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It's not about the cards. It's about the game - the game between you and the lenders.
And that's all it is.
@Blurbz wrote:I don't mean to be rude or to sound terribly uninformed, but I can't figure out why so many people on this board have so many cards. I know some "collect" them: different banks, different features, a nice mix of rewards, etc. And I guess I get that--at least the rewards.
For rebuilding/building credit, though, isn't one or two enough if you use them responsibly, pif, and make sure you're at < 10% when the statements cut? I'm just confused when I see peoples' signatures and they have a ton of store cards with $300 credit limits and sub-600 credit. Is that only good because it helps keep your util rates down?
What are the fico-score benefits to having so many cards?
Yes, you are absolutely right. There's really no reason for someone beginning their credit adventure to have a bunch of cards. From what I've read, the optimum number is 3-4 cards.
That said, I'm one of those with a bunch of cards. I currently have 16 cards. Each has a specific purpose. AND I'm convinced that having the cards I have, and with the age of accounts that I have, were a major contributor to reaching the 800 club. Could I have done it without credit cards? Probably. But also probably not as rapidly.
Having credit is one thing. Using it responsibly is quite another. This is where some people get in trouble. It's a matter of management of the accounts.
@thom02099 wrote:
@Blurbz wrote:I don't mean to be rude or to sound terribly uninformed, but I can't figure out why so many people on this board have so many cards. I know some "collect" them: different banks, different features, a nice mix of rewards, etc. And I guess I get that--at least the rewards.
For rebuilding/building credit, though, isn't one or two enough if you use them responsibly, pif, and make sure you're at < 10% when the statements cut? I'm just confused when I see peoples' signatures and they have a ton of store cards with $300 credit limits and sub-600 credit. Is that only good because it helps keep your util rates down?
What are the fico-score benefits to having so many cards?
I'm convinced that having the cards I have, and with the age of accounts that I have, were a major contributor to reaching the 800 club. Could I have done it without credit cards? Probably. But also probably not as rapidly.
Do you know a specific reason why having more cards would help your credit score?
@Blurbz wrote:I don't mean to be rude or to sound terribly uninformed, but I can't figure out why so many people on this board have so many cards. I know some "collect" them: different banks, different features, a nice mix of rewards, etc. And I guess I get that--at least the rewards.
For rebuilding/building credit, though, isn't one or two enough if you use them responsibly, pif, and make sure you're at < 10% when the statements cut? I'm just confused when I see peoples' signatures and they have a ton of store cards with $300 credit limits and sub-600 credit. Is that only good because it helps keep your util rates down?
What are the fico-score benefits to having so many cards?
you should check my link. i currently have 17 cards.
@youngandcreditwrthy wrote:
It's bc the more positive tradelines you have, the stronger your credit profile...
+1@command! That's right!
And why is that, from a FICO scoring perspective?
@HiLine wrote:
@youngandcreditwrthy wrote:
It's bc the more positive tradelines you have, the stronger your credit profile...
+1@command! That's right!And why is that, from a FICO scoring perspective?
Comes down to an ability to handle and manage credit responsibly.