CNBC: Americans have average of 4 credit cards

[Anonymous]

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@Anonymous wrote:

Before my BK I had US Bank and BoA major credit cards and Best Buy, Kohl's and Amazon store cards. I never in a million years thought people could have 20 cards like I have now. 

I am getting kind of sick of managing so many cards but I really struggle when I start thinking about axing them. 

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Considering what you've posted before about your current financial situation, I have to say yours is one of the more remarkable profiles on this forum. Your signature shows quite an improvement in scores over 1 year!

And here I am hesitant to pull the trigger on a 3rd card - a 'lowly and common' AMEX BCE. lol I'll probably add an auto loan before I get a third card.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Before my BK I had US Bank and BoA major credit cards and Best Buy, Kohl's and Amazon store cards. I never in a million years thought people could have 20 cards like I have now. 

I am getting kind of sick of managing so many cards but I really struggle when I start thinking about axing them. 

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Considering what you've posted before about your current financial situation, I have to say yours is one of the more remarkable profiles on this forum. Your signature shows quite an improvement in scores over 1 year!

And here I am hesitant to pull the trigger on a 3rd card - a 'lowly and common' AMEX BCE. lol I'll probably add an auto loan before I get a third card.

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It's my student loans that made my profile what it is. Many of them got transferred to new lenders, especially on EQ, which created multiple entries for the same loans and greatly thickened my file. Even after all of my credit seeking, EQ is still over 3 years AAoA and every tradeline I had before my BK is gone except my student loans. 

I do agree that given my meager resources, I have had crazy success but I also have almost a third of it tied up in Synchrony and those limits are easy come, easy go. Fortunately I don't really need them either. If I shut down all my cards except my two Capital One and my two NFCU, I would be left with $34,450 which would still be more than enough credit for me. 

I have been amazed watching you hang around here with just 2 cards honestly. I came here 9/2018 with 3 cards... lol. The BCE is a great card. If you can get a $200 bonus offer to pop incognito, there's no reason to not go for it. Since auto scores are sensitive to credit seeking, I agree that it would be best to wait and then go for it. 

[Revelate]

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@Anonymous wrote:

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@Anonymous wrote:

Before my BK I had US Bank and BoA major credit cards and Best Buy, Kohl's and Amazon store cards. I never in a million years thought people could have 20 cards like I have now. 

I am getting kind of sick of managing so many cards but I really struggle when I start thinking about axing them. 

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Considering what you've posted before about your current financial situation, I have to say yours is one of the more remarkable profiles on this forum. Your signature shows quite an improvement in scores over 1 year!

And here I am hesitant to pull the trigger on a 3rd card - a 'lowly and common' AMEX BCE. lol I'll probably add an auto loan before I get a third card.

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Get it while the getting is good Cass.

We're still in happy sunshine land when it comes to underwriting and lenders trying to push more money into CC portfolios.

Attempting to not make this political, but there's no guaruntee that lasts past this year.

[Anonymous]

I'll echo what @Anonymous said - I don't know how @Anonymous has managed to not add to her two cards in this environment, after this much time. She definitely has more willpower (or score-affect curiosity) than most of us. Certainly more than I do, although I'm proud to admit my last card was opened 14 weeks ago and I haven't even apped at all since!

[GApeachy]

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@Anonymous wrote:

my last card was opened 14 weeks ago and I haven't even apped at all since!

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Weirdo  (jk) 

When Cassie apps we will all be looking to her chart...it's neat.

[Anonymous]

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@Anonymous wrote:

According to CNBC Select, the average American has four credit cards

Americans have an average of 4 credit cards --is that too many?

I suppose I'm decidedly not average.

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In stating that? Does it really matter and/or do we care if we are "outliers"? For my part: lead, follow or get out of the way!

[Anonymous]

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@Anonymous wrote: I came here 9/2018 with 3 cards... lol. The BCE is a great card. If you can get a $200 bonus offer to pop incognito, there's no reason to not go for it.

That's just 3 months before me, which makes your progress even more impressive! I recently received postal mail from Amex offering me the $200 bonus. Last year at this time it was Merrick and Credit One. lol

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@Revelate wrote:  Get it while the getting is good Cass. We're still in happy sunshine land when it comes to underwriting and lenders trying to push more money into CC portfolios.

I hear you. It will be all 'Pollyanna' on CNBC for the next several months, and then: "Well, no one saw that coming!".

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@Anonymous wrote: I'll echo what @Anonymous said - I don't know how @Anonymous has managed to not add to her two cards in this environment, after this much time. She definitely has more willpower (or score-affect curiosity) than most of us.

LOL @ 'in this environment'. I'm just indifferent when it comes to credit cards. Actually more jealous of @Anonymous's Diamond than multiple cards, which in this environment makes me insane.

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@GApeachy wrote: When Cassie apps we will all be looking to her chart...it's neat.

Thanks, @GApeachy.

[mikesonthemend]

I watch CNBC every business day for several hours. I don't believe anything they say. Acorns, and their new CC marketing, Axios and their other Comcast investments scare the hell out of me.

I just keep watching out of habit. Santelli and Kernen are the best, the rest, meh.

[Revelate]

Well this was sourced from Experian’s 2019 State of Credit release.

I pretty much have given up on American news media but at least this piece of data has a valid source behind it.

[M_Smart007]

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@mikesonthemend wrote:

I watch CNBC every business day for several hours. I don't believe anything they say. Acorns, and their new CC marketing, Axios and their other Comcast investments scare the hell out of me.

I just keep watching out of habit. Santelli and Kernen are the best, the rest, meh.

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Wow Joe Kernen is still around? ..I have not watched CNBC in probably like 7-10 years. (Maria B. was on when I watched)

And I think the other name is Richard or Rick Santelli?