Fewer Credit Cards with High Limits or More Credit Cards with Lower Limits?
Guest: bullet875
Post subject: Fewer Credit Cards with High Limits or More Credit Cards with Lower Limits?
Posted: Mon Mar 13, 2006 9:41 pm
smaller limits on more cards? Is it better to have 3-4 cards with huge limits or to have smaller limits and spread that total out amongst more cards? Or does it really not matter?
Thanks in advance for your replies. I have really been learning a lot from you all!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 13, 2006 11:02 pm
bullet875 wrote:
smaller limits on more cards? Is it better to have 3-4 cards with huge limits or to have smaller limits and spread that total out amongst more cards? Or does it really not matter?
Thanks in advance for your replies. I have really been learning a lot from you all!
I don't do SMALL LIMITS
$5,000 is the lowest I will take
Why have 50 cards at $200 each when you can have 2 cards at $5,000????
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullet875
Posted: Tue Mar 14, 2006 6:22 am
What if you could have 2 cards with 100k credit limit on both, or 10 specialized cards, each that could be used to max out on the cash rewards, and only had 10K limits on each?
Does it matter from a creidt score standpoint which route you take?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditnewbie
Credit Expert (100+ Posts)
Posted: Tue Mar 14, 2006 6:47 am
I think it's better to have high limits on fewer accounts. My score jumped 20 points after I closed one of my accounts. An ideal number of credit cards will have to be 5 or less but with high limits. It makes you look good to creditors. Not only your score will be higher but they will feel more comfortable giving you high limits too and you can keep better track of all your expenses when you have fewer cards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullet875
Posted: Tue Mar 14, 2006 10:55 am
My strategy is to have a couple of larger limits and then have a couple of very specialed credit cards for things that I don't do every day (like travel) that will have smaller limits and can be used only when I need them.
I also thought that closing cards would always hurt, not help (?).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 14, 2006 10:57 am
Starting out you "MAY" need to have more cards with less credit limits
AFTER 20+ YEARS IT IS NOT HARD TO GET A BUNCH OF $20,000 or HIGHER CARDS (even $50,000+)
($200 & $500 cards are then useless)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Post subject: Fewer Credit Cards with High Limits or More Credit Cards with Lower Limits?
Posted: Mon Mar 13, 2006 9:41 pm
smaller limits on more cards? Is it better to have 3-4 cards with huge limits or to have smaller limits and spread that total out amongst more cards? Or does it really not matter?
Thanks in advance for your replies. I have really been learning a lot from you all!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Mar 13, 2006 11:02 pm
bullet875 wrote:
smaller limits on more cards? Is it better to have 3-4 cards with huge limits or to have smaller limits and spread that total out amongst more cards? Or does it really not matter?
Thanks in advance for your replies. I have really been learning a lot from you all!
I don't do SMALL LIMITS
$5,000 is the lowest I will take
Why have 50 cards at $200 each when you can have 2 cards at $5,000????
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullet875
Posted: Tue Mar 14, 2006 6:22 am
What if you could have 2 cards with 100k credit limit on both, or 10 specialized cards, each that could be used to max out on the cash rewards, and only had 10K limits on each?
Does it matter from a creidt score standpoint which route you take?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: creditnewbie
Credit Expert (100+ Posts)
Posted: Tue Mar 14, 2006 6:47 am
I think it's better to have high limits on fewer accounts. My score jumped 20 points after I closed one of my accounts. An ideal number of credit cards will have to be 5 or less but with high limits. It makes you look good to creditors. Not only your score will be higher but they will feel more comfortable giving you high limits too and you can keep better track of all your expenses when you have fewer cards.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullet875
Posted: Tue Mar 14, 2006 10:55 am
My strategy is to have a couple of larger limits and then have a couple of very specialed credit cards for things that I don't do every day (like travel) that will have smaller limits and can be used only when I need them.
I also thought that closing cards would always hurt, not help (?).
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Tue Mar 14, 2006 10:57 am
Starting out you "MAY" need to have more cards with less credit limits
AFTER 20+ YEARS IT IS NOT HARD TO GET A BUNCH OF $20,000 or HIGHER CARDS (even $50,000+)
($200 & $500 cards are then useless)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 12:33 PM
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