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GreenDragonLady

Is there such a thing as too many CCs?

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21 hours ago, Occam said:

You need at least 11 open to qualify for CW status.

Is the bar really THAT low?  I have more than that in my left pocket...and those are just the V/MC/AXP products...

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I probably have more credit cards than I need. Made some stupid choices back in the day and only keep them open to keep my Average Age of Open Accounts as old as possible.

 

The only downside for me is that I have to log into the accounts a couple times a month to make sure I didn't use a card and to check for fraudulent activity. It's a waste of time.

 

The man that holds the world's record for number of credit cards has over 2,500 (or something like that). His credit score is in the mid 700s with 2.5 million in available credit.

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52 minutes ago, ClaimJumper said:

I probably have more credit cards than I need. Made some stupid choices back in the day and only keep them open to keep my Average Age of Open Accounts as old as possible.

 

The only downside for me is that I have to log into the accounts a couple times a month to make sure I didn't use a card and to check for fraudulent activity. It's a waste of time.

 

The man that holds the world's record for number of credit cards has over 2,500 (or something like that). His credit score is in the mid 700s with 2.5 million in available credit.

Can't you set up an alert for when there is a charge on them?

 

And I wouldn't want/couldn't handle that many cards/that much available credit as that dude.

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1 hour ago, GreenDragonLady said:

Can't you set up an alert for when there is a charge on them?

 

And I wouldn't want/couldn't handle that many cards/that much available credit as that dude.

I could setup alerts, but I would still log in for peace of mind. I would hate for one slip up to crash my score.

 

The story behind the guy that holds the record for the most cards is interesting.  He's only been turned down twice for a credit card.  Anytime he's turned down he makes a recon call and is always asked "Why do you have so many cards and why do you want ours?"  He tells them that he holds the world's record for number of cards and wants to add their card to his world record.  So they will give him a card, sometimes with only a $100 limit.

 

He keeps the cards in a safety deposit box.  I would hate to be him and be the victim of identity theft. That would be a nightmare.

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25 minutes ago, ClaimJumper said:

I could setup alerts, but I would still log in for peace of mind. I would hate for one slip up to crash my score.

 

The story behind the guy that holds the record for the most cards is interesting.  He's only been turned down twice for a credit card.  Anytime he's turned down he makes a recon call and is always asked "Why do you have so many cards and why do you want ours?"  He tells them that he holds the world's record for number of cards and wants to add their card to his world record.  So they will give him a card, sometimes with only a $100 limit.

 

He keeps the cards in a safety deposit box.  I would hate to be him and be the victim of identity theft. That would be a nightmare.

I completely understand that.  I do the same thing with my bank accounts.  I log in a minimum of once a day.

 

I can't even imagine.  I wonder if he checks his every month. 

 

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5 hours ago, centex said:

Is the bar really THAT low?  I have more than that in my left pocket...and those are just the V/MC/AXP products...

Yeah, the bar was originally set far too low, so new levels had to be added. Even though I've long since graduated I still think CW sounds best, so that's usually what I go by.

------------------------------------------------------------------------

level 1: Credit Slut
 at least 10 cards
 up to 150K in limits

 

level 2: Credit Whore
 at least 11 cards
 over 150K in limits

 

level 3: Credit Pimp
 over 20 cards
 no less than 500K in limits 

 

level 4: Ultra Pimp Supreme

 Over 25 cards
 Over 1 million in total credit lines

 

https://creditboards.com/forums/index.php?/topic/291161-ultra-pimp-supreme/

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30 minutes ago, Occam said:

Yeah, the bar was originally set far too low, so new levels had to be added. Even though I've long since graduated I still think CW sounds best, so that's usually what I go by.

------------------------------------------------------------------------

level 1: Credit Slut
 at least 10 cards
 up to 150K in limits

 

level 2: Credit Whore
 at least 11 cards
 over 150K in limits

 

level 3: Credit Pimp
 over 20 cards
 no less than 500K in limits 

 

level 4: Ultra Pimp Supreme

 Over 25 cards
 Over 1 million in total credit lines

 

https://creditboards.com/forums/index.php?/topic/291161-ultra-pimp-supreme/

I wonder if I can get 96k in CLIs.  

