How many credit cards can you handle?

For just about anything you want to get off your chest about credit cards.
43 posts
CrisAdams
Green Member
Green Member
 
Posts: 3
Joined: Fri Jan 16, 2015 5:04 am
Location: 3503 Jack Northrop Ave Hawthorne, CA 90250 USA

Postby CrisAdams » Thu Feb 05, 2015 10:49 am

I have 4 credit cards which pretty much takes care of my needs.


aquarius7373
Gold Member
Gold Member
 
Posts: 25
Joined: Wed Feb 11, 2015 5:45 am
Location: Florida

Postby aquarius7373 » Wed Feb 11, 2015 1:49 pm

Whoo! First Comment!

Three is the number thou shall count. But total... I have 11.

Business:
Chase Southwest for business (miles)

Personal Main:
Sallie Mae MC for gas and amazon (5%)
AmEx Blue Preferred for groceries (6%) and everything else (1%)
(may get citi double cash once my average credit age goes up)

Secondary to boost credit line just over 100k:
Home Depot, BBT, Amazon, 2x Macy's, Kohls, JC Penny, Capital One - not even sure what this card is.. :/

Since Barclay's SM covers amazon, and the only store listed here I ever walk into is home depot, none of these other secondary cards ever get used.
[size=60]My Wallet - Primary Cards:
Amex Blue Cash Preferred (25k ~ 6% groceries)
Barclays Sallie Mae (6.3k ~ 5% gas and amazon)
Citi Double Cash Back (5k ~ 2% everything else)

My Wallet - Secondary Cards:
Chase Southwest Business (30k ~ AU)
BBT Visa (10k ~ because visa)
Home Depot Credit (10k)
Amazon Credit (6k)

Not Used:
Cap One Credit (2.15k)
Macy's Charge (1k)
Kohls Charge (1k)
JC Penny Charge (1k)
Macy's Credit (0.5k)

Future Cards:
Cap One Quicksilver Visa (1.5% everything to replace BBT visa)

TCL : $97,950
Credit History : 12 years - always PIF
FICO EQ : 797
FICO TU : 791

I'm a newbie - all advice is appreciated![/size]

User avatar
jumbo
Centurion Member
Centurion Member
 
Posts: 363
Joined: Wed Sep 14, 2011 3:17 am
Location: IA

Postby jumbo » Thu Feb 12, 2015 9:40 am

I had 11, but have already closed 3 of them. Let's see how low can I get. :cheers:
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card

aquarius7373
Gold Member
Gold Member
 
Posts: 25
Joined: Wed Feb 11, 2015 5:45 am
Location: Florida

Postby aquarius7373 » Fri Feb 13, 2015 1:58 pm

Update - Just got approved for Citi Double Cash. Now I have 12. Now I want the Quicksilver Visa so I have at least one Visa with CB.
[size=60]My Wallet - Primary Cards:

Amex Blue Cash Preferred (25k ~ 6% groceries)

Barclays Sallie Mae (6.3k ~ 5% gas and amazon)

Citi Double Cash Back (5k ~ 2% everything else)



My Wallet - Secondary Cards:

Chase Southwest Business (30k ~ AU)

BBT Visa (10k ~ because visa)

Home Depot Credit (10k)

Amazon Credit (6k)



Not Used:

Cap One Credit (2.15k)

Macy's Charge (1k)

Kohls Charge (1k)

JC Penny Charge (1k)

Macy's Credit (0.5k)



Future Cards:

Cap One Quicksilver Visa (1.5% everything to replace BBT visa)



TCL : $97,950

Credit History : 12 years - always PIF

FICO EQ : 797

FICO TU : 791



I'm a newbie - all advice is appreciated![/size]

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3746
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Fri Feb 13, 2015 5:46 pm

I've gotten a 7th card, and the cards are still spread across 5 issuers. I haven't been going to Costco as much, so most of my spending is now on Freedom, CSP, or Sallie Mae.

aquarius7373,

Congrats on your DC approval.

