There are long-term score benefits to having open accounts.
There are immediate score benefits to having (lite utilization) large lines.
I CAN STOP ANY TIME I WANT TO!
If you have to spend $10k and you only have a $15k limit, you have 66.66% aggregate and individual utilization. If you have $100k across 20 cards, you're only using 10% aggregate utilization and you don't get a scoring hit for having more than half of your cards with a balance
Then you have the sub chasers and maximize every reward return group
And some people just think of it as a game.
Because it is a blast to collect - and such a thrill when you see your approval/CLI amount!
Different reasons. Some people do it simply for fun, others for "utilization padding," others for sign up bonuses, and still others seek multiple cards because they use each for different types of purchases.
Never put all your eggs in one basket!
@dunn2500 wrote:am pretty new here but all the threads i read are people just trying to get more and more cards with higher and higher limits.....why would anyone need 100k in credit cards?....or need 10-15 or 30 credit cards.....seems people get so excited on a new card and they already have more cards than they can possibly spend.....or it would seem to me, and than keeping track of all of them....its not to increase your score so what am i missing?
short answer: because we want to.....
longer answer: I have the cards in my signature, and each one has it's own specific use that allows me to gain perks or somethings for free. Except for one card, which just happens to be my oldest open, so i'll keep it open.
Therefor, while 1 card is more than enough for my fiance. For me i have 5+ cards that benefit me massively, and also benefit my fiance to travel for free, or get Amazon Prime for free, all because i use my CC for my everyday spend vs a debit card.
Someone with 15-30 or more cards, likely doesn't use every one of them. But they went after the sign up bonus that got them, likely, a quite a bit of money back. Either in cash, or travel equivelant cash.
If you're paying up front for a credit card, and it's not making you money at the end of the year, then you shouldn't have it.
Everyone should have at least 1 CC, imo, because it's more secure than a debit card. If someone steals your info, it's safer for them to steal credit than have them wipe out your entire bank account and leave you with $0 to live on.
But, not everyone can handle the responsibility of CC's. Thats the only reason Dave Ramsay has any money, because he helps financially irresponsible and immature people. I do, however, use the term "helps" very very loosely.
long story short, we want high limits because it helps keep our overall utilization down, which helps keep our scores high, plus it's fun to grow them. Some of us have a lot of CC's because we've learned to play the game to get free stuff and make someone elses money, work for us.
It's not for everyone.
