Stephen Snyder/after bankruptcy
J. Vick, I can understand Snyder's stand on how many credit cards. His role is to give out simple, easy to remember bullets that people can repeatedly execute.
From a "keep it simple" standpoint, 3 cards sounds right. I'm sure he's concerned about how much debt any individual can rack up, and he wants people to succeed, not fail.
For you, 5 (or more) cards worked out well. It's too bad he couldn't give a disclaimer along those lines - "not what I tell people, but if it worked for you, great!"
Ch7 BK filed Aug '01 - got $300k+ mtg 5.5% fixed w/5% down and car loan since - no luck, just built up CL w/crap cards and paid them off.
May'03 ->Apr'04 [fako]-FICO
EX 580-> 712
TU 590-> 697
EQ 585-> 679(BK off, gained 3 lousy points!)
balance was 18.5k, now $2k! utilization was 95%, now 10%