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Have I Gone Credit Card Crazy?

9 Responses to “Have I Gone Credit Card Crazy?”

1. LuckyRobin Says:
   August 22nd, 2012 at 07:58 pm 1345665511
   1345665511
   You probably don't need to get anymore. If you have enough to meet your needs and you have a spare, I wouldn't tempt fate by getting more and more. That way lies the chance to really get yourselves into trouble. Just because you can get it, doesn't mean you should. And it could make things difficult down the road if you need to get a house loan or a car loan if you have too much available credit.

2. Homebody Says:
   August 22nd, 2012 at 08:58 pm 1345669120
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   That's easy....NO!

3. ceejay74 Says:
   August 22nd, 2012 at 09:20 pm 1345670430
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   If I weren't working on bonus cards, I'd keep my total credit cards down to three. I have one that gets good grocery rewards but it's an Amex, which not everyone takes, so I have a Chase Freedom that gets OK rewards that I use for everything else. Then my partner has a Cap One Mastercard.
   
   I have others open, but with plans to spend up to the required amount to get a bonus and then close. If I weren't doing that, I'd keep the number of cards to a minimum. That's my take on the matter.

4. creditcardfree Says:
   August 22nd, 2012 at 09:31 pm 1345671082
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   It is great that your credit score went up and that you are eligible for better offers, however, I would not keep getting more cards. It is too much to keep track of with payments, due dates, closing dates, and it opens you up to spending more than you can pay back in a month.
   
   I would only get a different card, if the new card was better than one I was willing and able to close with a zero balance.

5. Frügal Says:
   August 22nd, 2012 at 11:43 pm 1345679004
   1345679004
   Great advice! Pretty sure I am done with new credit cards.
   
   Question: How does having too much available credit hurt you?

6. wowitsawonderfullife Says:
   August 23rd, 2012 at 12:41 am 1345682470
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   First off, congrats on how far you have come on your credit score. That's amazing work!
   
   Second, I have a debit card and an Amex card. I cancelled my Visa due to the rate once I paid it off. But I do wish I had a Visa or Mastercard because of the flexibility. On the other hand, I don't have any risk of building up any debt.
   
   I have heard that credit scorers make the assumption that you can max out all your cards at the drop of a hat so whether or not you use them you still look like you have that debt. I could be wrong or perhaps things have changed in the last 10 years.

7. LuckyRobin Says:
   August 23rd, 2012 at 01:59 am 1345687157
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   Yes, it is that if you have too much available credit that you could max out at any time, the bigger loan people will think that makes you a higher risk and not loan you as much money based on that. It's such a balancing act really. You want to have enough to build good credit and keep your debt to available credit low, but not have so much available that it risks your credit worthiness later on when you need it for that house loan or car loan.

8. Frügal Says:
   August 23rd, 2012 at 02:02 am 1345687364
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   Wow... I thought the more credit, the better. Especially when you owe nothing and have not owed anything in the recent past. I thought they viewed it as "disposable funds". Hmm... I need to think about this.

9. Frügal Says:
   September 10th, 2012 at 06:18 pm 1347301134
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   Should I cancel any?

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