How Many Credit Cards Do You Have?

[Mrs. Gooch]

does having a billion cards affect your credit in a bad way?  probably been covered before.

Also, should I lower my credit limits? How much is too much?

[steve dave]

does having a billion cards affect your credit in a bad way?  probably been covered before.

Also, should I lower my credit limits? How much is too much?

more like good way, no unless a bank won't give you another card because you already have too much credit with them (LOOKING AT YOU CHASE)

[meow meow]

that's kind of what I was thinking, if you are paying them all of each month, that would seem like a healthy use of credit, but the literature out on the 'webs kind of says the opposite.  I was interested in hearing from you steve dave, since you are the king of credit cards, and just acquired a new house.  a bigger house will probably be in my short term future and just wanted to make sure these cards wouldn't impact the amount we'd be approved for.  but i'm guessing other factors, notably income, is probably a bigger factor.

[steve dave]

Yeah, go nuts

[puniraptor]

the only real score points impact comes from "average age of credit" stats. just keep some old free cards open to adjust for the effect.

credit is bullsit anyway. once you get your house and car locked down, just go nuts

[Spracne]

the only real score points impact comes from "average age of credit" stats. just keep some old free cards open to adjust for the effect.

credit is bullsit anyway. once you get your house and car locked down, just go nuts

So, just keep my Freedom card until I die?

[steve dave]

the only real score points impact comes from "average age of credit" stats. just keep some old free cards open to adjust for the effect.

credit is bullsit anyway. once you get your house and car locked down, just go nuts

So, just keep my Freedom card until I die?

the only reason you wouldn't do this is if you want to get the sign up bonus again in 2 years. other then that, yes.

[sys]

if you only have a few cards, go ahead and (over time) open up a few no annual few cards with non chase, non citi banks.  it immediately helps your credit utilization % and over time it'll help your average account length.

[Spracne]

the only real score points impact comes from "average age of credit" stats. just keep some old free cards open to adjust for the effect.

credit is bullsit anyway. once you get your house and car locked down, just go nuts

So, just keep my Freedom card until I die?

the only reason you wouldn't do this is if you want to get the sign up bonus again in 2 years. other then that, yes.

Newb Q:  As long as it has been whatever period of time (18 months, 24 months, whatever) since you received the bonus, can you basically cancel a card and then turn around and reapply the next day to get the bonus?  Or does a card need to be cancelled for some period of time before you are eligible for the bonus again?  Or does it vary substantially depending on the card/contract?

[steve dave]

the only real score points impact comes from "average age of credit" stats. just keep some old free cards open to adjust for the effect.

credit is bullsit anyway. once you get your house and car locked down, just go nuts

So, just keep my Freedom card until I die?

the only reason you wouldn't do this is if you want to get the sign up bonus again in 2 years. other then that, yes.

Newb Q:  As long as it has been whatever period of time (18 months, 24 months, whatever) since you received the bonus, can you basically cancel a card and then turn around and reapply the next day to get the bonus?  Or does a card need to be cancelled for some period of time before you are eligible for the bonus again?  Or does it vary substantially depending on the card/contract?

yes, it just has to be that amount of time since you had the bonus with chase. have to have cancelled the card but can almost immediately re-apply. different banks are different though. some say it has to be so long since you had the card (Amex business cards). some let you get the bonus on the same card that you still have open.

[sys]

citi is now from when you cancel.

[Mrs. Gooch]

citi is now from when you cancel.

So you have to wait 18 months after you cancel?

Here's what the AA card says...
"American Airlines AAdvantage® bonus miles not available if you have had a Citi® / AAdvantage® Platinum Select® MasterCard® opened or closed in the past 18 months."

So does that mean you could still get the new bonus if you don't cancel the card, as long as you opened it 18+ months ago?

[420seriouscat69]

I had Ms. wacky sign up for the premier sw card. She gets 50,000 points once we hit 2K. Our apt ppl actually let us use the card the last two months if we paid a $20 fee to do it. It was well worth it. Marco Island here we come in August.

[sys]

So does that mean you could still get the new bonus if you don't cancel the card, as long as you opened it 18+ months ago?

no.

American Airlines AAdvantage® bonus miles can be earned by new Citi® / AAdvantage® Platinum Select® MasterCard® cardmembers approved through this offer.

[Mrs. Gooch]

So does that mean you could still get the new bonus if you don't cancel the card, as long as you opened it 18+ months ago?

no.

American Airlines AAdvantage® bonus miles can be earned by new Citi® / AAdvantage® Platinum Select® MasterCard® cardmembers approved through this offer.

Well that would mean you can never get it again if you have had that card before...

[sys]

except that they state that they will consider you new if it's been 18 months since you last opened or closed an account.

[ksupamplemousse]

I had Ms. wacky sign up for the premier sw card. She gets 50,000 points once we hit 2K. Our apt ppl actually let us use the card the last two months if we paid a $20 fee to do it. It was well worth it. Marco Island here we come in August.

Is she doubling up on cards to get the Companion Pass? She should really do that.

[420seriouscat69]

I had Ms. wacky sign up for the premier sw card. She gets 50,000 points once we hit 2K. Our apt ppl actually let us use the card the last two months if we paid a $20 fee to do it. It was well worth it. Marco Island here we come in August.

Is she doubling up on cards to get the Companion Pass? She should really do that.

hmmm... Maybe we should look into that.

[Tobias]

no maybe about it, wacks

[420seriouscat69]

 

[michigancat]

so the SW shopping portal worked! Got the companion pass! But the flight I wanted to use it on is sold out and I'm afraid to cancel one of the passengers and risk losing the spot. oh well.

[steve dave]

so the SW shopping portal worked! Got the companion pass! But the flight I wanted to use it on is sold out and I'm afraid to cancel one of the passengers and risk losing the spot. oh well.

steve dave's advice helped another person!

[Mrs. Gooch]

except that they state that they will consider you new if it's been 18 months since you last opened or closed an account.

Ok so Gooch got that AA Citi card in February. So should he cancel now so that the 18 month clock starts now? But then he would have had that card a really short time so that will be bad for his credit.....

[Dr Rick Daris]

except that they state that they will consider you new if it's been 18 months since you last opened or closed an account.

Ok so Gooch got that AA Citi card in February. So should he cancel now so that the 18 month clock starts now? But then he would have had that card a really short time so that will be bad for his credit.....

if he has the points, cancel. it won't hurt his credit.

[ksupamplemousse]

So, along those same lines. If I have a card with an annual fee that I got strictly for the bonus, should I just cut it loose after the points hit my account? Is it better to wait 11 months and then cancel if I'm not planning on getting it again, or if there is no restrictions regarding churning on that particular card? For example, I'm going to get the Companion Pass next month on like the 17th or 18th, once I've confirmed that I have it do I just cancel those cards?