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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otherwhitemeat
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Why do some of you have so many cards

Postby otherwhitemeat » Tue Jun 25, 2013 8:05 pm

Why do some of you have so many cards? My credit score is around 715-720, and I have two cards with a 2k limit on each card. I see some of you have 6+ cards, and loads of credit availability.

Is this really necessary?

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

Does having multiple cards help your credit by having more positive reports to your credit?
How often should you use the cards so the bank doesn't close them on you?


cashback
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Postby cashback » Tue Jun 25, 2013 11:20 pm

More cards = Making more $$$
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

paparoach429
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Postby paparoach429 » Tue Jun 25, 2013 11:25 pm

+1.. I put 99% of what I buy on credit and then pay it off monthly usually. That being said, I have roughly 40,000 points with Citi, and over 55,000 with Chase. Not bad for a little over 2 years of using them.

rockyrock
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Postby rockyrock » Wed Jun 26, 2013 1:34 am

otherwhitemeat wrote:Why do some of you have so many cards? My credit score is around 715-720, and I have two cards with a 2k limit on each card. I see some of you have 6+ cards, and loads of credit availability.

Is this really necessary?

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

Does having multiple cards help your credit by having more positive reports to your credit?
How often should you use the cards so the bank doesn't close them on you?


Good question.

If you aren't chasing points then what you are doing is fine. I have cards that are taliored to my traveling or spending habits. If I'm going to do it, I might as well get extra points right?

With all that said, I hope to close down two of my cards over the next few months.

My overall utilization never exceeds 5% in a given month. I also try never to report a balance on more than 25% of my accounts in any given month.

Each grantor is different about usage and closing. If there is an AF they will probably not close your account due to inactivity. My Sears card had no AF and was closed due to inactivity a few years ago.

Bottom line is you need to do what is best or works for you.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

Marcov719
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Postby Marcov719 » Wed Jun 26, 2013 1:47 am

Necessary yes and no. For example, those who travel are going to want a card with no foreign transaction fee.

But I feel organized this way. While I might not have 6+ cards like Member, lol, I have 4. Each serve their own purpose. It really is the best way for me to spread my spendings on specific cards on things I need to purchase. I don't ever max my cards and stay within the recommend utilization percentage and always paid in full every month or sooner. It can also be convenient for those times when a business won't accept your card like a AmEx or Discover.

pac4toon
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Postby pac4toon » Wed Jun 26, 2013 2:21 am

I have 6 cards, 3 in my wallet (CSP, BCE & BoH HawaiianAirlines) & 3 in my sock drawer (FHB Priority Rewards, Chase Slate & CapOne). I rarely carry cash- most I have is $10-$20 & some loose change.

I like the points, cash back & airline mileage my cards give me. Oh and the no foreign transaction fee (CSP) My overall utilization is 4% & I always PIF.
In my wallet:
AmEx PRG/ BoH Hawaiian Airlines WEMC / Chase Freedom /

In my sock drawer:
AmEx HHonors & BCE

MemberSince99
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Postby MemberSince99 » Wed Jun 26, 2013 5:59 am

Here's something no one else may tell you - NO it's not necessary to have that. At least it's not for me.

I'm finding having 8 cards with limits well over 50k total is insane for me personally. I think up to 4 cards is what I can manage, after that it gets too hard.

So my ideal mix is Amex BCP for gas groceries and department stores, Amex charge, Chase CSP for travel and dining out, and my FNBO Amex for the nice limit and decent rewards (and it's a card that can grow).

Associated will be first and after that I will likely weed the BofA cards. It's just too big of a hassle for me personally having 8 cards. I never come close to using the available limits either.

I don't know how long you have until the bank closes them for inactivity. Every bank is probably different.

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FastSRT8
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Postby FastSRT8 » Wed Jun 26, 2013 11:17 am

I think it's because people secretly want to make trips to the garden.
Carpe diem quam minimum credula postero!

MemberSince99
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Postby MemberSince99 » Wed Jun 26, 2013 11:21 am

FastSRT8 wrote:I think it's because people secretly want to make trips to the garden.


Careful there, the Amex bear has his eye on you

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FastSRT8
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Postby FastSRT8 » Wed Jun 26, 2013 3:00 pm

LOL. I love the Amex bear and I believe the feeling is mutual


MemberSince99 wrote:Careful there, the Amex bear has his eye on you
Carpe diem quam minimum credula postero!



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