Update about my credit cards

[kdm31091]

My sister has ZERO cards and despite my pleas that she should have at least one or two just to show a payment history and have a real credit score, she won't do it. I guess she feels like she will just rack up debt. I respect her decision; I guess it's better than racking up debt, but I wish she'd just open one. She does have a car payment, but that alone isn't enough for a decent score. She had a Capital One card before that was charged off (this was like 8 years ago, so I'm not sure it's even on her report anymore) and a Victoria's Secret card that she closed because she felt she couldn't control her spending there.

I think many people do fine with one or two cards. To be honest, a majority of us here have more than we need and we do it for rewards/certain categories/whatever, and that's fine too, but it doesn't mean the rest of the world has to have 5, 6, 7, or 20 cards to be succesful either. It's all preference. but I do think one should have at least 2 cards just to maintain a history.

[Turbobuick]

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@Anonymous wrote:

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@Anonymous wrote:
Congrats. You made the right choice.

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+1

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.....  "said the room full of enablers."

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

I had few members ask me regarding my credit cards. I posted last month that I closed 4 out of 5 accounts and kept Capital One only. That lasted only for a week or two and I thought why lose everything that I gained. I have reopened all of the accounts and after that added few new accounts. It was hard for me to keep them closed after I read other success stories on daily base. Wanted to make this thread to update everyone who is curious about my accounts.

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Sooo... how many accounts do you have now.  Just curious LOL

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 I have 8 accounts lol.

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Congrats... Not shabby at all.

[chalupaman]

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@kdm31091 wrote:

My sister has ZERO cards and despite my pleas that she should have at least one or two just to show a payment history and have a real credit score, she won't do it. I guess she feels like she will just rack up debt. I respect her decision; I guess it's better than racking up debt, but I wish she'd just open one. She does have a car payment, but that alone isn't enough for a decent score. She had a Capital One card before that was charged off (this was like 8 years ago, so I'm not sure it's even on her report anymore) and a Victoria's Secret card that she closed because she felt she couldn't control her spending there.

I think many people do fine with one or two cards. To be honest, a majority of us here have more than we need and we do it for rewards/certain categories/whatever, and that's fine too, but it doesn't mean the rest of the world has to have 5, 6, 7, or 20 cards to be succesful either. It's all preference. but I do think one should have at least 2 cards just to maintain a history.

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Agreed.

My mom has had enough of being an AU on my sister's CC because it always seems like there's hardly any breathing room on the card at all. My mom has also suspected that she just splurges money on useless stuff she doesn't need. I also remember a few years ago she ran into some trouble with missing auto payments and having a collection placed on her report. 

[kdm31091]

I guess if one really cannot control spending they are better off without having CC's, but it still begs the question of how someone like my sister will be able to get a mortgage (she wants to buy a house with her husband who also has no credit cards though I don't know his credit history as much) with literally no credit cards open and one car loan.

[Turbobuick]

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@kdm31091 wrote:

My sister has ZERO cards and despite my pleas that she should have at least one or two just to show a payment history and have a real credit score, she won't do it. I guess she feels like she will just rack up debt. I respect her decision; I guess it's better than racking up debt, but I wish she'd just open one. She does have a car payment, but that alone isn't enough for a decent score. She had a Capital One card before that was charged off (this was like 8 years ago, so I'm not sure it's even on her report anymore) and a Victoria's Secret card that she closed because she felt she couldn't control her spending there.

I think many people do fine with one or two cards. To be honest, a majority of us here have more than we need and we do it for rewards/certain categories/whatever, and that's fine too, but it doesn't mean the rest of the world has to have 5, 6, 7, or 20 cards to be succesful either. It's all preference. but I do think one should have at least 2 cards just to maintain a history.

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I have to respectfully disagree. If one cannot control themselves with a credit card, good for them to recognize it and refrain. It's an illness/habit like drinking, smoking, or gambling. Some simply can't do "a little bit" of them. I think your sister's history has shown she is much better off with none, rather than a little.

I do agree establishing a good credit history is important for those that can earn it. That said, no or little history is better than poor history.

[chalupaman]

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@kdm31091 wrote:

I guess if one really cannot control spending they are better off without having CC's, but it still begs the question of how someone like my sister will be able to get a mortgage (she wants to buy a house with her husband who also has no credit cards though I don't know his credit history as much) with literally no credit cards open and one car loan.

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I think she might be better off with just one CC entirely. I have a feeling Discover would be great for her. Just tell her to treat her card like a debit card and all of that and if she really doesn't feel like using the card much, keep it active by buying a pack of gum every once a while or something. 

[Anonymous]

If she can't control her spending, how about getting a store card to a place she doesn't much? Or a gas card? Since it's only a gad card that they can't spend it on anywhere else?

[kdm31091]

I'm gonna try to talk to her into a card again, not that she will listen. I have suggested Discover, I will try again. It's a decent card to have if you're gonna have one card. No AF and pretty useful categories all year, and at least you get 1% on everything. Since she is currently getting no rewards anyway, that will seem like a lot.

Or maybe a store card (something OTHER than Victoria's Secret). Or a gas card. Just something to establish a history. If you want a mortgage, I feel like you basically have to have a credit card in good standing, but I could be wrong. I don't know if an auto loan is enough.

I understand the other poster's point though, if you can't handle it, you shouldn't do it at all. People do grow up and change though, so I kind of feel like if someone is more mature than they were 8 years ago, maybe they can handle a card now. Maybe not, who knows.

[NRB525]

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@kdm31091 wrote:

I'm gonna try to talk to her into a card again, not that she will listen. I have suggested Discover, I will try again. It's a decent card to have if you're gonna have one card. No AF and pretty useful categories all year, and at least you get 1% on everything. Since she is currently getting no rewards anyway, that will seem like a lot.

Or maybe a store card (something OTHER than Victoria's Secret). Or a gas card. Just something to establish a history. If you want a mortgage, I feel like you basically have to have a credit card in good standing, but I could be wrong. I don't know if an auto loan is enough.

I understand the other poster's point though, if you can't handle it, you shouldn't do it at all. People do grow up and change though, so I kind of feel like if someone is more mature than they were 8 years ago, maybe they can handle a card now. Maybe not, who knows.

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So, the problem with suggesting this: You are projecting your knowledge of how you control spending when there is a bonus catrgory, onto your sister who sounds like she does not need encouragement to spend when she has plastic. (I have to make the quarter maximum spend!)

She may have matured, but should go at her own pace with credit.