Just had to say....

For just about anything you want to get off your chest about credit cards.
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FastSRT8
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Postby FastSRT8 » Tue May 21, 2013 6:25 pm

I may be old school and a minority with this sort of thinking but WHY would anyone be so keen to apply for so many cards. I for one don't want to 'broadcast' my personal and private information to credit card companies.
Carpe diem quam minimum credula postero!


cashback
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Postby cashback » Tue May 21, 2013 6:37 pm

FastSRT8 wrote:I may be old school and a minority with this sort of thinking but WHY would anyone be so keen to apply for so many cards. I for one don't want to 'broadcast' my personal and private information to credit card companies.


For profit. Minimal effort can get you about 6K/yr
Credit Cards
Amex BCE 25K ---- PenFed Platinum Rewards 15.5K --- US Bank Cash+ 12K --- Discover IT 6K --- Citi Dividend 5K --- Chase Freedom 12.5K --- Amex SPG 6K --- Citi Thank You Preferred 15K

Not Used
Citi Simplicity - 5K, Sam's Club Discover - 10K

Future Cards
Sallie Mae World Mastercard

FICOs
Exp 772 - TU 781 - Equ 781

MemberSince99
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Postby MemberSince99 » Tue May 21, 2013 6:39 pm

cashback wrote:For profit. Minimal effort can get you about 6K/yr


I remember when that was about my annual income.

MemberSince99
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Postby MemberSince99 » Tue May 21, 2013 7:45 pm

FastSRT8 wrote:I may be old school and a minority with this sort of thinking but WHY would anyone be so keen to apply for so many cards. I for one don't want to 'broadcast' my personal and private information to credit card companies.


Well there are several reasons in my case. First, at this time last year I intended for Amex to become my only creditor for cards, but as I found things don't always go according to plan. In your case, you having the Centurion and a Visa as a backup for when they don't take Amex or if you were to get F/R'd or say the Amex network is down is prudent thinking. So, having more than one source is vital especially for international travel in my view, though even cross country travel might qualify.

Other reasons could be as simple as revolving rewards categories on cards such as Cash+, Freedom and IT. People use what the 5% categories are for those cards.

Some folks also want one card of each major type (Amex, Discover, Mastercard and Visa) so they are covered no matter where they may shop as a few stores take only one type of payment via credit card or maybe only a couple and thus having more choices can be a good thing.

Also, FICO claims that at least 2 major tradelines is vital to a top score, and it seems even 3 or 4 gives a boost as well from my experience.

Last but not least some of us just like having options and relationships with major lenders in case something happens or that changes, or we simply want these cards in our pockets for whatever personal reasons. (People are funny sometimes!)

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FastSRT8
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Postby FastSRT8 » Tue May 21, 2013 10:07 pm

Thanks for the clear explanation.

I'm 'too old' to worry about FICO now. I'll leave that to you capable young guys and gals.

MemberSince99 wrote:Well there are several reasons in my case. First, at this time last year I intended for Amex to become my only creditor for cards, but as I found things don't always go according to plan. In your case, you having the Centurion and a Visa as a backup for when they don't take Amex or if you were to get F/R'd or say the Amex network is down is prudent thinking. So, having more than one source is vital especially for international travel in my view, though even cross country travel might qualify.

Other reasons could be as simple as revolving rewards categories on cards such as Cash+, Freedom and IT. People use what the 5% categories are for those cards.

Some folks also want one card of each major type (Amex, Discover, Mastercard and Visa) so they are covered no matter where they may shop as a few stores take only one type of payment via credit card or maybe only a couple and thus having more choices can be a good thing.

Also, FICO claims that at least 2 major tradelines is vital to a top score, and it seems even 3 or 4 gives a boost as well from my experience.

Last but not least some of us just like having options and relationships with major lenders in case something happens or that changes, or we simply want these cards in our pockets for whatever personal reasons. (People are funny sometimes!)
Carpe diem quam minimum credula postero!

Sevenfeet
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Postby Sevenfeet » Wed May 22, 2013 8:39 am

Yeah, for those of us "younger folks" (heck I'm in middle age), it's all about saving money or rewards. If I had "Centurion" money, I'd probably feel the same way as you and pare down my credit card portfolio to two products.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)



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