@calyx wrote:It's a hobby, it's a game, it's giving me a few extra pennies.
And honest, the utilization can be important. I had an off cycle reporting that jolted my utilization high and dropped my score by a lot and it hurt me as I was getting a loan at the time. It wasn't too terrible (3.2% vs 2.9%), but over the long haul, it might've been annoying.
I do category spend, CC benefits, and I like SUBs. That makes for a lot of cards (to get the cat spend right), but I don't think it's a bad thing as long as I only spend the money I have.
I should also add that the main reason I am trying to get my limits up is that the average CL is a factor in CBIS scores... so I'm just trying to make sure they balance out that 1200CL that Chase thinks I need on my Freedom
Interesting, didn't know that about CBIS scores. I believe my state bans insurance companies from using credit history/scores for determining insurance premiums, so I've never really had to think much about CBIS.
Total Loan Balance: $43k / $65k
Total SL: $78k
@coreysw12 wrote:I don't have lots of high-limit cards, but here's why I'd like to have more.
- I put north of $10k in spend on my cards every month (sometimes even $15k), while I have only $26k in available limits. That means I have to carefully and aggressively pay each of them down before each statement cuts, or else my report shows ridiculously high utilization and my scores tank. Having higher limits would reduce that burden.
- Sometimes I don't get reimbursed for work expenses in time before a statement cuts, and I have no choice but to let it report a huge balance.
- Sometimes I have to make multiple payments on a card each month if the card has a lower limit than I spend on it in a month. It would be nice to only have to make 1 payment a month.
- The more cards I have, and the earlier I get them, the less impact opening another new account will have on my average account age.
- There are still more cashback/rewards cards I want and don't have yet.
Man, if I could use my personal cards for my work expenses (lots of extended hotel stays...usually in the thousands of dollars total)...I'd put SOOO much spend on my cards... 
@OmarGB9 wrote:
@coreysw12 wrote:I don't have lots of high-limit cards, but here's why I'd like to have more.
- I put north of $10k in spend on my cards every month (sometimes even $15k), while I have only $26k in available limits. That means I have to carefully and aggressively pay each of them down before each statement cuts, or else my report shows ridiculously high utilization and my scores tank. Having higher limits would reduce that burden.
- Sometimes I don't get reimbursed for work expenses in time before a statement cuts, and I have no choice but to let it report a huge balance.
- Sometimes I have to make multiple payments on a card each month if the card has a lower limit than I spend on it in a month. It would be nice to only have to make 1 payment a month.
- The more cards I have, and the earlier I get them, the less impact opening another new account will have on my average account age.
- There are still more cashback/rewards cards I want and don't have yet.
Man, if I could use my personal cards for my work expenses (lots of extended hotel stays...usually in the thousands of dollars total)...I'd put SOOO much spend on my cards...
I used to do that...then they issued corporate cards. It was great while it lasted, I got a nice stockpile of United miles and Marriott points out of it.
There was a stretch when I was averaging about $3K/month just on hotels.
@coldfusion wrote:
@OmarGB9 wrote:
@coreysw12 wrote:I don't have lots of high-limit cards, but here's why I'd like to have more.
- I put north of $10k in spend on my cards every month (sometimes even $15k), while I have only $26k in available limits. That means I have to carefully and aggressively pay each of them down before each statement cuts, or else my report shows ridiculously high utilization and my scores tank. Having higher limits would reduce that burden.
- Sometimes I don't get reimbursed for work expenses in time before a statement cuts, and I have no choice but to let it report a huge balance.
- Sometimes I have to make multiple payments on a card each month if the card has a lower limit than I spend on it in a month. It would be nice to only have to make 1 payment a month.
- The more cards I have, and the earlier I get them, the less impact opening another new account will have on my average account age.
- There are still more cashback/rewards cards I want and don't have yet.
Man, if I could use my personal cards for my work expenses (lots of extended hotel stays...usually in the thousands of dollars total)...I'd put SOOO much spend on my cards...
I used to do that...then they issued corporate cards.
There was a stretch when I was averaging about $3K/month just on hotels.
Yea I probably average that or a bit more, depending on location and duration of assignment. The only good thing I get out of this is lots of free hotel points/status upgrades I otherwise never would've accumulated, so that helps a little. 
I can't speak for everyone but I see it as a game of leveraging in order to obtain financial freedom. (as well as free money from reward/cash back) For example, to me, a 50-100k limit is equivalent to startup capital for a business venture without the need to attract outside investors, etc.
Starting FICO 8s | 06/2018: EX 601 ✦ EQ 605 ✦ TU 590
@coreysw12 wrote:
@calyx wrote:It's a hobby, it's a game, it's giving me a few extra pennies.
And honest, the utilization can be important. I had an off cycle reporting that jolted my utilization high and dropped my score by a lot and it hurt me as I was getting a loan at the time. It wasn't too terrible (3.2% vs 2.9%), but over the long haul, it might've been annoying.
I do category spend, CC benefits, and I like SUBs. That makes for a lot of cards (to get the cat spend right), but I don't think it's a bad thing as long as I only spend the money I have.
