How Many Credit Cards Do You Have?

[steve dave]

Nice work dobs. Now apply for a few more.

[slobber]

What is the reason for wanting more credit? Or, is this really just a test you have placed in front of me?

your credit score is partially based on the ratio of credit you are using to the credit available to you.  in theory*, the higher your score, the more free stuff banks will give you to apply for their credit cards.



*- in reality, raising or lowering your limit on one card probably doesn't impact your ability to rape banks at all, but still.

After I sent that, I realized you were probably saying that I should increase my ratio. I have a high credit score already. I doubt I can increase it too much at this point. Thanks for the tip. I got some reading to do to catch up on what is next!

[slobber]

Nice work dobs. Now apply for a few more.

As a guy who hasn't applied for credit cards in forever, should I keep a little bit of distance between each application? I am probably not going to go crazy with this, but we do fly SW some, so I might get that card as well. Would I be better served to wait a few weeks or a month?

[steve dave]

Nice work dobs. Now apply for a few more.

As a guy who hasn't applied for credit cards in forever, should I keep a little bit of distance between each application? I am probably not going to go crazy with this, but we do fly SW some, so I might get that card as well. Would I be better served to wait a few weeks or a month?

No, you should apply for between 3 and infinity (depends what you can make the minimum spend on) on the same day about 4 times a year. the reason is that the cards don't see you applying for shitloads of credit because it is all in the same day. But, right now, you don't have anything to worry about because you have baller credit and almost no available credit (if this is the only card you have right now). The problem with the SW card now is that you just got a Chase card. Chase wants you to wait a few months between applications. You can plan out your strategy by applying for a card from each bank at each "churn" date. Today you should apply for the 50k AA card (Citi), one of the US Air cards (Barclays), and an Amex (I'd go with the 50k business gold card).

AA Card (spend $2,500 in first 4 months): https://www.citicards.com/cards/acq/Apply.do?promocode=altch&ProspectID=8EA705F8D3114B43A1014F9E651A65E1&app=UNSOL&sc=4XKIWCH1&m=ZGOGOZZZZZW&langId=EN&siteId=CB&B=S&screenID=3001


35k US Air Card (miles after first purchase): https://www.barclaycardus.com/app/japply/WebAppGate.jsp?obchannel=057&browserUserAgent=Mozilla%2F4.0+%28compatible%3B+MSIE+8.0%3B+Windows+NT+5.1%3B+Trident%2F4.0%3B+.NET+CLR+2.0.50727%3B+.NET+CLR+1.1.4322%3B+.NET+CLR+3.0.4506.2152%3B+.NET+CLR+3.5.30729%3B+.NET4.0C%3B+.NET4.0E%3B+Zurich+Financial+Services%29&campaignId=1695&clickid=&outboundAdLocation=031&sqGroup=20&prodidreq=CCMWC47808&obcreative=0000000&product.IowaEnable=false&partnerid=654&ibchannel=26&appcreative=01030&landcreative=000000&referrerid=&listid=&obadloc=031&landpage=00000&campaignid=0001695&prescreenId=&legacy=true

50k Gold Business Amex (have to spend $5k in 3 months): http://www262.americanexpress.com/landing-page/business-cards/sclp/bgold/pm0003/42732?PID=14&BUID=SBS&PSKU=BGR&CRTV=BGR50K&VEID=1581187314&AFFID=k547978

[slobber]

One last question, and then I will try not to be a bother since you have been very helpful to so many other people in this thread already.
Would you show my what the column headings that are on your personal cc spreadsheet? Again, I am not likely going to go crazy on this, but if I decide to get crazy, I think I should have this set up in a manageable fashion.

[steve dave]

One last question, and then I will try not to be a bother since you have been very helpful to so many other people in this thread already.
Would you show my what the column headings that are on your personal cc spreadsheet? Again, I am not likely going to go crazy on this, but if I decide to get crazy, I think I should have this set up in a manageable fashion.

I have the card name, when I applied, what the bonus is, what the min. spend is to get it, what the annual fee is. I mark the annual fee "cancelled" once I cancel it. Then I have a running list of all the cards I have or had so I can time when to apply again. You may want more info on yours though. I would suggest a bank column at least and probably one with what benefits each card has and what categories you get spend bonuses for each until you have that memorized. Also, you should apply for the same cards you apply for under mrs. dobber's name if you can meet the minimum spend.

