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What's the advantage of having many CC?

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Contributor

Re: What's the advantage of having many CC?

Not too bad. I wish they would be will to remove the AF or upgrade my BB Card because I got over 200 in BB Bucks this year, and also am a premier silver member. HSBC sucks and I know Cap one wont remove the AF, the only 2 cards I have with AF are with HSBC BBRZMC and Orchard Bank cards.

Message 11 of 38
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Moderator Emeritus

Re: What's the advantage of having many CC?

I have about 15 open CCs reporting. Why so many? In my case it was due to my early days in credit rebuilding in that I applied for anything and everything just to get my first CC to report. I did too much settling and instead of being more selective so as to be more effective, I received cards I immediately wanted to cancel due to AFs, and so on. Wish I proceeded more slowly. All but one is shelved (Amex) and looking to let a few die a natural death in the next few months due to non-use. In fact, I'm going through a financial challenge so I'm not using any CC at the moment; cash only for us. CCs are never an emergency fund.

Message 12 of 38
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Senior Contributor

Re: What's the advantage of having many CC?

Target gives 5% or more at register,    IMO, that big enough reward to justify it.

 

AMEX ( not everyone loves it).  

 

For me, about 10 to 15 is more than enough.

Message 13 of 38
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Valued Contributor

Re: What's the advantage of having many CC?


@visorboy1974 wrote:

@flyingmd wrote:
Personally, I think too many cards is an invitation to financial disaster. WRONG

I wouldn't say it's the number of cards as much as it is the amount of credit. WRONG


 

IN VINO VERITAS.
Message 14 of 38
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Moderator Emerita

Re: What's the advantage of having many CC?


@wmarat wrote:

@visorboy1974 wrote:

@flyingmd wrote:
Personally, I think too many cards is an invitation to financial disaster. WRONG

I wouldn't say it's the number of cards as much as it is the amount of credit. WRONG


 


lol, don't hold back there.

 

If someone isn't financially disciplined, I agree that having lots of cards/ lots of available credit can be risky. It's like sending a dieter into a chocolate factory. And this is something that should be acknowledged frequently on this board, because we do see people who went overboard and are paying the price.

 

But if you're not tempted to buy things that you can't pay off right away, lots of cards/ lots of credit are just that, lots. To me it has become a bit of a PITA to keep track of my 8 or 10 or whatever it is, but I haven't come up with any particular reason to close them. I just use 3 or 4 at a time for most of my financial business and air the others out every now and again.

 

In terms of scoring, 3 cards seems to be the magic number, unless you have lots of open loans, in which case you might "need" more to avoid the "too many accounts with balances" ding.

 

In terms of real-life usage, 2 is an absolute minimum, and 3 or 4 is better, because you never know when the CCC will go nuts on you and reduce your CL or close you out, or a card processing network will go down, or there's a screw-up in your payment and you can't use your card until it's untangled or whatever. That's when you don't want to have only BofA, or only AmEx, or only VISA's, or whatever.

 

In terms of rewards, evaluate your use of money and see what cards can pay you back some of your hard-earned cash, and go with those. And realize that just about the time you have the perfect collection of rewards cards, they'll start changing the rewards. Smiley Tongue

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 15 of 38
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Valued Contributor

Re: What's the advantage of having many CC?

I only have two cc's, both from the same bank, with more than enough of a cl for me.  I only use one cc, I like my life simple, and I am not a score junky, as you can see from my scores. 

FICO 08
TU 842 12/8/18
EX 840 12/29/18
EQ 842 12/8/18
(NASA 30K) ( Amex 44k ) ( Freedom 10.6K ) ( US Bank Cash+ 20k, LOC 15k ) Winners never quit, and quitters never win
last app 2/15
Message 16 of 38
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Senior Contributor

Re: What's the advantage of having many CC?

I really love this post.  I'm DYING to get a credit card with some legitimacy.  I can't wait for this house to close so I can move on and up.  I'm very interested on which cards offer the best "rewards."  I'm definitely not going to collect cards though because I'm too lazy to take care of it all.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Message 17 of 38
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Frequent Contributor

Re: What's the advantage of having many CC?

so would it be advantagous to have say - a MC, AMEX, Visa, Discover group all from different banks so that if one bank got upset, you could depend on the others?  Or do y'all have multiple MC, Visa ,etc rather than a spread of different types?

 

How many cards actually get carried around every day?  Or do you take the one with the reward you want (ie, getting gas? get the gas CC)

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

Take the FICO Fitness Challenge
Message 18 of 38
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Established Contributor

Re: What's the advantage of having many CC?

I don't think having to many cards is a problem if you're not using them to supplement your income..if you spend more than you can afford, you can get into trouble with one or two cards. I personally have two HSBC cards ( Gold Mastcd. Plat Visa ) and two first Premier ( also Gold & Platinum Visa ), along with Credit one Plat. from my rebuilding stage. These cards see minimal activity but their my oldest TLs and have some decent balances. My goto cards are my Cap 1 Rewards, my Costco Amex, and my Walmart Discover...I can easily obtain more TLs but I'm kinda happy with what I have..

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Capital One Amex BCE 15K, Walmart 10K, US Bank Cash+ 15K, Sam's Club 10K, Chase Freedom $6K, Discover More $15K, Costco $6K, CapOne Quicksilver One $7K, Cap One Quicksilver $5K, Amazon $3K, Barclays $12.5K
Message 19 of 38
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Regular Contributor

Re: What's the advantage of having many CC?

I am rebuilding, and I have two credit cards now, a $500 mastercard from my CU and a Discover cash back one with 4,000 cl.  That's a victory for me.   I pay in full every month, although I'm planning to use my Discover for a big-ish purchase (for which I will pay off during the interest-free period).

 

Does having a 3d one really matter that much?  I wouldn't mind having a VISA for diversification . . . 

Message 20 of 38
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