Credit Cards: What you got?

[enayes]

I'm mainly doing this thread to map out my own credit card history for myself. Please feel free to share your own and your opinions on credit cards.

Facts:
1. You can use credit cards and MAKE MONEY.
2. If you pay off your balance each month, there are ZERO downsides to credit cards.
3. Don't be afraid.

I'm going to list my open and closed accounts with the benefits I received from each card in parentheses.

OPEN:
1. Bank of of America Cash Rewards ($200 signup bonus/rewards)
2. Barclay Arrival ($275 for travel)
3. American Express Blue Cash ($150 bonus/rewards)
4. Capital One Venture ($290 for travel)
5. Citi Double Cash (no signup bonus but have earned over $100 in cash back)
6. Discover IT miles ($150 for travel)
7. Barclay Cash Forward (over $150 in cash back)
8. American Express Blue Cash Preferred (over $175 in cash back)
9. American Express Everyday ($100 bonus cash back)

CLOSED:
1. Chase Freedom (over $200 in bonus/rewards)
2. Capital One Quicksilver (over $150 in cash back)
3. Discover IT ($150 cash back bonus)
4. Citi Preferred ($200 in gift cards)
5. Chase Hyatt (2 free nights at $500 hotel in NYC)
6. Citi Hilton (closed)
7. Citi Premier ($500 in gift cards)
8. British Airways (50K miles)
9. Citi AA (50K miles)
10. Chase IHG Hotel ($400 towards hotel stays)

I opened my first card in June of 2013 at the age of 23. I am now 26 and have opened a total of 19 cards.

I have NEVER PAID a single penny in interest or fees to a credit card company.

:pimp:

[dazzer87]

http://media2.giphy.com/media/D5fi4Fl50ThCw/giphy.gif

[ALBballer]

I'm thinking about signing up for the Chase Sapphire Preferred Card. 50k points ($625 value) and the points can be used with different travel programs.

Currently have the Soutwest Visa but I have too many Southwest points.

[enayes]

I'm thinking about signing up for the Chase Sapphire Preferred Card. 50k points ($625 value) and the points can be used with different travel programs.

Currently have the Soutwest Visa but I have too many Southwest points.

I can't easily reach the 3K spending requirement in 90 days right now or I would be looking at that card as well. It is considered one of the best travel rewards cards.

[arkain]

I use credit cards and pay them off fully every month. Best way to build credit if you don't have a mortgage or loans.

I don't have as many as OP though (maybe it's a myth but have read that having a lot of cards isn't good).

1. Chase Freedom Visa (good cashback)
2. Discover It (good cashback)
3. AMEX Blue Cash

That's it. But just those 3 still give me more than enough available credit for large purchases, although never been close to the limit yet.

[enayes]

I use credit cards and pay them off fully every month. Best way to build credit if you don't have a mortgage or loans.

I don't have as many as OP though (maybe it's a myth but have read that having a lot of cards isn't good).

1. Chase Freedom Visa (good cashback)
2. Discover It (good cashback)
3. AMEX Blue Cash

That's it. But just those 3 still give me more than enough available credit for large purchases, although never been close to the limit yet.

From my own research there appears to be some truth to that, but it is minimal. Loan companies/banks look at whether your current accounts are in good standing. It doesn't matter how many you have, as long as they are in good standing.

With that said, your credit score is supposed to take a small hit with each application and approval of a new card, but then bounce back shortly. I haven't really noticed a negative change in my score as I went from 1 card to 19.

Even so, when I do close an account, I always make sure they note that it was closed "per my request". So it show that it was my decision and not the banks to close it.

Ideally keeping any account open is better than closing it. But I don't really want to have 20+ cards to store at my house, so I've decided to keep my active list at 10 or below.

[Velocirap31]

1% cash back is all I use, my only card. Kind of lame, but it ends up being $100 a year. Beats using cash which I lose and a debit card that gives me nothing but fees.

[stalkerforlife]

OP is the king of credit cards.

What's your credit score, bro?

[enayes]

OP is the king of credit cards.

What's your credit score, bro?

It moves between 740-770. Would be higher but the average age of my accounts is low. Once I've had multiple cards open for 3+ years it should pass 800.

