I know we have been discussing how many accounts are too much etc, but I am curious for those who have 20+ accounts as to why you carry so many?? If your limits are close to 100k combined why would you need that much credit, of course one would never use this all. I realize with credit building you acquire higher limits and better rates, then wouldn't you rather close the lower ones?? This is just an honest question, not trying to slam anybody for having great credit, I am just curious??? Mom
RE: Just curious about multipl I would like to know the same thing also. I personally have come to the realization that I only need 4 cards: Macy's: Because I shop there all the time and like the special discounts for card holders, coupons, etc. I always pay off in full to avoid that ridiculous 21% interest rate. Am/Ex: Enough Said! I use it in place of my Check card. It also limits my spending cause you have to pay off in full. So no buying stuff frivilously. I've also managed to climb out of debt faster by using this card since I can't send in a little more than the minimum like I would w/ Visa, MC, or any other revolving card when I'm having a tight month. Visa: Since Am/Ex isn't accepted everywhere obviously. Also, it's nice to have a card for purchases that you need more than 1 month to pay off (like a big ticket item). Visa Check card: (see above) Plus this card is good when you want to buy something in full in cash and the place doesn't except Am/Ex. Sure I could use my regular Visa but I don't want to be tempted to NOT send in the full amount when due. The only bad thing about this card is that if lost or stolen and not reported quickly....someone can drain out your checking account by using it as a Visa card. I've had this happen to me. I had to wait like 4 business days before the credit union credited my account back $1k. That sucked! I'm actually considering just carrying my ATM card only because of this! If I loose my ATM card...big deal cause no one has the pin. So I guess my goal is after I get my credit back on track...I'm getting rid of all cards except for these 4. All the cards that I have now are strictly for credit rebuilding purposes. Plus I got my wallet jacked 2 days before Xmas and it's a @!#$ to have to call TEN places to cancel! I'd rather call only 3 or 4.
RE: Just curious about multipl Out of my 20+ accounts, only one Capital One Diamond Mastercard has a 20 annual fee, the others are all no annual fees. Yes if I was paying annual fees say 20-85 per card for annual fee, Yes you are wasting money in that case with this many cards. Plus you are always getting teaser rates in the mail long after the promotional offers are over. Cap 1 Diamond and Fleet Gold are my only cards under 5,000. 18 Bank Cards, you can use these anywhere. A lot of people have cards you can only use at the merchant's store, there again I would cancel all. 10 Bank Cards have free online bill pay which I beleive makes it easy to handle this many accounts. Did you ever receive a preselected offer in the mail saying you are preapproved from 5,000 - 100,000, did you ever wonder, who the hell gets that much. I may never come close to that number, but well over a 100K on all cards. The reason for keeping the Cap 1 is to be upgraded to Platinum status one day, as I think this is one of the hardest cards to acquire. Those are my thoughts on your question Momof3.
RE: Just curious about multipl Guilty. I have a lot of cards. It all started when I was 18 and I had this goal of getting a card for every department store in NYC (where I lived). I've just always been fascinated by credit cards. Those cards are long gone and now my "portfolio" is mostly major credit cards with some assorted stores that I tend to frequent. Why? It's really professional curiousity. I work for a major credit card issuer and I like to stay on top of what is available in terms of service, benefits, websites, promotions, etc. I participate in market and competitive research. As you say, I really don't need all this credit, in fact, I have lowered some of my limits. Except for a brief period of time in my youth when I went overboard on my credit (moving into my first house) and spent like crazy, I have been a mostly pay-in-full customer. I only revolve balances when necessary, and only at promo rates. I enjoy using credit cards and I get a lot of personal satisfaction from hopefully helping others also have good experiences with them. Additionally, I am grateful and interested to learn more about credit and credit cards from others. I've learned a lot from you guys and I'm thankful to have found this board. Obviously, I am still fascinated by credit cards. Kat http://creditexpert.tripod.com/home.htm
RE: Just curious about multipl I don't have a ton of credit cards, but I have over $300,000 in credit card limits. I certainly don't need this much, and at my age, I doubt I'll ever need that much. Because I pay all balances every month, I could probably get by with a small-limit subprime card. So, why do I keep so much? Because I worked damned hard to establish my credit. After a nasty divorce from a 46-year mistake of a marriage, I didn't have a single credit line, and I started out with a $200 Capital One (then Signet) Visa card. Instead of going out and sniffing around to find myself some damned old man to take care of me, I spent all my time taking care of myself and working carefully to build my credit and invest the judge's gifts from my divorce settlement wisely. Pulling off a high credit capacity has been a major accomplishment for me. When I threw out my husband, I didn't know if I'd ever have anything. Now it's nice to know that I can have just about anything I could possibly want! Hell, if I were a tad bit meaner, I could always max out everything and leave my six kids with a hefty bill after my execution or whatever finally takes me under. Hey! Those 54 months of carrying them and all those nasty diapers I changed on their butts as well as on THEIR kids' butts should be worth quite a few bucks! By the way, I get great interest rates! I make it a point to play the poor-sweet-little-old-lady card with the banks for all it's worth! Your golden years can certainly be something to look forward to
RE: Just curious about multipl I have that many to play the float. I pay my accounts in full every month. I keep a list of all my accounts closing dates in my wallet. I've requested from each of my credit cards specific closing dates. 1st, 5th, 10th, 15th etc. I charge on card A from the 2d until the 6th, card B from 6th to 11th. etc. This gives me nearly 2 months to pay. I get the interest from my money market account for those two months. I never revolve a balance, so I'm getting an interest free loan.
RE: Just curious about multipl Thanks for all your answers. I hope noone took this the wrong way. I was just curious that's all Mom
You are right Jim I don't know about creditors but mortgage is a whole different ball game they don't like too many accounts with/without balances. You could buy your house then the next month max out all your cards. I have been told this by several lenders personally. Now how other creditors view this I don't know. Mom
RE: Just curious about multipl BACK IN THE OLDEN DAYS, I HAD TWENTY+ cards because a lot of them were store cards and gas cards...TEXACO, SHELL, STANDARD, MAY COMPANY, HINSHAWS, MONTGOMERY WARDS, SEARS, BROADWAY, PENNEYS...ON AND ON (they were not interchangable, like VISA, MASTERCARD, DISCOVERCARD, AND AMERICANEXPRESS ARE).
RE: Much credit is good!!! Studies show, the average american is a pay check and a half from homelessness!!! If a person has over 300K in credit, I'd say they are powerful enough to get fired from a job....go out buy a couple houses all cash.....rent one live in the other....file BK....and live happ..... How do you really build this kind of credit?????
RE: Much credit is good!!! Yeah dabbling in the dot com bizness, its good to have 4-6 months worth of living expenses(barebones) for credit. Only reason i want $20K of cards, i've never exceeded (in the past year) more than $1k in debt. Its just a comfort factor for when/if the times get worse. Hooray! Fed dropped rates! better times ahead!
