Advantages to Having Several Credit Cards
Author: dmband
Posted: Thu Sep 15, 2005 10:21 pm
Post subject: Advantages to Having Several Credit Cards
Is there any point to having like 8+ CC's? I see that many people have like 4,5,6,7,8,9.......... cards and I was wondering is there any benefit or downside to having for example 40k of available credit on like 10 different cards? Should I be content with having my 2 or 3 cards with 10k of available credit?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hesiden
Posted: Thu Sep 15, 2005 10:43 pm
Post subject: Advantages to Having Several Credit Cards
See the thread "1.2% Interest Rate on $63,000 Debt"
Author: astounding
Posted: Fri Sep 16, 2005 12:45 am
Post subject: Advantages to Having Several Credit Cards
Hmm. Another one of those phenomenas when the majority do something,
like have gazillions of cards, then everyone else follows as they think:
"Hmm. If everyone else is doing, why shouldn't I?"
The direct answer is NO. There's absolutely no point and it really has
no influence on the credit score or at the time one is about to take out
a huge loan. The only point is to make you feel good and be proud to
say: "Hey everyone. Look at me. I've got 20 credit cards!!!".
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JaneiR36
Posted: Fri Sep 16, 2005 5:09 am
Post subject: Advantages to Having Several Credit Cards
Did you read the thread the original poster was directed to?
I happen to disagree with the reasons provided for having two or three cards in that other topic. To me, that statistic = "more of the same."
You know, let's think of "health" for instance. First they tell you people who eat low calorie foods are healthier. Then they bring you breaking news! People who exercise are healthier. Then more breaking news: people who eat their fruits and veggies are healthier. Even more breaking news: people who eat educated about healthy eating tend to be healthier. Hrm... at some point, surely it must begin to occur to us that they're talking about one and the same group of people (most likely), and therefore all subsequent "data" or "statistics" are providing absolutely nothing new.
Same thing with saying people with two or three cards tend to accumulate more wealth. Gee, could it possibly be that people with two or three cards don't need more than that? What do you wanna bet that a lot of people having multiple cards and actually carrying a balance on them had some events in their life that caused that balance to go higher and higher, hence their overall wealth goes lower? If I had nothing demanding credit happen to me, I'd be able to save my money and I'd be pretty rich, don't you think? And if I had 8 or 9 cc's and carried NO balance on them, then why would I need to stress over my "$0" payment month after month?
I don't think this is a case of "everyone" doing something and therefore it must be good. If anything, it's more a case of "someone" ( ) having their heads in the clouds and being oblivious to the situations facing people in the real world and therefore assuming that we must all be getting credit for the heck of it.
Author: hesiden
Posted: Fri Sep 16, 2005 6:55 am
Post subject: Advantages to Having Several Credit Cards
Its always good to have a backup card or 10. You never know when something like Katriana will hit and you'll need the money. Where else can you get a loan for some absurdly low rate? I have my car loan at 0% when most everyone else is paying 4% to 5%. Some people have even paid off their house like this. That is my ultimate goal, but I'm not in any rush. I'd rather be safe than sorry.
One can have 10 cards and 100K in credit avalible and not use it or use the 0% APR intro's and put the money into a money market or CD and get a risk free 3-5% off it.
On ther other hand if you someone who cannot handle credit cards and will charge it up just because you have avalible credit then don't use credit cards pay cash.
Posted: Thu Sep 15, 2005 10:21 pm
Post subject: Advantages to Having Several Credit Cards
Is there any point to having like 8+ CC's? I see that many people have like 4,5,6,7,8,9.......... cards and I was wondering is there any benefit or downside to having for example 40k of available credit on like 10 different cards? Should I be content with having my 2 or 3 cards with 10k of available credit?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hesiden
Posted: Thu Sep 15, 2005 10:43 pm
Post subject: Advantages to Having Several Credit Cards
See the thread "1.2% Interest Rate on $63,000 Debt"
Author: astounding
Posted: Fri Sep 16, 2005 12:45 am
Post subject: Advantages to Having Several Credit Cards
Hmm. Another one of those phenomenas when the majority do something,
like have gazillions of cards, then everyone else follows as they think:
"Hmm. If everyone else is doing, why shouldn't I?"
The direct answer is NO. There's absolutely no point and it really has
no influence on the credit score or at the time one is about to take out
a huge loan. The only point is to make you feel good and be proud to
say: "Hey everyone. Look at me. I've got 20 credit cards!!!".
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: JaneiR36
Posted: Fri Sep 16, 2005 5:09 am
Post subject: Advantages to Having Several Credit Cards
Did you read the thread the original poster was directed to?
I happen to disagree with the reasons provided for having two or three cards in that other topic. To me, that statistic = "more of the same."
You know, let's think of "health" for instance. First they tell you people who eat low calorie foods are healthier. Then they bring you breaking news! People who exercise are healthier. Then more breaking news: people who eat their fruits and veggies are healthier. Even more breaking news: people who eat educated about healthy eating tend to be healthier. Hrm... at some point, surely it must begin to occur to us that they're talking about one and the same group of people (most likely), and therefore all subsequent "data" or "statistics" are providing absolutely nothing new.
Same thing with saying people with two or three cards tend to accumulate more wealth. Gee, could it possibly be that people with two or three cards don't need more than that? What do you wanna bet that a lot of people having multiple cards and actually carrying a balance on them had some events in their life that caused that balance to go higher and higher, hence their overall wealth goes lower? If I had nothing demanding credit happen to me, I'd be able to save my money and I'd be pretty rich, don't you think? And if I had 8 or 9 cc's and carried NO balance on them, then why would I need to stress over my "$0" payment month after month?
I don't think this is a case of "everyone" doing something and therefore it must be good. If anything, it's more a case of "someone" ( ) having their heads in the clouds and being oblivious to the situations facing people in the real world and therefore assuming that we must all be getting credit for the heck of it.
Author: hesiden
Posted: Fri Sep 16, 2005 6:55 am
Post subject: Advantages to Having Several Credit Cards
Its always good to have a backup card or 10. You never know when something like Katriana will hit and you'll need the money. Where else can you get a loan for some absurdly low rate? I have my car loan at 0% when most everyone else is paying 4% to 5%. Some people have even paid off their house like this. That is my ultimate goal, but I'm not in any rush. I'd rather be safe than sorry.
One can have 10 cards and 100K in credit avalible and not use it or use the 0% APR intro's and put the money into a money market or CD and get a risk free 3-5% off it.
On ther other hand if you someone who cannot handle credit cards and will charge it up just because you have avalible credit then don't use credit cards pay cash.
posted by CardRatings.com at 11:07 AM
0 Comments:
Post a Comment
<< Home