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Quantity of Credit Cards

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Mega Contributor

Re: Quantity of Credit Cards


@Gmood1 wrote:

@Taurus22 wrote:

@Gmood1 

Lmbo! I follow ya....

 

But that's my point....how the heck do you manage all of that? I have 3 CU/Bank accounts and it's already more than I want. Just figuring out how to split my direct deposit to effectively fund them was like a hybrid chess/suduko match. Lol.


@Taurus22 

Brother I know people that can't manage one bank account!!

 You're good!😆

When I said this was a hobby I really mean it.

It's something I enjoy doing. 

Guys spend $50k on ranger boats everyday. I don't get it either. But I don't knock them for doing something they love.

Everyone should have a passion.

What is work for others is just a challenge for me.

 

I had to stop using my mint app. It can't handle downloading information from 80 different accounts at once.😂


 

@Gmood1 

But you just half to have a $50K Ranger boat that does 70+ Mph in the wee hours of the freezing morning to catch bass,

only to weigh them in at 5:00pm and then watch as they get released.

 

Spent many a days as a teenager  .. on my old bosses ranger bass boats.Smiley Wink

Fished a few tournaments as well.

Message 31 of 71
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Community Leader
Super Contributor

Re: Quantity of Credit Cards


@M_Smart007 wrote:

@Gmood1 wrote:

@Taurus22 wrote:

@Gmood1 

Lmbo! I follow ya....

 

But that's my point....how the heck do you manage all of that? I have 3 CU/Bank accounts and it's already more than I want. Just figuring out how to split my direct deposit to effectively fund them was like a hybrid chess/suduko match. Lol.


@Taurus22 

Brother I know people that can't manage one bank account!!

 You're good!😆

When I said this was a hobby I really mean it.

It's something I enjoy doing. 

Guys spend $50k on ranger boats everyday. I don't get it either. But I don't knock them for doing something they love.

Everyone should have a passion.

What is work for others is just a challenge for me.

 

I had to stop using my mint app. It can't handle downloading information from 80 different accounts at once.😂


 

@Gmood1 

But you just half to have a $50K Ranger boat that does 70+ Mph in the wee hours of the freezing morning to catch bass,

only to weigh them in at 5:00pm and then watch as they get released.

 

Spent many a days as a teenager  .. on my old bosses ranger bass boats.Smiley Wink

Fished a few tournaments as well.


@M_Smart007 

😂😂😂

Yeah that sounds like fun.

I'd rather be driving around one of those exotic antique cars that you own.

Message 32 of 71
Highlighted
Frequent Contributor

Re: Quantity of Credit Cards


@Gmood1 wrote:

@Taurus22 wrote:

@Gmood1 

Lmbo! I follow ya....

 

But that's my point....how the heck do you manage all of that? I have 3 CU/Bank accounts and it's already more than I want. Just figuring out how to split my direct deposit to effectively fund them was like a hybrid chess/suduko match. Lol.


@Taurus22 

Brother I know people that can't manage one bank account!!

 You're good!😆

When I said this was a hobby I really mean it.

It's something I enjoy doing. 

Guys spend $50k on ranger boats everyday. I don't get it either. But I don't knock them for doing something they love.

Everyone should have a passion.

What is work for others is just a challenge for me.

 

I had to stop using my mint app. It can't handle downloading information from 80 different accounts at once.😂


dang @Gmood1 thas actually nuts.. can truebill handle you? xD cant imagine being sane without some assistance Smiley Tongue

Message 33 of 71
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Community Leader
Super Contributor

Re: Quantity of Credit Cards

@elixerin 

For the last year, I haven't used anything.  I'll have to check out this truebill !

Got tired of the Mint app crashing and not downloading properly. It worked great with 20 or so.

Message 34 of 71
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Frequent Contributor

Re: Quantity of Credit Cards

@Gmood1 Superb upkeep, Mint is def the king of collecting all the due dates and displaying them (that is if they update them without you having to refresh any) 

 

Truebill ill use to see all transactions going in and out as mint is really weird with it.. they have a acc refresher thingy that already takes like a couple minutes with the 8-9 accounts i have in there, i fear what a wait on 80 might be Smiley LOL

Message 35 of 71
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Senior Contributor

Re: Quantity of Credit Cards


@Kinglord wrote:

As I am in the recovery/rebuilding process I am struggling to understand the goal of obtaining massive amounts of credit cards.  Some of the more senior contributrs here have staggering amounts of extremely high profile credit.  Is this done to obtain the initial sign up offer and then have the CL help their overall utilization? Is there another reason for obtaining such a high number of them?  Is it strictly just for fun, I know the feeling of approval Smiley Happy

 

Please share, thank you!


First of all to you what is a "massive amount of credit cards?"

 

5 years ago a massive amount of cards was 1 for me.

3 years ago it was 3, 2 years ago 6.

I now have 14 cards, 2 of which I am AU on so I have 12 cards in my name.

 

All of those cards have uses.

