I personally don't see why people would only want to work with one lender. I'm happy with my setup at the moment (and I am considering getting one more card from AmEx, Citi, and Barclays each), but I would never go and close all of my other accounts to just have an account with Citi or Amex, for example. If the relationship with that lender goes downhill, you're totally screwed with no real options. At least with having 5 different lenders like I do, the likelihood of all of them shutting me down is fairly small.
@Anonymous wrote:
Great posts explaining the risks of one lendor. It is also good to have access to the Visa, Mastercard, Discover and American Express networks. As we all know, situations arise where banks loose their networks for days. Like having your accounts closed you can be left in a tight spot if the bank is off line for a period of time. There is an old Boy Scout Motto: "always be prepared." One of my banks (large bank) lost their network for 2.5 days and what a panic that could have been except, I have other banks and used them.
Which network has had its network go down for days? Before my app spree this summer, I only had Visas, and I've never experienced an issue using it. And I used it exclusively (carried no cash) for around 7 years.