I should also add that the main reason I am trying to get my limits up is that the average CL is a factor in CBIS scores... so I'm just trying to make sure they balance out that 1200CL that Chase thinks I need on my Freedom
Interesting, didn't know that about CBIS scores. I believe my state bans insurance companies from using credit history/scores for determining insurance premiums, so I've never really had to think much about CBIS.
Yup - here are a list of states that limit it.
I haven't lived in any of them in my adult life, so it matters.
My last shopping for insurance excursion was amazing. I went from my bad credit and paying >200/mo for one vehicle to paying ~100 for two vehicles (same deductibles/limits, provisions, etc).
(no tickets/accidents/etc)
@calyx wrote:
@coreysw12 wrote:
@calyx wrote:It's a hobby, it's a game, it's giving me a few extra pennies.
And honest, the utilization can be important. I had an off cycle reporting that jolted my utilization high and dropped my score by a lot and it hurt me as I was getting a loan at the time. It wasn't too terrible (3.2% vs 2.9%), but over the long haul, it might've been annoying.
I do category spend, CC benefits, and I like SUBs. That makes for a lot of cards (to get the cat spend right), but I don't think it's a bad thing as long as I only spend the money I have.
I should also add that the main reason I am trying to get my limits up is that the average CL is a factor in CBIS scores... so I'm just trying to make sure they balance out that 1200CL that Chase thinks I need on my Freedom
Interesting, didn't know that about CBIS scores. I believe my state bans insurance companies from using credit history/scores for determining insurance premiums, so I've never really had to think much about CBIS.
Yup - here are a list of states that limit it.
I haven't lived in any of them in my adult life, so it matters.
My last shopping for insurance excursion was amazing. I went from my bad credit and paying >200/mo for one vehicle to paying ~100 for two vehicles (same deductibles/limits, provisions, etc).
(no tickets/accidents/etc)
I can see how it would have its upsides and downsides. The downside is that I'm currently paying $150/mo regardless of my score, when it might otherwise be cheaper now that my scores are better. The upside is that I was also "only" paying $150/mo before when my score was down in the 400's
I get why they do it - their research shows that people who manage their credit poorly have higher accident rates, for some reason. Makes sense. But it's awful that everyone who is in a tough financial situation is being charged higher rates than people who are doing well, which I suppose is why some states like mine ended that practice.
It's already expensive enough as it is, being poor. Payday loans with insane interest, check cashing fees, late fees, overdraft fees, fees on top of fees on top of fees, having to buy cheaper goods that don't last as long, driving unreliable cars with no warranties, etc. It's ironically very expensive being poor. So it's good that people with worse credit (which often translates to lower wealth) at least get the same insurance rates as everyone else, at least in my state and a few others.
@coreysw12 wrote:
@calyx wrote:
@coreysw12 wrote:
@calyx wrote:It's a hobby, it's a game, it's giving me a few extra pennies.
And honest, the utilization can be important. I had an off cycle reporting that jolted my utilization high and dropped my score by a lot and it hurt me as I was getting a loan at the time. It wasn't too terrible (3.2% vs 2.9%), but over the long haul, it might've been annoying.
I do category spend, CC benefits, and I like SUBs. That makes for a lot of cards (to get the cat spend right), but I don't think it's a bad thing as long as I only spend the money I have.
I should also add that the main reason I am trying to get my limits up is that the average CL is a factor in CBIS scores... so I'm just trying to make sure they balance out that 1200CL that Chase thinks I need on my Freedom
Interesting, didn't know that about CBIS scores. I believe my state bans insurance companies from using credit history/scores for determining insurance premiums, so I've never really had to think much about CBIS.
Yup - here are a list of states that limit it.
I haven't lived in any of them in my adult life, so it matters.
My last shopping for insurance excursion was amazing. I went from my bad credit and paying >200/mo for one vehicle to paying ~100 for two vehicles (same deductibles/limits, provisions, etc).
(no tickets/accidents/etc)I can see how it would have its upsides and downsides. The downside is that I'm currently paying $150/mo regardless of my score, when it might otherwise be cheaper now that my scores are better. The upside is that I was also "only" paying $150/mo before when my score was down in the 400's
I get why they do it - their research shows that people who manage their credit poorly have higher accident rates, for some reason. Makes sense. But it's awful that everyone who is in a tough financial situation is being charged higher rates than people who are doing well, which I suppose is why some states like mine ended that practice.
It's already expensive enough as it is, being poor. Payday loans with insane interest, check cashing fees, late fees, overdraft fees, fees on top of fees on top of fees, having to buy cheaper goods that don't last as long, driving unreliable cars with no warranties, etc. It's ironically very expensive being poor. So it's good that people with worse credit (which often translates to lower wealth) at least get the same insurance rates as everyone else, at least in my state and a few others.
It's not that their accident rates are higher, it's that they're more likely to file a claim (which makes sense, poor credit = probably poor access to money/wealth, so more need to file a claim vs paying direct to keep claims low).
I see a lot of people saying "but, it's not fair, just because I don't have credit doesn't mean I drive worse" which is a misunderstanding of the system. That's not actually the risk to the insurer. (without going into whether it's fair or not).