[enayes]

1% cash back is all I use, my only card. Kind of lame, but it ends up being $100 a year. Beats using cash which I lose and a debit card that gives me nothing but fees.

If you've been using that card responsibly you should be able to qualify for a higher rewards card.

[chosen_one6]

I've only had a line of credit for a year and my score is a 740. I have 4 credit cards and a car loan that I got 6 months ago.

I thought getting a good credit score was hard. This shit is easy af

[stalkerforlife]

It moves between 740-770. Would be higher but the average age of my accounts is low. Once I've had multiple cards open for 3+ years it should pass 800.

:applause:

I live vicariously through my GF and get her credit cards...she's at about 630. I'm trying to get her high enough for a home loan so we can stop paying outrageous rent.

[dazzer87]

It moves between 740-770. Would be higher but the average age of my accounts is low. Once I've had multiple cards open for 3+ years it should pass 800.
Dude in order to pass 800 you will need more than applying for more CC.... Maybe trying getting a big loan (mortgage)

[enayes]

Dude in order to pass 800 you will need more than applying for more CC.... Maybe trying getting a big loan (mortgage)

Maybe, there's really no benefit to getting over 800 anyway. Once you are over a certain score around (730) you get the best interest rates as someone with a score over 800.

[enayes]

Educational bump.

[Hawker]

Guess I can't really hate if you're paying it off every month. I guess I more or less just hate on the system of preying on people to suck them into to paying money to the banks.

Kudos to you dude. Are those rewards something you automatically get just by signing up? 50k miles is a ****load on my current frequent flyer memberships.

[ai9]

Maybe, there's really no benefit to getting over 800 anyway. Once you are over a certain score around (730) you get the best interest rates as someone with a score over 800.

Yeah, credit scores can change for the stupidest of reasons anyway. I had a car loan that I was paying off on time every month, and my score went up to something like 820 just before my last payment. Then I paid off the last month, and all of a sudden my score dropped to 750, because the act of paying off the loan "closes" the account. I was basically punished for paying off my loan :biggums:

So yeah, there's no really point worrying about a meaningless score. Just do whatever makes the most sense financially. If you can take advantage of the sign up bonuses and responsibly pay off all your debts, then go ahead and sign up of the credit cards. The credit score does take a hit every time you apply, but screw it, it's a dumbass score anyway.

[BigBoss]

I'm mainly doing this thread to map out my own credit card history for myself. Please feel free to share your own and your opinions on credit cards.

Facts:
1. You can use credit cards and MAKE MONEY.
2. If you pay off your balance each month, there are ZERO downsides to credit cards.
3. Don't be afraid.

I'm going to list my open and closed accounts with the benefits I received from each card in parentheses.

OPEN:
1. Bank of of America Cash Rewards ($200 signup bonus/rewards)
2. Barclay Arrival ($275 for travel)
3. American Express Blue Cash ($150 bonus/rewards)
4. Capital One Venture ($290 for travel)
5. Citi Double Cash (no signup bonus but have earned over $100 in cash back)
6. Discover IT miles ($150 for travel)
7. Barclay Cash Forward (over $150 in cash back)
8. American Express Blue Cash Preferred (over $175 in cash back)
9. American Express Everyday ($100 bonus cash back)

CLOSED:
1. Chase Freedom (over $200 in bonus/rewards)
2. Capital One Quicksilver (over $150 in cash back)
3. Discover IT ($150 cash back bonus)
4. Citi Preferred ($200 in gift cards)
5. Chase Hyatt (2 free nights at $500 hotel in NYC)
6. Citi Hilton (closed)
7. Citi Premier ($500 in gift cards)
8. British Airways (50K miles)
9. Citi AA (50K miles)
10. Chase IHG Hotel ($400 towards hotel stays)

I opened my first card in June of 2013 at the age of 23. I am now 26 and have opened a total of 19 cards.

I have NEVER PAID a single penny in interest or fees to a credit card company.

:pimp:

Whats the limit on those cards? I'm seeing a lot of flexing here with this post, but at the end of the day you just got a lot of plastic cards. Keep it 100.