1. Quicksliver - I use this card mostly for my kids.   They are both AU on this card and use it for things which I would end up giving them reimbursment.   Therefore I get some rewards for spending that might otherwise just have been a "cash" transaction.

2. Cap One Walmart - 5% back at Walmart (1st year) and 5% back Walmart.com and online grocery.

3. Discover - rotating 5% catagoreis

4. BCE - 3% back groceries not from walmart.

5.Amazon Prime Visa - 5% back on Amazon

6. Citi DC - daily driver not covered by other cards 2% back.

7.  Uber Visa - Cell phone insurance. 

8. US Bank Cash + - 5% back on streaming, and fast food

9. Ducks Unlimited - 5% back on gas

10. Citi Simplicity - 21 BT offer

11 Marvel Mastercard - 3% back on resturants 

12. Amex Cash Magnet - sock draw utilization padding.  The card was opened for a 0% offer that has now expired.   It served it's purpose and I don't see any reason to close it when I can let it age.

13. First National Bank Visa (AU acct) - DWs oldest CC, I am Au for convience.

14. Lowe's (AU Acct) - used for 5% back or special financing once a year or so - no sense in having my own when DW already had the card. 

 

So of my card really only 12 and 13 don't serve an active purpose and they don't do anything other than help my utilization and account age so no reason to close them. 


FICO 8 Starting Score

Current Scores




Garden Goal is All Reports Clean

Message 36 of 71
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Valued Contributor

Re: Quantity of Credit Cards

Wow...Some really insightful replies here!

 

I started rebuilding here 8 years ago with zero credit to my name. I had lived a cash/debit card existence for long enough to have all my previous credit history drop off my reports.

 

In reading these forums back then I discovered that the hardest nut to crack in a rock solid FICO score was the AAoA factor because the only way to get a good AAoA was with time...and a lot of it. I built my credit profile with that in mind and apped for as many cards as I thought I could be approved for in any six month to a year period. I now have 10 active CC accounts and 3 closed CC accounts with an aggregate CL of ~$200K. My AAoA is now 4 years 9 months and hardly moves when I add a new account because all those CC accounts dilute the damage a new account causes.

 

I'm a sucker for 0% starting APRs! I mean who doesn't like free money?! I have some sizable stock market investments so use the 0% offer to offset my stock investments and make sure to pay the card off before the 0% offer ends. Don't worry, I'm very careful with this and have plenty of investments to pay the card off no matter what happens to the markets. But it is a way to use my high credit scores to make money.


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 37 of 71
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Contributor

Re: Quantity of Credit Cards

@jamie123 

Best reply yet, can I PM you regarding investment and the 0%apr?



Message 38 of 71
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Valued Contributor

Re: Quantity of Credit Cards


@Kinglord wrote:

@jamie123 

Best reply yet, can I PM you regarding investment and the 0%apr?


Now is not the time to be invested in the stock market! I fear a huge crash is on the way in the next few months!

 

Back in July of 2018 I gave somebody here investment advice on how to invest $50,000. Split the cash in 2 and buy $25,000 worth of ENPH and $25,000 of AMD and just hang on to it for a year. I stopped back a year later with an update and the $50,000 investment would have been worth $120,000 after one year in July of 2019.

 

If they held that stock for another 10 months which would bring them close to today, their $50,000 investment would now be worth $325,917!!!! Not too bad a return IMHO for less than 3 years!

 

Here's a link to my original post:  https://ficoforums.myfico.com/t5/Credit-Cards/Making-big-purchases-need-the-right-card-Please-help/m... 

 

STAY OUT OF THE STOCK MARKET! IT WILL CRASH SOON!


Starting Score: EQ 653 6/21/12
Current Score: EQ 817 3/10/20 - EX 820 3/13/20 - TU 825 3/03/20
Message 39 of 71
Highlighted
Established Member

Re: Quantity of Credit Cards


@jamie123 wrote:

@Kinglord wrote:

@jamie123 

Best reply yet, can I PM you regarding investment and the 0%apr?


Now is not the time to be invested in the stock market! I fear a huge crash is on the way in the next few months!

 

Back in July of 2018 I gave somebody here investment advice on how to invest $50,000. Split the cash in 2 and buy $25,000 worth of ENPH and $25,000 of AMD and just hang on to it for a year. I stopped back a year later with an update and the $50,000 investment would have been worth $120,000 after one year in July of 2019.

 

If they held that stock for another 10 months which would bring them close to today, their $50,000 investment would now be worth $325,917!!!! Not too bad a return IMHO for less than 3 years!

 

Here's a link to my original post:  https://ficoforums.myfico.com/t5/Credit-Cards/Making-big-purchases-need-the-right-card-Please-help/m... 

 

STAY OUT OF THE STOCK MARKET! IT WILL CRASH SOON!


Time in the market beats timing the market. Smiley Happy

 

I am multiple decades away from retirement. If the stock market crashes 6 more times in 2020 it won't change my 401k contribution plans one bit - I'll just be "buying stocks on sale" the whole time Smiley Very Happy



Rebuilding from college stupidity.


Goal cards:
Message 40 of 71
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