Why So Many?

[imaximous]

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@Anonymouswrote:

I think part of the reason this comes up so often is the makeup of the forum users.   We have two large groups:

1) New or fairly new rebuilders.

2) credit card "addicts", some of these ex-1)s

(Then there are a sprinkling of really wonderful intelligent helpful and modest people, like me, well, I'm the only one in that group to be honest)

So those in group 1 have had some bad experiences with credit and have come here to find out how they can recover.   They then see post after post of people with 20+ cards, and since some are very aware of the dangers of easy credit, this seems very strange.   They then ask why to see if they are missing anything, and are then on the road to entering group 2!

I like the shoes analogy, but try to think of something you have no interest in.   So I currently have 246 pairs of designer sunglasses and plan to get at least 10 more by the end of the year.    Why so many?   Well, I obviously need to carry more than 1 because the one I am using might break.  Or I might accidently leave it at the office and won't have one for the drive home.  And they could get stolen so I need back up.    A maker may need to recall their product and I don't want to be left with no glasses.  And then there are lots of different weather and light conditions so I need to make sure I have enough to work in most of these conditions.   And I need the frame color to match that of my tie clips.    And when I wear some of the more expensive models, I feel that people recognize that I have prestige etc

(These are no more strange than many of the reasons offered here).

Still, sounds fairly harmless, my money and my glasses.   But for those fearful about credit, replace wearing sunglasses with drinking bottles of vodka....

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I think there's a valid effort in warning people about the dangers of credit card misuse. I think we can agree on that, like any other potential bad habit or addiction, but what I don't agree with is the patronizing comments by some people to get their point across. Not everyone is in their shoes -- pun intended. 

[Anonymous]

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@Anonymouswrote:

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@kdm31091

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The sign-up bonuses are why you get many reward cards.   I mean I am glad most people dont' just get 20 cards a year or I wouldn't be able to get so many rewards but there is surely a lot to benefit to acquiring a ton or rewards cards.  Really if you aren't getting any sort of reward why do you have more than one credit card?  The only non reward benefit I can see to a credit card is when you rent a car or deal with a merchant you might not trust 100 percent.  I didn't have a single credit card for 6 years and the only time I needed them were for rental cards. And I just used my corporate card to book the rental cars.  In all other instances I just used my debit Visa.  

I used to use my debit card for everything, and I didn't have access to a corporate card, so I get it.  Fast forward to today, and I say that the SUBs are a driving factor for a lot of rewards cards because the up front benefit is a large one, but once you have the card and earned the SUB, unless there is a fee involved and the card is of no real value for day to day rewards, it doesn't hurt to keep it open, so from my perspective why bother closing it? Plus even if you did only get it for the SUB, you don't want the issuer to know that  Even if there is an annual fees, they get waived or you can get spend bonuses to justify paying the fee and keeping the card for another year.  

Another reason I prefer credit cards over debit cards is because I shop online a lot and while debit cards have come a long way in terms of liability for charges, I would much rather use a credit card to deal with merchant disputes, price match opportunities, some rental coverage, hotel and gas station hold charges, etc. I also hate multiple pending charges in my checking account, so I put everything on my credit cards and pay a couple of bills from my checking account at one time.  

Part of me feels like credit cards put a wall in between my personal accounts and the world. It's not total security, but it's more than none. 

[Credit-hoarder]

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@Gmood1wrote:

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@simplynoirwrote:

I feel like this question was already asked just in a different way.

http://ficoforums.myfico.com/t5/General-Credit-Topics/What-does-everyone-do-with-all-this-credit/td-...

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Lmbo 😂 Simplynoir! This question comes up twice or three times a week. 

And normally you have at least one poster that jumps in with both feet, who worries more 

about  someone else's credit instead of his or her own.

Simple answer OP, we do it because we want to. 😉

I probably won't be cancelling any more cards. Now if the lender closes those I don't use as much. That's fine to.

