Why do some of you have so many cards

For just about anything you want to get off your chest about credit cards.
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Postby im_mr_awesome » Wed Jun 26, 2013 9:11 pm

I have at least 25 accounts listed in CreditKarma. I have 9 credit cards, a bill-me-later account, a car loan, and the rest are student loans. My account mix is rated as an A, and I think you can only get there if you have over 22 accounts. A good credit mix can get you in with a lender even if you don't have the highest score in the world. Maybe it's just been my luck, but that's my experience.
Scores on the mend...
FICO: 654 (7/2017, AMEX), Vantage: 663 (CK)
Cards I Use Amex Premier Rewards Gold, Discover IT, Capital One QuickSilver MC, Amex Gold Delta (for the free bag)
Sock Drawer Chase Amazon, AE Visa, CareCredit, several store cards for util padding
Next Card Amex Everyday

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Postby AMEXPlatino86 » Wed Jun 26, 2013 9:13 pm

I prefer to deal with the quality vs the quantity so I can't take on anymore. I want a business card and I'm just gonna call it quits for now.
Wells Fargo Platinum 2.100 (5/2011-cld 7/12/14)
AmEx Platinum (6/12)
Barclays Apple (6/12)
AMEX Gold Delta (5/13)
Marriott Rewards (7/14)

My credit score :cool:
EQ: unknown
EX: 776
TU: 774

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Postby takeshi » Wed Jun 26, 2013 9:23 pm

otherwhitemeat wrote:Is this really necessary?

Define your notion of necessary. For some it is. For some it isn't. Even if it isn't life isn't solely about what's necessary. Do you only use what's truly necessary -- food, water, shelter & air? Probably not.

Preferences/needs/wants/budgets/etc all vary from person to person. Your $4K total limit wouldn't accommodate my monthly spend, for example. The different rewards I get aren't necessary but they do make for a lot of gravy. The different benefits I get aren't necessary but they're even more gravy. I recently opened an AmEx card account primarily for the effect on AAoA since it backdates to 1998 for me.

otherwhitemeat wrote:I mean i know the benefit of having the large unused credit available, but is that the only reason to have so many cards?

Not at all. Again, reasons vary from person to person and there are many potential reasons whether it's rewards, benefits, lowered utilization, chasing sign on bonuses, the buzz of having many cards or whatever.

otherwhitemeat wrote:Does having multiple cards help your credit by having more positive reports to your credit?

If you know the benefit of having large unused credit available (low utilization) then you should understand the positive effect it has on one's credit. If my credit limits equalled my monthly spend I'd have very high utilization. Instead, my utilization is <5% due to my total credit limits which is ideal.

otherwhitemeat wrote:How often should you use the cards so the bank doesn't close them on you?

Depends on the bank. They don't all have identical policies. I use all of mine at least once a month but that's really just my preference as I find it easier to keep track of things.

Z06Biker wrote:What would the 22-24 other accounts be comprised of? Houses, boats and cars?

Student loans, closed accounts... They don't all have to be open. I have well over 20 but a much smaller number of open accounts.

rockyrock wrote:Bottom line is you need to do what is best or works for you.

^ Like many topics in life, this.

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Postby beef.stu » Thu Jun 27, 2013 5:35 am

Im looking to add a fifth card eventually, a discover It, because of the chance to earn more cash back. Thats probably why most people have a lot of cards. A single card will more than likely not be enough to maximize possible cash back for someones spending patterns.

I do find it beginning to get annoying having to manage 4 cards, but mint.com helps me keep track of everything.
(01/10) - Wells Fargo Cash Back VISA Signature
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae Commence WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature
(01/17) - Amazon Prime Rewards Visa Signature

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