[Mikeyis4dcats]

dobber just got in the cc game. I have collected airline/hotel points in the basic manner for years. I am anti credit card when people actually use them for credit vs. 30 days SAC. However, you all have convinced me that I have been a complete idiot by not taking advantage of these free miles. I was just approved for the unitedexplorer for 50,000 pts plus the 5k for an additional user.

I will say that when I saw the crazy amount they approved me for, it reminded me of the time that my then current CC company called me up and wanted to raise our credit to $100,000. I asked them, "What do you think I am going to use my cc for? To buy a house?"

How do I get them to lower the credit limit when I apply online?

good for you, dobber.  you don't want them to lower your limit, unless you're a heroin addict or something like that.  to prove your not an idiot, see if you can get them to raise it.

don't want a huge unused credit line either, that also counts against you.    I had 2 credit cards that ended up with credit lines in the 30-50k range, so I requested both be lowered

[steve dave]

don't want a huge unused credit line either, that also counts against you. 

I don't believe this is accurate

[The Tonya Harding of Twitter Users Creep]

little bit ot here: is my card only going to show a balance like a week before my first payment is due? i kinda just wanna pay it off in full whenever i can because my limit sucks and i wanna use this bad boy for everything. like how long is a payment only a transaction? seems like my debit card allows crap to go through right away.

[steve dave]

little bit ot here: is my card only going to show a balance like a week before my first payment is due? i kinda just wanna pay it off in full whenever i can because my limit sucks and i wanna use this bad boy for everything. like how long is a payment only a transaction? seems like my debit card allows crap to go through right away.

I have no idea. it should be like a day or two.

[The Tonya Harding of Twitter Users Creep]

little bit ot here: is my card only going to show a balance like a week before my first payment is due? i kinda just wanna pay it off in full whenever i can because my limit sucks and i wanna use this bad boy for everything. like how long is a payment only a transaction? seems like my debit card allows crap to go through right away.

I have no idea. it should be like a day or two.

appreciate it, friend.

[Mikeyis4dcats]

don't want a huge unused credit line either, that also counts against you. 

I don't believe this is accurate

perhaps it's changed with the new algorithms, but it used to be that access to too much credit counted against you, in that without warning you could max out all your accounts and then default.    With the change in BK and the way FICO's calculated, that may have changed.

[steve dave]

the new credit scoring rules were very friendly to the mileage earner

[Mrs. Gooch]

don't want a huge unused credit line either, that also counts against you. 

I don't believe this is accurate

perhaps it's changed with the new algorithms, but it used to be that access to too much credit counted against you, in that without warning you could max out all your accounts and then default.    With the change in BK and the way FICO's calculated, that may have changed.

Yeah, I thought it was not good to have too much available credit. Or if you already have a certain amount of available credit on cards with a single bank then maybe that would limit the credit line they'll give you on a new card (from that same bank).

Used my Chase Sapphire card for the first time at Subway yesterday and the guy was like "Wow, this card is heavy!"

[steve dave]

don't want a huge unused credit line either, that also counts against you. 

I don't believe this is accurate

perhaps it's changed with the new algorithms, but it used to be that access to too much credit counted against you, in that without warning you could max out all your accounts and then default.    With the change in BK and the way FICO's calculated, that may have changed.

Yeah, I thought it was not good to have too much available credit. Or if you already have a certain amount of available credit on cards with a single bank then maybe that would limit the credit line they'll give you on a new card (from that same bank).

yeah, each bank will limit you to a certain amount of credit but that has nothing to do with your credit score.

['taterblast]

i've been feeling pretty elite watching pud cashiers struggle to find the magnetic strip on my CSP card.

"it's not your typical card, honey" -

[slobber]

Thanks for all of the pro-tips! I have always carried one credit card and I use it regularly, so I am not a full on Ramsey man. I think it has about a $10k limit. I will look into the other opportunities sd and anyone else has mentioned.

I must say, if there are any credit card doubters reading this, this morning I feel kind of like:

I've seen a lot of changing, in the way you feel about me, and in the way I feel about you. In here, there were two guys killing each other, but I guess that's better than twenty million. I guess what I'm trying to say, is that if I can change, and you can change, everybody can change!

