I'm 21 and I have 8 credit cards

[pontifex]

Originally posted by: intogamer
Won't you earn better rewards if you spend a lot of money on one card?

wtf?
i'm 25 and i've only ever had 1 credit card at a time. 1 is more than enough to get you in trouble.

 

[Viper GTS]

Haha all of you who think 12 is a lot should go spend some time on creditboards.com.

12 is NOTHING compared to some of the freaks over there.

Viper GTS

 

[LikeLinus]

Originally posted by: pontifex

Originally posted by: intogamer
Won't you earn better rewards if you spend a lot of money on one card?

wtf?
i'm 25 and i've only ever had 1 credit card at a time. 1 is more than enough to get you in trouble.

It's children think it's cool to have a wallet full of plastic. That's why you only see people 18-24 with that many cards.

 

[LikeLinus]

Originally posted by: Viper GTS
Haha all of you who think 12 is a lot should go spend some time on creditboards.com.

12 is NOTHING compared to some of the freaks over there.

Viper GTS

True, but that doesn't make it smart. It's just pointless.

 

[pontifex]

Originally posted by: LikeLinus

Originally posted by: pontifex

Originally posted by: intogamer
Won't you earn better rewards if you spend a lot of money on one card?

wtf?
i'm 25 and i've only ever had 1 credit card at a time. 1 is more than enough to get you in trouble.

It's children think it's cool to have a wallet full of plastic. That's why you only see people 18-24 with that many cards.

i guess i was just brought up smart or something. i didn't get a credit card until i was about 21 i think and as i said, i've only ever had 1 at a time

 

[George P Burdell]

you should try getting it down to 3-4 cards. if you don't need ALL eight cards, start dumping the newest cards. your credit score goes up as the age of your credit history increases, so you definitely wanna keep your oldest cards.

 

[DVK916]

Having more cards can helpy our credit score since it decreases your debt to credit ratio.

 

[DaWhim]

Originally posted by: LikeLinus

That's just retarded. Only a 21yr old would open 12 CC accounts. There's no point in it. Open 1-2 good cards and keep your credit in good standing.

I've got two cards and a corporate card (only used for company travel or procurement). There's seriously not ONE valid reason for having 12 cards.

there are reasons I opened all those credit line...

hsbc = 1% foregin charge. most cc will charge you 2-3%.
disocver = 5% cashback on restaurant purchases
providian = free credit score
citi - professional = free ipod shuffle
citi - div = 5% on gas, supermarket, and drug store purchases
chase universal = my first card
chase sony = $100 credit and 0% apr for 1 year
amex blue = look awesome, always wanted to get it
amex starwood = BVG, fool.

I have a decent credit sore, 730+ and going up.

 

[CraigRT]

I have 1 and it's fine...

 

[Baked]

Originally posted by: DVK916
Having more cards can helpy our credit score since it decreases your debt to credit ratio.

So can increasing the limit of the cards you already have. :roll:

 

[Syringer]

Originally posted by: Baked
WTF... The most I had was 4. I have a 850 credit score.

Uh, shens if you're referring to your FICO.

Originally posted by: Baked

Originally posted by: DVK916
Having more cards can helpy our credit score since it decreases your debt to credit ratio.

So can increasing the limit of the cards you already have. :roll:

What's your point rolly eyes?

 

[alphatarget1]

Originally posted by: LikeLinus

Originally posted by: pontifex

Originally posted by: intogamer
Won't you earn better rewards if you spend a lot of money on one card?

wtf?
i'm 25 and i've only ever had 1 credit card at a time. 1 is more than enough to get you in trouble.

It's children think it's cool to have a wallet full of plastic. That's why you only see people 18-24 with that many cards.

I carry 3 in my wallet.

 

[PhaZe]

What if you have 4 but only use 1. The other 3 are pretty much idle all the time.
I have a capital one that I use mostly. The other three are store cards. One card is best buy card and I got it because I needed like a 100 dollars more to get the TV that I wanted. Once the bill came I paid it off immediately and I haven't used it since. This was last november.

The remaining two cards are clothing stores that I charge like 50 bucks a month at most.

In other words I RARELY use 3 out of 4 CC's that I have. Any problem with that?

 

[Baked]

Originally posted by: Syringer

Originally posted by: Baked
WTF... The most I had was 4. I have a 850 credit score.

Uh, shens if you're referring to your FICO.

Originally posted by: Baked

Originally posted by: DVK916
Having more cards can helpy our credit score since it decreases your debt to credit ratio.

