SERIOUSLY not trying to be snarky, but I've been wondering and so I'll just ask:
Why would one need to have, say, more than a DOZEN credit cards, some with tens of thousands of dollars in CL available? When this is a site that's supposed to help us get OUT of debt, and increase our credit scores?
Is it that it helps your credit utilization? Or that it's good to have very large amounts of CL available to you in case of family emergency? Or is it just FUN to challenge yourself, to see what sort of portfolio of cards you can collect?
Just wondering (and a tad bit jealous, too) 
Pigeye
@ pigeye: with responsible credit history as well as income to back it up, large credit lines are obtainable. Having a dozen cards adds versatility to your portfolio. Some use their cards for tax purposes, ie. each card has a specific spend pattern.
Having a diverse portfolio also protects you from AA by one or two lenders.
And to the debt thing. Just because you have a 55 gallon drum of water, are you going to drink it all at one time? Or will you just get what you need at that moment to quench your thirst? Just because its available doesnt mean to use it all
Having a diverse portfolio also protects you from AA by one or two lenders.
And to the debt thing. Just because you have a 55 gallon drum of water, are you going to drink it all at one time? Or will you just get what you need at that moment to quench your thirst? Just because its available doesnt mean to use it all
OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Credit ≠ debt
Credit ≠ cash
Starting Score: 675
I agree with temptation. Hence discipline needed. Each person has choice.
I personally use:
WM. for i am broke and need groceries
Carecredit. Dental and vets
Chase medical
Sams. Sams only
Lowes. Great promos or 5% back everyday
NFCU. Balance transfers
Wells fargo. Saily use for gas, grocery, drugstore promo
Cap one. SD
Stuff like that
I personally use:
WM. for i am broke and need groceries
Carecredit. Dental and vets
Chase medical
Sams. Sams only
Lowes. Great promos or 5% back everyday
NFCU. Balance transfers
Wells fargo. Saily use for gas, grocery, drugstore promo
Cap one. SD
Stuff like that
SD : Sock Drawer
I dont use it right now.
I dont use it right now.
@Pigeyex wrote:SERIOUSLY not trying to be snarky, but I've been wondering and so I'll just ask:
Why would one need to have, say, more than a DOZEN credit cards, some with tens of thousands of dollars in CL available? When this is a site that's supposed to help us get OUT of debt, and increase our credit scores?
Is it that it helps your credit utilization? Or that it's good to have very large amounts of CL available to you in case of family emergency? Or is it just FUN to challenge yourself, to see what sort of portfolio of cards you can collect?
Just wondering (and a tad bit jealous, too)
Pigeye
Correct. As it seems in today's world that we are being identified as who we are based on our credit profile, it lets the lenders know how trustworthy we are with financial management, whereas back in the days many people used credit in case of emergencies, etc. Personally, having larger CLs w/ different lenders makes me feel comfortable- for utilization purposes, sudden emergencies, and does want to make me work harder to manage my finances responsively. That's where the CCs marketing kicks in- tempting sign up bonuses, rewards, cashback, etc., and keeps making me wanting to apply again and again.
If you can manage to use credit cards wisely and pay what you spend in full, why would you be in debt? You're being smart by using a system to collect rewards. When i was back in college, i've failed in my finances and burned a number of great lenders. After joining this forum, i found the courage to rebuild myself and made habits to be more responsible financially...and yes the hard work always pays off, i'm rewarding myself w/ great sign up perks/ benefits with several great lenders & see my scores ascend.
::edited for typo::