[steve dave]

Was just thinking about the USA/AA merger. One thing that you will now be able to book one way awards on USA (hopefully). Pisses me off a lot that you can't book one ways on USA or Delta.

[kitten_mittons]

Pretty sure the rule is 80/20 which means to use 20% of the credit issued to you. The actual ideal # is something like 16% but 80/20 is easier to remember than 84/16.

[wetwillie]

Pretty sure the rule is 80/20 which means to use 20% of the credit issued to you. The actual ideal # is something like 16% but 80/20 is easier to remember than 84/16.

Dr. Credit has spoken

[steve dave]

Pretty sure the rule is 80/20 which means to use 20% of the credit issued to you. The actual ideal # is something like 16% but 80/20 is easier to remember than 84/16.

Don't think this applies any longer

[The Whale]

Pretty sure the rule is 80/20 which means to use 20% of the credit issued to you. The actual ideal # is something like 16% but 80/20 is easier to remember than 84/16.

Don't think this applies any longer

This mattered a lot more 5-10 years ago when there were 0%, 0 fee BTs that you could throw into a high yield savings account.   You didn't want to be using 80%+ of your available credit for fear of getting limits cut.

These days, if you're revolving 80% of your available limit, you probably shouldn't have credit cards. 

Or you've found a way to make money off of it.  In which case, PMs.

[kitten_mittons]

Pretty sure the rule is 80/20 which means to use 20% of the credit issued to you. The actual ideal # is something like 16% but 80/20 is easier to remember than 84/16.

Don't think this applies any longer

Well, for SD-like credit scores it won't make a difference.  For people with average scores it could become a factor.

[Phil Titola]

Two SWA chase cards received March 1st, today...Companion Pass achieved.  Guess I'll have to start enjoying southwest through 2014.  Texas Tech is definitely on the schedule, no way I'm driving out to that nuclear fallout zone.

SD, what should be my next challenge?

[CrushNasty]

No, you should apply for between 3 and infinity (depends what you can make the minimum spend on) on the same day about 4 times a year. the reason is that the cards don't see you applying for shitloads of credit because it is all in the same day. But, right now, you don't have anything to worry about because you have baller credit and almost no available credit (if this is the only card you have right now). The problem with the SW card now is that you just got a Chase card. Chase wants you to wait a few months between applications. You can plan out your strategy by applying for a card from each bank at each "churn" date. Today you should apply for the 50k AA card (Citi), one of the US Air cards (Barclays), and an Amex (I'd go with the 50k business gold card).

35k US Air Card (miles after first purchase): https://www.barclaycardus.com/app/japply/WebAppGate.jsp?obchannel=057&browserUserAgent=Mozilla%2F4.0+%28compatible%3B+MSIE+8.0%3B+Windows+NT+5.1%3B+Trident%2F4.0%3B+.NET+CLR+2.0.50727%3B+.NET+CLR+1.1.4322%3B+.NET+CLR+3.0.4506.2152%3B+.NET+CLR+3.5.30729%3B+.NET4.0C%3B+.NET4.0E%3B+Zurich+Financial+Services%29&campaignId=1695&clickid=&outboundAdLocation=031&sqGroup=20&prodidreq=CCMWC47808&obcreative=0000000&product.IowaEnable=false&partnerid=654&ibchannel=26&appcreative=01030&landcreative=000000&referrerid=&listid=&obadloc=031&landpage=00000&campaignid=0001695&prescreenId=&legacy=true

50k Gold Business Amex (have to spend $5k in 3 months): http://www262.americanexpress.com/landing-page/business-cards/sclp/bgold/pm0003/42732?PID=14&BUID=SBS&PSKU=BGR&CRTV=BGR50K&VEID=1581187314&AFFID=k547978

I'm in a little bit of a dilemma. Have a contract on a house but don't have the mortgage rate locked in because I'm still 90-days+ out on closing date. I want to get the Gold Biz AmEx and Barclays USAir Card (will apply same day if I go through with it) to have handy to buy furniture and stuff - so hitting the spend limits will be taken care of with ease.

My question - is it worth taking the credit hit for getting 2 new cards right before shopping around for a mortgage rate? (My credit score is very good today, if that makes a difference.) Are the points worth risking a higher rate? If i do nothing, I could just throw everything on my CSP I currently have and pick up those two cards in Sept (given they're still around) and probably still make the spend requirements... What say you, gE fam?