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I think I have an addiction. It's been barely 3 years since I started building my credit. The first card I got only had a $200 limit. Since then I've opened more than 20 credit cards and trade lines with a combined limit of more than $70, 000 in unsecured credit today. Let me give you a little background into how it got to this:
Obtaining credit has always been a dream of mine. The luxury and convenience of having purchasing power beyond what I can afford always seem appealing to me. I know you must be thinking I'm a bankruptcy case waiting to happen, but that couldn't be farther from the truth. I'm actually pretty conservative when it comes on to spending. My present credit utilization ratio is around 5%. Consequently I've managed to maintain good to excellent credit scores even with all these cards. I guess you can say I'm a hoarder of credit. I enjoy the process of obtaining credit. It's like a game to me and I actually get a little thrill out of it.
The remarkable thing is that I am still young on my credit journey. I have yet to apply for a car loan or a mortgage. I plan to get a car next year. By the time I'm done on this journey, I could see myself having close to $1 million in total credit instruments. I guess this would be a nice consolation if I don't manage to become a millionaire in real life.
Give me your judgements in comments.
You are beyond weird. You said in one paragraph that you are conservative with your open credit. In another paragraph you mentioned your goal is to have $1 million in credit instruments for a consolation if you dont make $1 million.......Sorry, that is just weird....
I don't understand why everybody is so hard on the OP.... Yes, *many* folks don't have self-control and get into debt quickly, but I think if you are smart enough, you can use it to your advantage...
Somebody else mentioned 5% cashback on gas, groceries etc... You can also play the balance transfer game.. We have about $150k available to us in 17 credit card lines, and converted a $30k secured loan @ 7.5% into an unsecured loan with an effective interest rate of about 3% (if you take into balance transfer fees...) Other than the cards that are currently in use by the balance transfer we live within our means and pay other credit card balances in full every month...
Paperless billing + software like Quicken or Mint.com makes it easy to keep track of your account
I don't understand why everybody is so hard on the OP....
Read what proverbs23and7 wrote:
Quote:
Originally Posted by proverbs23and7
You are beyond weird. You said in one paragraph that you are conservative with your open credit. In another paragraph you mentioned your goal is to have $1 million in credit instruments for a consolation if you dont make $1 million.......Sorry, that is just weird....
I agree with the travel credit card churner upthread- there can be good reasons to have a lot of different cards if you can figure out how to maximize sign-up bonuses on new cards (which can have a value of several hundred to a few thousand dollars) and all the while pay balances in full every month.
If you're organized enough to swing a European vacation or Tahitian honeymoon on those kinds of card bonuses while not carrying a balance anywhere, might as well take advantage of those options. Example- there's a pretty common Priority Club (Holiday Inn and related) Visa offer out there that will give you 80K Priority Club points (value $500-$1000 or more) if you use it for $1,000 of purchases in the first three months (so groceries and gas) and they waive the annual fee the first year.
If you can use those points for their cheap Point Break redemption options, you can get 16 free hotel nights for a little bit of work, and then just using the card for things you'd spend money on anyways. Then when you get home from the grocery store, pay off that amount by using your online bill pay software of choice.
Op, if you want to feel powerful, get an American Express card.
No limit.
Hmm I have a 2k limit on my American Express card when I signed up for it recently, which suprised me a little, I have 15k limit on another card.
Quote:
Originally Posted by jackmccullough
3. Concentrate on bringing your total $3500 credit card balance to zero.
Consider joining a credit union, I recently converted 20k in credit card debit to a 5 year unsecured loan from the credit union at 6.5% interest. The loan payment is less then the minimum payment on the credit cards.
I don't understand. I've had credit since I turned 18 and got a CC from my bank. I don't understand why someone would dream of having credit, and I don't understand what is to be gained by having an extensive amount of credit. I actually don't have any idea how much credit I actually have because I never get anywhere near the limit. When you go to apply for a home lone, having that much open credit could hurt you. Back when we bought our first house we were advised to close all but a couple cards. I do think you have some kind of strange addiction.
I think I have an addiction. It's been barely 3 years since I started building my credit. The first card I got only had a $200 limit. Since then I've opened more than 20 credit cards and trade lines with a combined limit of more than $70, 000 in unsecured credit today. Let me give you a little background into how it got to this:
Obtaining credit has always been a dream of mine. The luxury and convenience of having purchasing power beyond what I can afford always seem appealing to me. I know you must be thinking I'm a bankruptcy case waiting to happen, but that couldn't be farther from the truth. I'm actually pretty conservative when it comes on to spending. My present credit utilization ratio is around 5%. Consequently I've managed to maintain good to excellent credit scores even with all these cards. I guess you can say I'm a hoarder of credit. I enjoy the process of obtaining credit. It's like a game to me and I actually get a little thrill out of it.
The remarkable thing is that I am still young on my credit journey. I have yet to apply for a car loan or a mortgage. I plan to get a car next year. By the time I'm done on this journey, I could see myself having close to $1 million in total credit instruments. I guess this would be a nice consolation if I don't manage to become a millionaire in real life.
Give me your judgements in comments.
As long as you don't actually use the credit, you should be OK. Can you trust yourself not to?
I don't understand. I've had credit since I turned 18 and got a CC from my bank. I don't understand why someone would dream of having credit, and I don't understand what is to be gained by having an extensive amount of credit. I actually don't have any idea how much credit I actually have because I never get anywhere near the limit. When you go to apply for a home lone, having that much open credit could hurt you. Back when we bought our first house we were advised to close all but a couple cards. I do think you have some kind of strange addiction.
I think I have an addiction. It's been barely 3 years since I started building my credit. The first card I got only had a $200 limit. Since then I've opened more than 20 credit cards and trade lines with a combined limit of more than $70, 000 in unsecured credit today. Let me give you a little background into how it got to this:
Obtaining credit has always been a dream of mine. The luxury and convenience of having purchasing power beyond what I can afford always seem appealing to me. I know you must be thinking I'm a bankruptcy case waiting to happen, but that couldn't be farther from the truth. I'm actually pretty conservative when it comes on to spending. My present credit utilization ratio is around 5%. Consequently I've managed to maintain good to excellent credit scores even with all these cards. I guess you can say I'm a hoarder of credit. I enjoy the process of obtaining credit. It's like a game to me and I actually get a little thrill out of it.
The remarkable thing is that I am still young on my credit journey. I have yet to apply for a car loan or a mortgage. I plan to get a car next year. By the time I'm done on this journey, I could see myself having close to $1 million in total credit instruments. I guess this would be a nice consolation if I don't manage to become a millionaire in real life.
Give me your judgements in comments.
I have 20 credit card for 105k 16 with a zero balance 4 with 9k charged furniture ect. I have not paid a penny of interest in over 3 years the 9k charged is all no interest till 2018... I too get a thrill from having so much buying power ........
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