Why so many cards?

[Anonymous]

I think because a good majority had crap credit that couldn’t finance a piece of gum (me included). It is such a crappy place to be. Once one has rebuilt it is nice knowing your worth getting in with the better banks. My recent approval for the CSP was a good feeling. Another reason I think is to spread your eggs around different baskets so to speak. With that said 4 is enough for me. I’ll eventually apply for another one to replace my crappy store card, and I’ll be set. Of course I say that now. 

[Anonymous]

For me it was finding the mix that worked for me. At one time I had a little over $240k in credit lines. I chose to close down a bunch and brought it down to a little over $140k.

None were store cards. All major cards. Just got stressed out rotating and keeping track. Having whats in my siggy is plenty and each one serves a purpose. For example, my DCU Platinum works great as a payday loan here and there. Lowest rate they offer, no fees and they love it when you use it for cash advances. I just transfer it right into my DCU checking. My Promise works the same way. 

Ego has nothing to do with it. It's just getting what works and what saves me a ton of money.

[MrDisco99]

For me it's been mainly about diversifying card products to get the most value.  I started with a $1K 1% cash back (with silly rules) card from my local bank.  Then got a Cap1 QS just because I heard Cap1 was generous to people with spotty credit.  Then realized my credit is actually not as bad as I thought, so I applied for a BCE because it had a killer bonus, and then figured I'd get some Chase cards before hitting 5/24 (Freedom for 5% categories and CFU to churn) along with the Citi DC because it's a great daily driver.

I only ever carry 2 or 3 cards with me at any given time.  These days, the Synovus, QS, and CFU are pretty much no longer in use.  But they don't cost me anything so there's no reason to get rid of them.  The CFU is my highest limit (maybe I'll PC it to another Freedom) and the QS may come in handy next time I leave the country because it has no FTF.  So I intend to keep them even though I hardly use them now.  Right now the BCE and DC get the most rotation, but soon my 10% restaurant bonus will run out on the BCE so the Freedom will go back in the wallet along with them.

I've been wanting a decent cash back dining card so I'll probably get one of those sooner or later (Cap1 PDR or Marvel).  Also at some point in the near future I plan to get some points cards to save up for a free flight for my next big vacation.  So that'll be another 3 or 4 cards.  While I focus on points I'll probably put the cash back cards on hold and then go back to them when I meet my goal.

So yeah, they all serve a purpose.  It's not about bragging rights.  I ask for advice and I offer it, but I don't really care what other people have and I don't care what other people think of what I have.  I just get what works for me.

[Anonymous]

I've deleted and/or edited several posts in this thread.  Couple were non Friendly, Supportive and Respectful and several others that just quoted the edited/deleted posts.  We can discuss this topic without referring to other posters in derogatory terms.  If not, then the thread will be closed and other actions taken.  Thank for your cooperation.

[woodyman100]

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@SouthJamaica wrote:

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@brbmake wrote:

I am really new here, and I am enjoying reading many of these threads and learning about credit scores, but I have noticed something.  Many people have their cards with limits in their signiture lines. As I have been reading them, I am amazed at how many cards people have and the total credit lines they have.  Perhaps I have old information, but I was always told that having so much credit available was a bad thing (or a risk) because someone could go out and do a lot of damage quite quickly.  I have 3 credit cards. Total I have about $17,200 in credit on my credit cards.  Whihc, to many people here, is not much. Can someone explain the reasoning to me behind having so many cards? Thanks!

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There's not necessarily any reasoning behind it; some people enjoy having a lot of cards, some don't.

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^^^^Me^^^^^ I don't churn necessarily because I don't have the patience for it, but I do work the rewards for vacations

[Viva-LV]

Nothing wrong with modest profiles and limits.  However, if you travel or pay for reimburseable expenses for work, you need more credit lines.  For years, I had modest limits (15-20k).  My needs changed with changing jobs, and had to improve my profile.  Sign-up bonuses/incentives became important as did cash back offers.  Relationship building with banks became a factor, as my profile grew: multiple accounts with various banks (I have 3 to 4 cards with BOA, USB and Am Ex).  If your profile justifies growth, its easy to keep going: that's why you see big profiles and numbers here.  I'm no longer growing my # of cards, just my limits through auto or sp cli's; found my comfort zone.  Good luck, and welcome to the forum!

[Anonymous]

Rebuilding...for me...

Really glad I was able to come back ...get in good with these banks again...and with a vengeance 😆 LOL!!

Remember to.....(some) members here you may see 100k total CL....

And they have 100k socked away....banks LOL it's a give take relationship!!!😵

[Anonymous]

Why do you have any credit cards?  I mean on charge card would be fine for renting cars and earning cash back.  I started out just getting cards them getting reward cards now I am getting big sign up bonuses.  I have so many cards because it makes me money.  It paid for my flight to Scotland in June.  Should pay for 3 flights, hotel and rental car in Orlando in October. Just charging my normal monthly expenses over 3 cards over a couple of months.    Then working on family vacation to Caribean in January and then Ireland in May,  Goal is to pay no airfare and hopefully have money towards hotels.  

If you have a spouse with decent credit you can truely load up on sign up bonuses between the two of you.

[Anonymous]

As has been mentioned, manufactured spending, some do it for the sport, also having very high credit limits can assist your nefarious activities.

[Anonymous]

Short answer(encompassing the previous posts) : A number of reasons.  

With that in mind, I'm not sure if anyone has differentiated the use of of credit cards vs listing them in the signature(maybe some of the deleted posts did?).  We've recently had discussions on it elswhere.  I think one of the threads was entitled "bragging rights", although I think it was more light hearted.  I'm guessing others might to be able to offer more concise points on this than I might, and I'm working on keeping the posts the aren't about my credit shorter.  

I will say that both myself and others have stated we were influenced to apply after a combination of reading enough posts on here, and whatever other factors were floating around in both our conscious and (more often, though it it wont likely be as admitted) unconscious minds.   

The post above mine mentions one of the lesser admitted reasons in as few words as possible: sport.