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-   -   How many credit cards do you have? (http://www.thefinanceforums.com/showthread.php?t=2095)

butler68 09-24-2008 03:55 PM

How many credit cards do you have?
 
How many credit cards do people have?
How much do you own in total?

Sharp211 09-24-2008 05:03 PM

Re: How many credit cards do you have?
 
I have 2 cards. One with CapitalOne and one with Chase. Total of $1000, but I'm beginning to pay them off. CapitalOne is down to about 350 and Chase is at 400 or so.

kjb516 09-24-2008 08:20 PM

Re: How many credit cards do you have?
 
I have 2 cards. One is a Visa that I use for the vast majority of my purchases (for the 1% cash back) and pay off the entire balance every month. The other one is an Amex (first credit card I ever got) and has a $0 balance.

I keep the Amex for my extremely rare online and phone purchases since their customer service is far surperior should I have a dispute with these charges. I've also heard that it can help your credit rating by keeping your oldest credit card active (anyone know if this is true or not?).

sahota7 09-25-2008 07:03 AM

Re: How many credit cards do you have?
 
I hold a visa solo and amex! One is on £0, but the other is unfortuantely on £492... :) lol, I am paying off the minimum every month though, need the money for investing! :D

But once I pay my card off im planning to hide it from myself, I dont think I can control my urges to buy new things, its quite bad really... owwh. I tried getting another credit card and got refused with a credit rating at 2! :O

in2dwww 09-26-2008 01:47 AM

Re: How many credit cards do you have?
 
I hold 2:

Amex Gold
Discover Platinum

VISA is worthless - mainly because all merchants accept it and that makes it too easy to spend money I don't have.

User Name 09-26-2008 10:15 PM

Re: How many credit cards do you have?
 
Quote:

Originally Posted by kjb516 (Post 9061)
I've also heard that it can help your credit rating by keeping your oldest credit card active (anyone know if this is true or not?).

This is true. You do not want to close your oldest credit history.

I have a total of 4 with no balance on any currently. I use one for everyday purchases and pay it off every month to avoid interest. I use it to improve my FICO and to take advantage of cash back. I do not carry any cards except that one CC, especially ATM/Debit cards, for the sole purpose of not having to deal with fraud or lost/stolen cards, as debt/ATM cards are easy theft and are extremely hard to fight with to be reimbursed for lost funds. Not to mention, if someone did get your ATM/Debt card and use it or withdrawal cash, it would put you in a far worse position then with a CC.

User Name 09-26-2008 10:18 PM

Re: How many credit cards do you have?
 
Quote:

Originally Posted by in2dwww (Post 9092)

VISA is worthless - mainly because all merchants accept it and that makes it too easy to spend money I don't have.

Not so. With good decision making and self-control, Visa is a great card due to the fact it is widely accepted. A lot of people have issues with compulsive spending habits, but this is due to the person, not the CC company. I prefer AMEX Blue cash back.

Natemcdo 10-06-2008 02:14 AM

Re: How many credit cards do you have?
 
One with a credit of $9800 now, and a $0 balance, I use it for everything, as I receive cash back, but have never missed a payment :) They keep sending me offers and lowering the interest hoping i'll go nuts. Suckers!

promgr 10-09-2008 01:35 AM

Re: How many credit cards do you have?
 
Credit card companies are making huge cuts to existing credit lines for an increasing percentage of their users. The key would seem to be diversification and to me that means spread your business over multiple card companies.

skins_fan 10-09-2008 05:02 PM

Re: How many credit cards do you have?
 
I would think the same as promgr that banks would be cutting credit lines (and probably are in most cases).

But I just had one of my cards raise my credit line by $4,500 and I didn't initiate a request. Go figure.

APE Michelle EPA 10-27-2008 04:36 PM

Re: How many credit cards do you have?
 
Personal - Amex Hilton and Citi Hilton - the DS and I like to go away from the kids :-)
Business - Amex Blue.

We usually pay off full monthly balance.

rogerthert 10-29-2008 08:25 PM

Re: How many credit cards do you have?
 
I have 2 major credit cards. A Sears Mastercard, and a Capital One Card. I have a department store card from a jewelry store as well. My debt is as follows:

c/c one i owe about $3,100 on. c/c two is about $270, and my store dept card is about $170. so you could say to pay off all my c/c / loans it would take me about $3,600.

LifeisGood 11-11-2008 12:46 PM

Re: How many credit cards do you have?
 
I have just one credit card from Bank of America.

Dallas Dollars 02-09-2010 02:01 PM

Re: How many credit cards do you have?
 
I have 1 and its associated with my bank.

Wade Stoddard 03-10-2010 03:34 PM

Re: How many credit cards do you have?
 
2 and I pay off the balances every month as EVERYONE SHOULD. I know some use them in a very difficult situation but a personal line of credit might be a better option in these situations. Really look at the long term risks of barrowing money you do not HAVE. I am glad they changed the CC rules so people don't get too lost in debt.

Wade Stoddard


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