If I hadn't cancelled some two years ago. I'd be a 40 plus card jockey.🤣

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Best answer I've seen so far that applies to me. Although I've already put my cut-off point for personal credit at 40 cards and it's getting close. However some cancellations and/or acct. combinations plus 2 more additions are coming later this year.

[Anonymous]

Very interesting! Didn’t know that was an option. Perhaps I’ll do that. Very sincere appreciation for the suggestion!

[Anonymous]

A lot reasons listed I can agree with. One I have not seen is the reason for my personal cap which is based off info I got here.

I want to limit myself to 7 cards, so I can more easily handle AZEO. I believe you can have 2 cards posting a balance without any dings at this number. Only letting one card post a balance is a bit annoying to deal with. I don't really want more than that though. It seems like the sweet spot to balance time and rewards for this game Plan to cut out worse cards to make room for the better rewards while keeping AAoA above 7.8yrs.

btw - I am aware I don't have to do AZEO all the time, but until I hit 800+ seeing a higher score is a huge motivator.

[shoegal]

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@Anonymouswrote:

Asking why so many cards, is like asking why so many shoes? 

One pair is an absolute necessity.  You can't walk around outside barefoot.  Just like you need at least one card to do things like rent a car, book a hotel, shop online.  Can you do these things without a credit card? Sure you can, but I personally don't like have money in my checking account on hold until whenever.

Do I really NEED more than one pair?  In my case, I say yes. I can't work out in my office shoes. I can't wear my party shoes to the office. In most nice places, I can't wear my workout shoes to party. So that's at least three. It's the same with miles, points and cash rewards. If I didn't care about any of that, sure I could live with one, but I do care. 

Do I really NEED more than three pair? Of course not. However, I work hard. I earn money. I spend it how I like. I'm not rich, but I'm not poor. I'm just a gal who likes shoes. Lots and lots of shoes. So many shoes. Shoe shoes were really cheap, I mean really cheap (like a no AF card).  Some shoes were ridiculously expensive (like Amex Platinum and Centurion Card expensive). Some shoes come out of the closet almost everyday (like my high rewards cards). Some shoes come out of the closet once a month (like my airline specific cards). Some shoes come out of the closet once a year (like my cards I hold mainly for the fringe benefits - think status). Some shoes have not been worn in at least five years, but I can't get rid of them because I may just wear them (like my old No AF co-brand cards for chains I don't really use but I might - think Wyndham visa). Somes shoes I have had for at least 20 years now and I know for a fact that I will never wear those shoes again, but I will never get rid of them. They exist on a shelf in my closet out of the way not hurting anything (not helping either) but they are mine and I want them (like my old subprime cards - all of which I recently dumped because I really no longer need to pay a fee for cards that have no value but I would have kept if they were free). 

There is no rhyme or reason or justification for having cards other than the reasons that mean something to you. 

@shoegal you too have a pink Disco, so I think you can relate. 

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I couldn't have not said this better myself, CarolinaGirl!!

I totally relate to this and the reason I’ve 11 cards is because they all have a purpose. I researched and planned before getting them but more importantly I looked at my spending before applying. 

My favorite phrase is “live and let live.” Let’s stop the judgment and let people be happy whether the person has 3 cards or 20, if they’re happy then let’s cheer them on.

[Anonymous]

Thanks for all the info/insight .. I didnt mean to start a war. Just trying to understand some logic for what works and why.

[AverageJoesCredit]

Lol, no worries on the war, it just seems we are a passionate bunch with our credit,,many of us have been to heck and back so sometimes a simple credit card means alot to eomeone wven if it has no rewards orher than the journey it took to get one.

[Anonymous]

@AverageJoesCredit

Thanks. I took some of the advise, to overcome a 100% utilzation (due to closed cards with a balance still being factored in to utilization) I applied for a discover and was granted a 7500 Limit. Well above the balances reporting on the closed cards being paid as agreed. Closing cards with a balanace will be a mistake i NEVER make again.

On a side note, i can now start adding pics to my signature lol