Are you planning on buying a home or car soon? I don't quite understand why you'd keep 7 cards open that you don't use at all when you already have high limits on great cards (and therefore, presumably, an excellent history). Do you spend a lot and just not like to have high utilization report? I know I'd find it a headache to keep open a card I didn't expect to use within a year.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

aquarius7373
Gold Member
Gold Member
 
Posts: 25
Joined: Wed Feb 11, 2015 5:45 am
Location: Florida

Postby aquarius7373 » Sat Feb 14, 2015 9:47 am

CarefulBuilder14 wrote:Are you planning on buying a home or car soon? I don't quite understand why you'd keep 7 cards open that you don't use at all when you already have high limits on great cards (and therefore, presumably, an excellent history). Do you spend a lot and just not like to have high utilization report? I know I'd find it a headache to keep open a card I didn't expect to use within a year.


I'm 25 and have owned two homes and three new cars. The only reason I keep them all open right now is because my average credit line is only 4.2 years old (poor). I use BillGuard to keep track of them all on my phone, so if one is being used I'll be alerted instantly. I've never been into using credit cards, but now that I've been approved for the three cards I want and each will have its own purpose, I will be regularly using them for the benefits.

I'm not sure why you (and plenty others) have said it's a headache to keep open extra cards, but I'm so new to all this, please advise. Hopefully BillGuard will remedy any potentially problems that may result of having extra cards(?).

I know I can get my credit score close to 850 (for fun, I guess), since my reports state that my credit history is poor and I still have a score of 797. I think it'll be quite a few years before I close my department cards (which never get used) unless they close them for me. I still need to go through the T&Cs to see if there are any clauses applying to minimum usage.
[size=60]My Wallet - Primary Cards:

Amex Blue Cash Preferred (25k ~ 6% groceries)

Barclays Sallie Mae (6.3k ~ 5% gas and amazon)

Citi Double Cash Back (5k ~ 2% everything else)



My Wallet - Secondary Cards:

Chase Southwest Business (30k ~ AU)

BBT Visa (10k ~ because visa)

Home Depot Credit (10k)

Amazon Credit (6k)



Not Used:

Cap One Credit (2.15k)

Macy's Charge (1k)

Kohls Charge (1k)

JC Penny Charge (1k)

Macy's Credit (0.5k)



Future Cards:

Cap One Quicksilver Visa (1.5% everything to replace BBT visa)



TCL : $97,950

Credit History : 12 years - always PIF

FICO EQ : 797

FICO TU : 791



I'm a newbie - all advice is appreciated![/size]

User avatar
obxfisherman
Centurion Member
Centurion Member
 
Posts: 106
Joined: Sat Feb 14, 2015 12:32 pm
Location: North Carolina

Postby obxfisherman » Sat Feb 14, 2015 2:16 pm

Currently I had around 13 cards I believe....of course i'm not actively using 13 but even the thought of this many is a little bit much for me personally....In the future i'd like to close some.
Cards Currently In My Wallet(See Avatar)
Chase Marriott Rewards Visa Signature (Daily Purchase): 13.4K
NFCU Visa SignatureCash Rewards: 5K
Sheetz Discount Card 3c Off PerGallon Of Gas Everyday

Total Credit Card Limits Roughly: 61.5K

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3746
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Sat Feb 14, 2015 2:48 pm

I'd also point out that when it comes to allocating spending, it can be a lot easier to manage several plain cash back cards than multiple point-based travel cards with annual fees. It's easy to take an occasional $25 statement credit on a cash back card, or get a $10 gift certificate for a store card.

But for loyalty cards, once you get past a signup bonus, points don’t come in as quickly. To redeem for things of real value, you either need to spend a lot of money on several cards or concentrate your moderate spending into one or two systems.

25000 UR points with a CSP and a little cash for taxes can get you a decent round-trip coach plane ticket that could easily cost $400 or more. One $95 AF, one inquiry, one bill to pay. Just no free rooms or checked bags.

