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

[Midwest]

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.

Has 0 to do with my question... He said he has 8 credit cards.. explain this?

 

[Rarely-Wrong Liggins]

He said he has 8 credit cards.. explain this?

Okay, stay with me here; I applied for, and was approved for, eight credit cards.

 

[AgentGrey]

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.

school a young nikka, what is the benefit of owing multiple people??
maybe im over-simplifying, but wouldnt it be in best interest to owe as few people as possible
or do u have multiple just for the fukk of it and never use most of them?

 

[Midwest]

I have eight. Definitely helps your credit. But if you have high balances that hurts your credit. So keep them paid off.

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I will ask one more time why do you need 8 credit cards?

 

[ineedsleep212]

I honestly still haven't gotten one, but only plan on using it to get things online. I don't get how people really kill themselves with credit cards and stuff. Soon as I'm purchasing something that costs x amount of dollars with my credit card, I'm putting x amount of dollars on the side to pay that. I don't like anybody owing me money so I wouldn't expect anyone to like me owing them money.

I work in a bodega though and some people are ridiculous. Dudes trying to pay for gum with a credit card.

 

[Rarely-Wrong Liggins]

I will ask one more time why do you need 8 credit cards?

"You can't have 'too much credit,' but you can utilize too much credit. 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."

 

[winb83]

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.

If you have a properly funded emergency fund you won't ever need a credit card. Depending on when you opened those you might wanna close some of those accounts cause its just more chances to have your identity compromised.

 

[Midwest]

OK now I think you are trolling.. How long is your credit history and what is your debt to income ratio?? There is 0 reasons to have 8 credit cards all open at one time.

 

[Rarely-Wrong Liggins]

OK now I think you are trolling.. How long is your credit history and what is your debt to income ratio?? There is 0 reasons to have 8 credit cards all open at one time.

No, I just answered your questions. You're getting a little too personal now breh.

 

[Midwest]

No, I just answered your questions. You're getting a little too personal now breh.

OK I got my answer I will move along now

 

[Rarely-Wrong Liggins]

nikkas want your whole credit history to settle an internet argument. FOH.

 

[DaChampIsHere]

or do u have multiple just for the fukk of it and never use most of them?

The thing with credit cards, if you don't use the ones you have, it still looks bad and sometimes they get cancelled if you don't use them.

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.

There's no upside to owing more people money + interest.

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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You're credit score may improve but you still look shiitty and like a liability to anyone who sees that list of cards, which is why it states at the end of that article what it does. Do you get what I am saying now?

It is also very stupid to pay continual interest on something that has a base price if you have the money at once. If you are buying things you don't have money for, again, that is stupid.

There are other (better) ways to get your credit up if that's what you are looking for honestly. Opening up credit lines is probably the stupidest way because you have all those entries on your report amongst other things

 

[Ghostface Trillah]

school a young nikka, what is the benefit of owing multiple people??
maybe im over-simplifying, but wouldnt it be in best interest to owe as few people as possible
or do u have multiple just for the fukk of it and never use most of them?

No benefit of "owing" multiple people. You guys are looking at it wrong.

A credit card is like somebody saying "you my nikka Rey,if you need 1000 dollars I got you,all you gotta do is give me 1050 if you give it back all at once but if you can't pay it all back at the same time you gotta give me 1500 dollars"

Now let's say you borrow the 1000 and give back the 1050. You and the dude good now and he knows you're good for it. He tells his people who tell you "yo Rey, I see you good with your money if you need 1000 dollars I got you,all you gotta do is give me 1040 if you give it back at once but if you can't pay it all back at the same time you gotta give me 1400 dollars,but just for borrowing from me I'm gonna give you a free soda to show you I appreciate you .

You could borrow money from both of them,but there's not really a need to. The second one is a better offer but if you needed the first one he's still there. Replace dudes with CC's.Get it?

 

[AgentGrey]

No benefit of "owing" multiple people. You guys are looking at it wrong.

A credit card is like somebody saying "you my nikka Rey,if you need 1000 dollars I got you,all you gotta do is give me 1050 if you give it back all at once but if you can't pay it all back at the same time you gotta give me 1500 dollars"

Now let's say you borrow the 1000 and give back the 1050. You and the dude good now and he knows you're good for it. He tells his people who tell you "yo Rey, I see you good with your money if you need 1000 dollars I got you,all you gotta do is give me 1040 if you give it back at once but if you can't pay it all back at the same time you gotta give me 1400 dollars,but just for borrowing from me I'm gonna give you a free soda to show you I appreciate you .

You could borrow money from both of them,but there's not really a need to. The second one is a better offer but if you needed the first one he's still there. Replace dudes with CC's.Get it?

preciate it breh. i know about interest and such, I just didnt understand having multiple cards. But that puts it in clear perspective.

 

[Ghostface Trillah]

There's no upside to owing more people money + interest.

I never said there was. Having outlets to borrow money from =/= actually borrowing the money