Am I The Only One Who Dont F With Credit Cards?

[DaChampIsHere]

don't work like that....
banks look at ur credit to debt ratio. Having more available credit actually helps.

Find me one source that says having 8 credit cards while making under 50K with other bills/rent is a good a idea.

Would you approve someone for a line of credit with stats like that? If so, No wonder we are in a financial crisis.

 

[Rarely-Wrong Liggins]

It's not about it being a "good idea" in YOUR mind. It's about what the reality is. My credit score has gone up because I have more lines of credit with low balances.



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[klientel]

Find me one source that says having 8 credit cards while making under 50K with other bills/rent is a good a idea.

Would you approve someone for a line of credit with stats like that? If so, No wonder we are in a financial crisis.

I don't need to find a source....I'm speaking from experience

My score went through the roof as I added more and more available credit while keeping my utilization low.

Plus any credit score report always tells you your credit to debt ratio or credit utilization, it's the biggest factor in determining your score.

 

[Rarely-Wrong Liggins]

Dude must be confused. Thinking of credit inquiries or something like that.

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[klientel]

http://www.reuters.com/article/2012/04/18/us-credit-cards-howmany-idUSBRE83H0U620120418

"You can't have 'too much credit,' but you can utilize too much credit," says Anthony Sprauve, a spokesman for FICO, the company that calculates the leading credit scores. "Credit utilization (amounts owed as a percentage of available credit) counts for 30 percent of a person's credit score. The more of someone's available credit they are using the bigger negative impact on their credit score."

 

[DaChampIsHere]

I don't need to find a source....I'm speaking from experience
My score went through the roof as I added more and more available credit while keeping my utilization low.
Plus any credit score report always tells you your credit to debt ratio or credit utilization, it's the biggest factor in determining your score.

It's not about it being a "good idea" in YOUR mind. It's about what the reality is. My credit score has gone up because I have more lines of credit with low balances.
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Whatever you say brehs. The only way this method seems good is if your credit is already in the shytter.

I see what you all are saying to build credit up, but I don't know of any source that will recommend that off GP cause it's too much of a slippery slope. I don't think most people with great credit already just have 8 open lines of credit because it makes no sense. There's a reason only 2 are recommended.

 

[DaChampIsHere]

Can you have too many credit cards? | Reuters

I can post an article that will say it is a bad idea and that it does look bad. It even aludes to such being bad at the end of that article and that it does get the face.

 

[Rarely-Wrong Liggins]

Your original statement said that too many lines of credit was a bad idea. The article refuted that stating you can't have too much credit. You wanted a source and he gave it to you.

Everyone knows USING too much credit hurts your score. But having and using are two different things.


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[drugxglory]

I use mine everywhere, except bars. I get rewards on mine so why not? If i fill up with my debit card i get nothing. If i fill up with my rewards card i get 3% cash back.

Pay it at the end of each month.....i just never use my debit card.

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I been thinking about doing this. I had my credit card for about 2 months but never activated it yet. I might come up with that rewards.

 

[JP_614]

I only use mine to pay for gas and some bills and i pay it off asap

 

[Ghostface Trillah]

Find me one source that says having 8 credit cards while making under 50K with other bills/rent is a good a idea.

Would you approve someone for a line of credit with stats like that? If so, No wonder we are in a financial crisis.

A CC is pretty much a loan. Having 8 credit cards is like having 8 people willing to loan you money. As long as you don't owe unmanageable amounts of money on those 8 "loans" then you're good and will keep getting approved for more As long as you have good standing open credit lines

 

[H.R. Pufnstuf]

straight cash, homie

 

[Midwest]

why on good gods earth does one person need 8 credit cards? Explain please

 

[winb83]

Statistically people who use credit cards spend more money than people who purchase with cash. Also most reward programs earn pennies on the dollar so they're not really worth it if you end up spending more to get the rewards. A real underwriter can use utility payments rent payments and your actual income to approve you for a mortgage and you should never take out a loan to buy a car anyway.

Credit cards are dangerous which is why banks and retailers go to such great lengths to get you to have them

 

[Ghostface Trillah]

why on good gods earth does one person need 8 credit cards? Explain please

Like I said, imagine having 1 person that will loan you money.

Now imagine having 8 people that will loan you money.

You might never borrow money from like 6 of them ever but its good to know you can if need be.