2500 UR points, 2000 Hyatt points, 17,500 Marriott points and 10,000 HHonors points gets you $25 cash, a $10 dining credit (H), a $25 Nike shirt (M), and a $14 Kate Spade luggage tag (HH). You get some big bonuses early on, and maybe status and free rooms make the cards' annual fees worth it for appropriate travelers. But some people seem to forget that it takes 15,000 Hyatt points to actually get $300+ of value. 1,500 Hyatt points are only worth a small fraction of $30. So the 2 Hyatt points on dining that look like they could be worth 4% with no cap may end up only being worth 1% if you don't have enough for a room.

aquarius,

I'll take a look at BillGuard. My concern is that programs I have used like CreditKarma and Mint make it easy to view activity across several cards from one website - but not for all issuers. The major ones like Chase, Amex, etc. make it easy to view activity, but Synchrony (my Brooks Bros card) and some other smallish issuers don't allow it.

Any time I want to take a quick look at Brooks Bros to make sure there's nothing fishy going on with it, I have to log in through the Brooks Bros website. On special sales it can save me 30%, which was nice when I was buying some ties for myself and some Christmas gifts months back. But it is a bit more of a hassle to check for fraud or billing errors. It hasn't had fraud but it has had billing errors.

JC Penney is a Synchrony card, and with the programs I've been using, it would require a separate login ID. But I will definitely try out BillGuard and see if that lets me access Synchrony. Plus, you only have one card with Synchrony, which I didn't realize at first. It looks like the Macy's cards connect easily, which I admit does surprise me a little. So it looks like at least 11 of your 12 cards are easy to monitor, which is good. Maybe Brooks Bros is just unusual in having a lot of billing problems. The CSR at Synchrony did act like it happened often on that card for other account holders.

Final edit: I'm not able to get Synchrony to work on BillGuard.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

aquarius7373
Gold Member
Gold Member
 
Posts: 25
Joined: Wed Feb 11, 2015 5:45 am
Location: Florida

Postby aquarius7373 » Sat Feb 14, 2015 4:34 pm

I actually didn't even know I had a JC Penny card until a few days ago when I got my credit report :/ I'm having trouble getting through to them over the phone. I'll update once I receive my card info, create an account, and can give it a shot.

Edit - Waiting for card to come in the mail. Guess it'll be 7 to 10 business days before I can update :P
[size=60]My Wallet - Primary Cards:

Amex Blue Cash Preferred (25k ~ 6% groceries)

Barclays Sallie Mae (6.3k ~ 5% gas and amazon)

Citi Double Cash Back (5k ~ 2% everything else)



My Wallet - Secondary Cards:

Chase Southwest Business (30k ~ AU)

BBT Visa (10k ~ because visa)

Home Depot Credit (10k)

Amazon Credit (6k)



Not Used:

Cap One Credit (2.15k)

Macy's Charge (1k)

Kohls Charge (1k)

JC Penny Charge (1k)

Macy's Credit (0.5k)



Future Cards:

Cap One Quicksilver Visa (1.5% everything to replace BBT visa)



TCL : $97,950

Credit History : 12 years - always PIF

FICO EQ : 797

FICO TU : 791



I'm a newbie - all advice is appreciated![/size]

User avatar
CarefulBuilder14
Centurion Member
Centurion Member
 
Posts: 3746
Joined: Thu May 08, 2014 7:42 pm
Location: United States

Postby CarefulBuilder14 » Sat Feb 14, 2015 6:26 pm

aquarius7373 wrote:I actually didn't even know I had a JC Penny card until a few days ago when I got my credit report :/ I'm having trouble getting through to them over the phone. I'll update once I receive my card info, create an account, and can give it a shot.

Edit - Waiting for card to come in the mail. Guess it'll be 7 to 10 business days before I can update :P


It's definitely odd to not know you have a particular credit card - even with 12. I'm not saying you should be able to recite them all from memory within 30 seconds, but it's not good when an account's existence is a total surprise. Maybe you're an AU on someone else's card? Or it's an individual or joint account you're liable for? Fraud is a possibility, but maybe you were in a store once years ago and rushed through some paperwork to get 10% off that day? I don't shop at JCP, either, but if I saw an open JCP account on my credit report, I'd be pretty freaked out.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 1 guest