MM: How many credit cards do you have? What's ideal for you?

Re: MM: How many credit cards do you have? What's ideal for you?

• brij2006 member

  

  October 2015

  Yeah ours went to zero because we have no lines of credit open.  We ran our credit and called all of the other companies we have had cards with that we haven't used in years, that same month, and closed them all out as well.  So our credit score got dinged a bit that month because of it.  Now 3 months later, mine is officially at zero.  I believe my H's is still in the 900's because he had an issue with closing one of his cards (they said they processed the cancellation but did not). 

  
  

  What's funny is we receive soooooo many things in the mail now about opening random credit cards, getting random lines of credit, etc, etc.  It's like turning 18 all over again and these creditors somehow find you have no credit and send you everything under the moon to try and get you to "establish your credit now."  

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• julieanne912 member

  

  October 2015

  brij2006 said:

  Yeah ours went to zero because we have no lines of credit open.  We ran our credit and called all of the other companies we have had cards with that we haven't used in years, that same month, and closed them all out as well.  So our credit score got dinged a bit that month because of it.  Now 3 months later, mine is officially at zero.  I believe my H's is still in the 900's because he had an issue with closing one of his cards (they said they processed the cancellation but did not). 

  
  

  What's funny is we receive soooooo many things in the mail now about opening random credit cards, getting random lines of credit, etc, etc.  It's like turning 18 all over again and these creditors somehow find you have no credit and send you everything under the moon to try and get you to "establish your credit now."  

  Same thing actually happened to me after filing for BK.  Credit card offers, and SO many letters from car dealerships saying they can help me buy a new car up to $35,000 or some other number around there.  It's like WTF, the whole reason for filing the BK was to get rid of the crippling credit card debt, now you want me to start the cycle all over again?  No thank you.

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• short+sassy member

  

  October 2015

  Ugh!  The lists people automatically get on.  I've had it happen twice this year.  I opened an LLC, so I started getting inundated with mail crap for businesses. 

  Then I closed my HELOC and reopened a new one with a larger line of credit (for more power in real estate purchasing).  This one was funny because I suddenly started getting inundated with clueless letters about "refinancing my mortgage" and "term life insurance for paying off my mortgage".  ARRRGGHHH!!!  It's not even a mortgage at all.  So what they "think" is the loan amount for my supposed mortgage is actually 80% less than that anyway.  So dumb.

  Here's another good one.  When I was 16, I started getting tons of mail for AARP type of stuff and then I got a telemarketing call for some kind of senior citizen thing.  She gave me her spiel and I'm like, "Why are you even calling me?  I'm 16"  Turns out, whatever list they bought, had the year I was born reversed.  So they thought I was born in 1937 instead of 1973.

  In 2002, when my alternate self that only lives in the telemarketing world turned 65, I got a whole bunch of birthday cards from companies selling Medicaid supplemental insurance.  Hilarious!!!

  That was 25 years ago when this happened and I still to this day get at least one letter a week from AARP or Medicaid supplemental insurance type stuff.  It's like, "So, they figured out I moved from So. CA halfway across the country to NOLA, and followed me.  But can't figure out I'm 40 years younger than they think I am."

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• bmo88 member

  

  October 2015

  Interesting idea of closing all of your accounts out. I don't think I would ever do that. We pay off our credit cards every month and the only debt we have is our mortgage, student loans (will be done with in a year) and our car loan (will finish up in 1 year). But after that, I plan on always having credit cards. It's great to work points/reward, we don't buy things just for the sake of buying them and we never pay interest. 

  
  

  I guess I am in the mindset that debt can be leveraged responsibly and an opportunity may arise where we need a great credit score. We are considering buying some investment properties, so we would need to have a credit score. I guess I really don't understand why you would want to go back to zero.

  

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