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Barefoot Bandit
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Future GOAT PF
Re: How many credit cards is too many?
18 accounts? thats gonna look great on your credit report
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Re: How many credit cards is too many?
Parents have 8-10 with a total credit line of $400k. A couple with 0% apr with one with no transaction fees. If you can manage them while not giving the credit card companies a dime then they are obviously advantageous to have. There were a few rough spots where the parents needed to buy new equipment and utilized balance transfers to fund unexpected business expenses.
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Hold the door
Re: How many credit cards is too many?
My family had a shitload. Over the last months I took over the finances and got everything in my name and connected to the family accounts down to zero with the exception of any interest free stuff that I can pay off within months without getting charged any interest.
Honestly, I think we were up to almost 50k in CC debt. fmd.
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Barefoot Bandit
Re: How many credit cards is too many?
Originally Posted by BGriffin's Dad
18 accounts? thats gonna look great on your credit report
The number of accounts you have has very little effect on your credit score/report. It's all about how they are managed, card utilization, on time payments, etc.
My credit score has only gone up since I started my credit card churning.
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High School Varsity 6th Man
Re: How many credit cards is too many?
Never knew about churning until now.
How bad is it for your credit score when you close accounts? to avoid paying the annual fees.
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Barefoot Bandit
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Land o' Lakes
Re: How many credit cards is too many?
Originally Posted by enayes
UPDATE:
Wanted to let everyone know that I was able to stay fully in control of my credit card churning. Even got my wife involved so we were able to double up on the best signup bonus offers
I've opened 30 cards since 2013 (not counting my wife's)
20 of those have been closed (only opened to get the initial signup bonus)
ZERO interest paid. Current credit score- 775
Bought our first home in 2017.
THOUSANDS of dollars earned. MULTIPLE FREE flights and hotel stays.
Hell yeah. Any tips on how to get started? I've read that if you're trying to buy a home within 8-12 months to not do it because it'll dip your score every time you open a new card. I only have 3 cards atm for cashback(Discover, Amex, Chase) that i've had for 5 or 6 years.
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Stylin' on you
Re: How many credit cards is too many?
Originally Posted by enayes
UPDATE:
Wanted to let everyone know that I was able to stay fully in control of my credit card churning. Even got my wife involved so we were able to double up on the best signup bonus offers
I've opened 30 cards since 2013 (not counting my wife's)
20 of those have been closed (only opened to get the initial signup bonus)
ZERO interest paid. Current credit score- 775
Bought our first home in 2017.
THOUSANDS of dollars earned. MULTIPLE FREE flights and hotel stays.
Congrats. What's the average age of our credit history?
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Barefoot Bandit
Re: How many credit cards is too many?
Originally Posted by MaxFly
Congrats. What's the average age of our credit history?
2 years and 10 months, supposedly has a medium impact on score. Safe to say this is what is keeping my score below 800.
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Barefoot Bandit
Re: How many credit cards is too many?
Originally Posted by sammichoffate
Hell yeah. Any tips on how to get started? I've read that if you're trying to buy a home within 8-12 months to not do it because it'll dip your score every time you open a new card. I only have 3 cards atm for cashback(Discover, Amex, Chase) that i've had for 5 or 6 years.
Just look for some good signup offers and get started. Last I checked the capital one Savor was still offering a $500 bonus. Of course you don
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Stylin' on you
Re: How many credit cards is too many?
Originally Posted by enayes
2 years and 10 months, supposedly has a medium impact on score. Safe to say this is what is keeping my score below 800.
Yeah, credit history length contributes to 15% of your FICO score. Churning is still more advantageous than the few points by which your score would be boosted with an older credit history, but make sure to not cancel your oldest accounts.
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Land o' Lakes
Re: How many credit cards is too many?
[QUOTE=enayes]Just look for some good signup offers and get started. Last I checked the capital one Savor was still offering a $500 bonus. Of course you don
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Barefoot Bandit
Re: How many credit cards is too many?
Originally Posted by sammichoffate
+1 for good advice, I'll look into it. Any advice on the timing like how often to sign up/close? I've read a year is a good time to close so you don't get hit w/ annual fees.
I closed cards when I was done with them. Sometimes it was right before an annual fee was coming, other times it was less than a month later. I canceled one card before it even got delivered in the mail 😂
How often to sign up is kind of a a guessing game. I had a hard time getting approved for my 1st card back in 2013. Once I had that one opened for 6 months it seemed like I could get any card I wanted.
Some companies do
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Land o' Lakes
Re: How many credit cards is too many?
[QUOTE=enayes]I closed cards when I was done with them. Sometimes it was right before an annual fee was coming, other times it was less than a month later. I canceled one card before it even got delivered in the mail 😂
How often to sign up is kind of a a guessing game. I had a hard time getting approved for my 1st card back in 2013. Once I had that one opened for 6 months it seemed like I could get any card I wanted.
Some companies do
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