How many credit cards can you handle?

For just about anything you want to get off your chest about credit cards.
43 posts
popamode72
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Postby popamode72 » Mon Jan 19, 2015 11:11 pm

CarefulBuilder14 wrote:Did they give a reason that they were closing the account - something specific from your credit report like inquiries or too much available credit? Or it just said something like "based on your Experian report, we have decided to close these accounts"?


It said specifically this.

Based on information obtained from a consumer reporting agency, we’ve
had to close the following account(s):

Specifically, your credit report indicates too many recently opened
accounts.

I've gotten that reason before as a reason when I've been denied CLIs but they never once closed the account then at all. They also said that I have a 12 month period where I can try to get the accounts reopened provided there aren't major changes to the credit report.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)


takeshi
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Postby takeshi » Tue Jan 20, 2015 9:39 am

popamode72 wrote:I'm not so sure lenders are actually looking at AAoA when making these decisions

All factors are taken into consideration. They're not just looking at one thing and not another.

popamode72
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Postby popamode72 » Tue Jan 20, 2015 9:59 am

takeshi wrote:All factors are taken into consideration. They're not just looking at one thing and not another.


I wouldn't be surprised. I called the EO and they are looking at my case and will get back to me in a few business days. Besides the woman getting a little impatient when she tried to ask me who I bank with, it wasn't a difficult process to get something going. Will update with the results.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

upnorth
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Postby upnorth » Thu Jan 22, 2015 12:18 am

I have a Sams MC for Gas and Travel ($30k), an Amex for Costco ($25k) and on-line transactions, A Fidelity visa ($25k) for everything else. I keep alive a Capital one quick silver, and my wife's Discovery by making under $100 transaction every 6 months. In addition my wife has a Target red card. On top of this I have 3 businesses so each has a card. So yes, I do have mild Sciatica!

dj_advantage
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Postby dj_advantage » Sat Jan 24, 2015 9:47 am

I've been keeping it simple and only have two. Freedom for pretty much every purchase and Citi AAdvantage for travel. Big benefit comes from the free checked bag since I travel probably 2-3 times a year minimum.

Highly considering applying for Amex GOLD but didn't want the hard pull since I might be applying for a mortgage soon.

JonE
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Postby JonE » Sat Jan 24, 2015 1:05 pm

I have 4 credit cards not including the Credit One i'm about to cancel (don't ask!)

Chase Freedom, and 3 synchrony Cards (Walmart, Amazon and Care Credit). For the store cards that's it. For bank cards I'm targeting Barclay Sallie Mae and Chase Sapphire Preferred. That will more than likely be it, since I'm already OCD with my cards I have now. I can't imagine the hard time I would have keeping track of more than 6 cards much less 10 or more.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

Darrvao777
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Postby Darrvao777 » Sun Jan 25, 2015 10:07 pm

3

1) spg amex = All my noncategory spend since I value spg points the highest

2) amex platinum = big purchases

3) a chase card of some sort since my favorite redemption for credit card usage is first class upgrades for united. I cycle through the mileageplus Explorer, CSP, and ink plus to continue to be eligible for chase sign-up bonuses every two years
- Fidelity Visa
- Citi Double Cash
- Amazon Prime Store Card

jimmy.lgx
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Postby jimmy.lgx » Tue Feb 03, 2015 4:08 pm

I don't even like to handle more than like 4 or 5. I'm too worried about losing track of one. Equally, I think that having several cards can make it difficult and you can end up spending more than you have really quick.

CardySark
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Postby CardySark » Wed Feb 04, 2015 9:06 pm

I have two that I manage just fine.

My Discover is my every day card that I use like a debit card and pay off in full. I use my AMEX for purchases above $500 since it has a high limit and I won't have to worry about utilization until I hit around $8,000 balance. Depending on the balance, I pay off at least half each period and can usually have it paid off in 2-3 cycles.

cashnocredit
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Postby cashnocredit » Wed Feb 04, 2015 10:05 pm

Two Visas, Two MCs, and one Amex charge card. All from different institutions. Don's see the need in any more.



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