How many Credit Cards do you have? What is your total credit limit? (loan, mastercard)

[cdelena]

Originally Posted by Dingler

I have 7 Visa's and Mastercards, and one American Express. I have a total available credit of $145,000 and will never go broke if I lose my job.

(I got all these cards to get 0% credit card convieance check offers that I have made alot of money on.)

How many Credit Cards do you have? What is your total credit limit?

I don't understand the "will never go broke" statement as 'never' is a very long time and no number of cards will keep you from going broke if you are spending more than income.

I have two cards with a total credit line over $60,000 that are paid in full every month. I simply see no reason to have more credit cards.

[ColoWeb]

2 - On I do not use (it is there for just in case). The other one is for united miles.

[Dingler]

I don't understand the "will never go broke" statement as 'never' is a very long time and no number of cards will keep you from going broke if you are spending more than income.
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I know many people who lose their jobs and run out of money and have no access to cash while they are unemployed. With Credit Cards you can always get money to tide you over until you get a new job.

[Alanboy395]

I have 3, two visas with 2900 in total limit and 1 american express with no pre-set limit. i ain't getting anymore unless i'm really desperate.

[dennismpat]

I have one CitiBank MasterCard with a $10,000 limit, though I probably should get it lowered to way less than that. Whenever I do use it, however, I always pay the statement in full so that I'm not paying any interest. I also have a gasoline credit card with Phillips-Conoco-76 with a $300 limit, but when I buy gas, I usually use my debit card so the funds are deducted from my checking account.

Several years ago, I was in trouble financially with about five credit cards, so I ended up closing those accounts and paying them off. What's so maddening is that it's all too easy to get into debt, but SO hard to get out of it! I'm proud to say that after that horrific experience, I've become a MUCH better money manager--and plan to stay that way.

[Buckhead_Broker]

One credit card. No credit limit.

[NC~Mom]

Zero. I never have wanted one. I don't like the idea of paying interest.
It's like paying more for something than it's worth. and I'm a tightwad.

[muffinman]

One miles card. I've never carried a balance. I love having great credit but the OP's stated reason for having great credit was in the case of losing a job.

I was taught to have 3 month's salary set aside for just such an emergency.

If I ever lost my job, depending on my credit would not help in the long term because after all it does have to be paid back.

[riveree]

Originally Posted by Dingler

I don't understand the "will never go broke" statement as 'never' is a very long time and no number of cards will keep you from going broke if you are spending more than income.
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I know many people who lose their jobs and run out of money and have no access to cash while they are unemployed. With Credit Cards you can always get money to tide you over until you get a new job.

It's a slippery slope. It's not money - you don't "have" $145k - you have available credit.

A better option is an interest only HELOC (Home Equity Line Of Credit) as one line of security.

A better option YET is 6 months expenses worth of savings in the bank.

I'd take either of these options over credit cards any day as an emergency resource .

[killer2021]

I have no credit cards and no outstanding debt.

19 Y/O college student. Oh yea and I don't have any college debt (or will I get any college debt).