friends,
Oh, the farmer and the cowman should be friends.
One man likes to push a plough, the other likes to chase a
cow,
But that's no reason why they cain't be friends!"
I know alot of people personally don't post their approvals anymore just due to the reason of certain people on this forum going off on a soap box and their way is the only correct way. So alot of people simply don't post anymore about approvals or find no need to "brag" or need to share it with the general forum.. Typically it is the rebuilders the post the approvals, but that isnt always the case. I talk to alot of people through PM on this forum and they are constantly getting new cards for spend bonuses or what not, but just dont bother posting in the approval section most of the time. So I personally don't think anything has changed. Just my 2 cents for what it is worth.
I am one of the first to admit I will open a card for 500-1k+ bonus as it is money I am spending anyways and in no shape not spending money I wouldnt be spending anyways and get a good chunk of change back. With that said I usually close out a card when a new card is open as I like to not overexpose myself so future approvals keep coming without the excuse to much available credit. I must admit it is harder to do now though as I have pretty much most of my dream cards other than the CSR, but there will always be new "dream" card that come out. So it is rinse and repeat for me along with many others
@CreditCuriousity wrote:I know alot of people personally don't post their approvals anymore just due to the reason of certain people on this forum going off on a soap box and their way is the only correct way. So alot of people simply don't post anymore about approvals or find no need to "brag" or need to share it with the general forum.. Typically it is the rebuilders the post the approvals, but that isnt always the case. I talk to alot of people through PM on this forum and they are constantly getting new cards for spend bonuses or what not, but just dont bother posting in the approval section most of the time. So I personally don't think anything has changed. Just my 2 cents for what it is worth.
I am one of the first to admit I will open a card for 500-1k+ bonus as it is money I am spending anyways and in no shape not spending money I wouldnt be spending anyways and get a good chunk of change back. With that said I usually close out a card when a new card is open as I like to not overexpose myself so future approvals keep coming without the excuse to much available credit. I must admit it is harder to do now though as I have pretty much most of my dream cards other than the CSR, but there will always be new "dream" card that come out. So it is rinse and repeat for me along with many others
This is sooo true! I'm guilty of that. I don't post much in the approval section any more.
Even though I've probably closed 8 or 9 cards this year.
None of them junk cards, all major lenders.
@ Bella.. good one. Lol
@galahad15 wrote:I hate to be the contrarian here lol, but I tend to err on the side of "more is more", and "more is better"
Why? Easy answer: you never know when another dot.com bust, 2008 housing crisis, and recession / depression(?) is around the corner. I learned my lesson during the Great Recession of 2008, when lenders started RJ'ing and closing out my very best card accounts with super-low fixed (preferred) or variable APRs, leaving me with everything other than the best cards I had previously had still open. As a result, I have learned that it is important to have built-in card redundancy, and backups. That way, you automatically have protection built-in against lenders taking AA on you, or closing out your accounts. There's a reason why I have been acquiring multiple, single-digit APR cards, and more specifically 3 single-digit, fixed-rate cards, some of which have rewards as well. It was only until very recently this year in 2016 that I was finally able to built a card portfolio and collection anywhere close to the one I had before the Great Recession and before CARD Act.
Moral of the story: backups are good, both for computers and credit cards alike YMMV of course
ETA: edits / adds
I understand the viewpoint, but two confounding factors:
1) In a "hostile" environment caused by a recession, having too many cards (or too big total CL) MIGHT make you more of a priority for AA than otherwise, i.e. in an effort to avoid it, you actually become more of a target.
2) If the recession is big enough, lenders will more or less move in lthe same direction: i.e. you won't get get to keep the 4.9% APR on one card for very long while your other cards go up to 22%, they will all go high.
Outside of extreme conditions though, some redundancy is worthwhile, then it's just a question of the degree needed!