So can increasing the limit of the cards you already have. :roll:

What's your point rolly eyes?

1) Not FICO.

2) 'Cause I want to.

 

[Dunbar]

Originally posted by: PhaZe
What if you have 4 but only use 1. The other 3 are pretty much idle all the time.

Cards that have little or no activity are eventually ignored by the credit bureaus (ie., that credit line isn't counted.) If your total credit line shrinks from say $15k, down to $5k, it can hurt your credit score. Other than that, there's nothing inherently wrong with having lots of CC's. Besides keeping track of them all and avoiding late fees and interest charges.

 

[jadinolf]

Originally posted by: alphatarget1
I'm starting to have trouble keeping up with how many cards I have. I only use 1 pretty much, with another one sitting in my ING account for free $$$ and the BMW card I just got because they don't charge foreign transaction fees.

Oh, come on, get at least a half dozen more.:evil:

 

[essasin]

You must have been suckered into the free gifts for sigining up or just frequent a lot of stores. I'm a couple years older than you and have only 2 credit cards.

 

[sniperruff]

i have 4 but 2 is all i need. dividend and amex blue.

 

[Lithium381]

I'm 21, have 2 cards which are paid off completely at the end of every month. In my entire life i've only ever paid one late fee(unless you count the library )

 

[jstack]

I'm 21 and only have one credit card and an ATM card I rarely ever use. I get CC offers everyday but I prefer to just have one card. It's much easier to keep track of; besides I really don't need more than one anyway.

 

[Suspicious-Teach8788]

Originally posted by: shortspanishguy

Originally posted by: Viper GTS
No, it's not too many.

Obviously if you were using them all & racking up debt it would be a problem, but having lots of cards open is not a big deal.

Viper GTS

Agreed I have 12 cards in my name and I only use my chase rewards card. My credit score was recently pulled and I have a 760. Just dont be stupid.

edit: I am 24

That's why your sore is low. If you had half that number off cards, I bet you would be above 780.

Originally posted by: LikeLinus

Originally posted by: DaWhim
nope. I have 11 and 21 y/o

HSBC
Discover
Providian
Citi - Professional
Citi - Dividend
Chase - Universal
Chase - Sony
Amex - Blue
Amex - Starwood

2 store credit cards.

That's just retarded. Only a 21yr old would open 12 CC accounts. There's no point in it. Open 1-2 good cards and keep your credit in good standing.

I've got two cards and a corporate card (only used for company travel or procurement). There's seriously not ONE valid reason for having 12 cards.

QFT. You are completely correct. Most people are just idiotic and don't get what a good CC is. Here are 2 CCs that you need and that's IT...

1) Citibank Platinum Select - 5% groceries, gas, drug stores. 1% everything else
2) AMEX TrueEarnings Costco card - 3% eating out, 2% travel, 1% everything else.

Problem solved. AIrline miles? Hotel rewards? Cash back is more worth it if you think about it.... Foolish.

 

[Reckoner]

Amazon Visa
Amex Clear
Amex Starwood
Citi Divident Plat Select
Citi Diamond Preferred
Visa Platinum
Schwab Visa
Discover

23 years old.. 746 Credit Score.

 

[Suspicious-Teach8788]

Originally posted by: PaulNEPats
Amazon Visa
Amex Clear
Amex Starwood
Citi Divident Plat Select
Citi Diamond Preferred
Visa Platinum
Schwab Visa
Discover

23 years old.. 746 Credit Score.

I dont understand you people... I'm 19 and I have a 730 based on CCs only. I don't have loans, nothing... just CCs.

 

[rh71]

I have too many also... I only use 2 or 3 of them - the ones with the cashback rewards... wish the rest would just go away without penalty.

 

[Reckoner]

Originally posted by: DLeRium

Originally posted by: PaulNEPats
Amazon Visa
Amex Clear
Amex Starwood
Citi Divident Plat Select
Citi Diamond Preferred
Visa Platinum
Schwab Visa
Discover

23 years old.. 746 Credit Score.

I dont understand you people... I'm 19 and I have a 730 based on CCs only. I don't have loans, nothing... just CCs.

Plat Select is for the Cash back
Amazon for amazon purchases
Schwab visa for that 150 gift card promo (fixed 7.9 APR doesn't hurt either)
Amex Clear for price protection and no late fees
Starwood for Hotel visits and rewards
Visa platinum is the bank card
Diamond Preferred was another 100 Gift Card
Discover was the first card I ever applied for