@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
Most of the reasons have already be mentioned, but I won't let stop me:
1) Utilization. This is most often cited here, but I feel it is sort of bogus. If you cannot afford to PIF on all your cards, and have to carry a balance outside a 0% APR, you probably don't need more cards (except for a low APR balance transfer one). If you can, you have total control over what reports, and so utilization doesn't really enter in to it.
2) Credit for emergencies. This is valid. You really don't want to have to live off credit cards, but there may be times where you have no option. In the case of extended job loss for example, you might not be able to get loans at a good rate, and having the cards helps you survive this period, at least for a while.
3) Different cards, different rewards. This applies both to different types of reward, so you might have some cashback, some UR, some AA miles etc, and the fact that cards have different bonus categories, so use this for dining, this for gas etc. While very true, as the number of cards increase, the added value of each new card is low. Either you already have that category covered, or, over time, all the big categories are covered so by definition this new one is small.
4) Hobby, fun, rush of acceptance etc. Probably plays a bigger role than most of us admit!
@Anonymous wrote:
@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
Most of the reasons have already be mentioned, but I won't let stop me:
1) Utilization. This is most often cited here, but I feel it is sort of bogus. If you cannot afford to PIF on all your cards, and have to carry a balance outside a 0% APR, you probably don't need more cards (except for a low APR balance transfer one). If you can, you have total control over what reports, and so utilization doesn't really enter in to it.
2) Credit for emergencies. This is valid. You really don't want to have to live off credit cards, but there may be times where you have no option. In the case of extended job loss for example, you might not be able to get loans at a good rate, and having the cards helps you survive this period, at least for a while.
3) Different cards, different rewards. This applies both to different types of reward, so you might have some cashback, some UR, some AA miles etc, and the fact that cards have different bonus categories, so use this for dining, this for gas etc. While very true, as the number of cards increase, the added value of each new card is low. Either you already have that category covered, or, over time, all the big categories are covered so by definition this new one is small.
4) Hobby, fun, rush of acceptance etc. Probably plays a bigger role than most of us admit!
Excellent response! AND....
If we're being honest here, for some folks, it' s not a financial decision, it's a competitive sport! 
I mean really, there are some folks, not just here but elsewhere, who seem fo feel that there's some sort of competition going on to acquire more and more. We all can get caught up the "competitiveness" of it at some point or another. Mea Culpa.
HOWEVER, it's a matter of managing it affectively and to the best possible advantage, to get those scores above 750. And in reality, that's really all of us need to get the very best terms from most lenders.
I don't view this site as specifically for people trying to get out of debt. There are an array of categories and subjects that are beneficial on this site no matter where one is with their credit profile.
I have a ton of cards and I can say that at one point or another, I have/had a use for each one of them. I use some for different reasons:
- cash back (BCP/Freedom/IT)
- airline or convert to airline (CSP/Freedom/INK/United)
- hotels (Had 4 Hilton cards for sign-up bonuses, now have 3, one with BT on it, one to stay a Gold Member)
- Had Hawaiin Airlines and 2 Virgin Atlantic because the points after the minimum spend could be converted to Hilton points, used all 3 and then closed
- no foreign transaction fees (Cap One, CSP, Citi Reserve)
- Mastercards (Cap One, Citi Diamond) - used because there aren't a lot of Mastercards out there and most recently for Christmas, bought presale for tickets exclusively for Mastercard holders only
- store cards I shop the most in - Macy's, Best Buy, Kohl's...the IT also gives me money off of Amazon puchases
-BT cards - Barclays, Citi, Elan
Others HAD a use but don't anymore. A few years ago I had many, many baddies on all 3 reports. As each one dropped off one by one I was in the rebuilding stage and could only obtain cards like Cap One, HSBC, Kay Jewelers, etc. (now all closed - no more use for me).
I can only speak for myself but I never think of credit "for an emergency" or a game. After a few "free" vacations, gift cards, airline flights, and actual checks mailed to me, I'm absolutey hooked on rewards and maximizing my benefits. BT cards helped me move an extremely large purchase to 3 different cards with much lower rates. Certain ones, for me, have no purpose *anymore* such as the Amex Clear (not even offered anymore). I can now get better cards with better rewards...or some, like the IT and BCP didn't exist back then and are better than ones I previously had.
Some are stagnant or left over from the building phase or points earned (which I'll either end up closing or hopefully moving the CL and then closing). The rest I use to my advantage.
Starting Score: 648