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58 minutes ago, GreenDragonLady said:

I'll be a slut forever.  Credit, that is.

You'd be surprised. 

 

If you keep adding and consolidating cards, manage them a little and just focus on adding what gives you the most value, you can get past slut status (with a moderate income) in just a few years.

 

The real value in a thick file with plenty of available credit is the ability to carry a little short term low interest debt and add a few new useful cards, at the drop of a hat, without any significant impact on your credit scores. 

 

 

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2 hours ago, Occam said:

Yeah, the bar was originally set far too low, so new levels had to be added. Even though I've long since graduated I still think CW sounds best, so that's usually what I go by.

------------------------------------------------------------------------

level 1: Credit Slut
 at least 10 cards
 up to 150K in limits

 

level 2: Credit Whore
 at least 11 cards
 over 150K in limits

 

level 3: Credit Pimp
 over 20 cards
 no less than 500K in limits 

 

level 4: Ultra Pimp Supreme

 Over 25 cards
 Over 1 million in total credit lines

 

https://creditboards.com/forums/index.php?/topic/291161-ultra-pimp-supreme/

It seems like the credit slut could use a lower limit. Not one related to the number of cards or available limits, but something to do with willingness and desire. You have to have an itch for credit cards that extends into the existential idealisation of credit cards as such.

 

Or in other words, one must have feelings about one's credit cards that consist of unrealistic ungulate excrement.

 

But perhaps, slut does dwell all of the way down to the $15 off of your purchase.

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7 hours ago, ClaimJumper said:

I could setup alerts, but I would still log in for peace of mind. I would hate for one slip up to crash my score.

 

The story behind the guy that holds the record for the most cards is interesting.  He's only been turned down twice for a credit card.  Anytime he's turned down he makes a recon call and is always asked "Why do you have so many cards and why do you want ours?"  He tells them that he holds the world's record for number of cards and wants to add their card to his world record.  So they will give him a card, sometimes with only a $100 limit.

 

He keeps the cards in a safety deposit box.  I would hate to be him and be the victim of identity theft. That would be a nightmare.

if you mean the guy with 1451 cards that story has been recycled over and over since about 1999. IIRC it made the rounds -- without any real updates -- back in 2012.

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I just noticed the other day after I was approved for card #22 that I'm only $34k away from becoming a pimp. I think 2019 will be the year.

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4 hours ago, hegemony said:

if you mean the guy with 1451 cards that story has been recycled over and over since about 1999. IIRC it made the rounds -- without any real updates -- back in 2012.

The name is Walter Cavanaugh. The number hasn't changed much in years/decades. By now most all credit cards have closed for inactivity and/or the place has gone out of business with the credit line long falling off his credit reports. He still counts the accounts for his total credit limit, when actually he just has a huge collection of cards that are of no use other than for claiming a record.

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7 hours ago, Burgerwars said:

The name is Walter Cavanaugh. The number hasn't changed much in years/decades. By now most all credit cards have closed for inactivity and/or the place has gone out of business with the credit line long falling off his credit reports. He still counts the accounts for his total credit limit, when actually he just has a huge collection of cards that are of no use other than for claiming a record.

You must be really fun at parties  😜

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Posted (edited)
36 minutes ago, GreenDragonLady said:

You must be really fun at parties  😜

I'm not him!  I don't even want to be him  :)

 

He's now 76.  I called him up a long time ago, but he had the personality of a brick.  I doubt he is fun at parties.  I also don't think he's very truthful when he has been interviewed.  The number of cards he has, has been fairly stable over the years, yet he still quotes them as available credit.  Not true.  Accounts get closed for inactivity, along with places that issue cards no longer issuing them, or just plain go out of business or merge.  I do believe he has a high credit score, but that has come from the age of his credit file.  If he hasn't applied much in recent times, his credit record might even be shorter than many people here, including mine.  After a period of time an account has been closed, it also falls off your credit report.  It doesn't stay there forever.

 

That said, I do have a lot of credit cards myself (nowhere near his number), but I'm kind of a private person.  You won't find me quoted in a newspaper or magazine. 

 

Edited by Burgerwars

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17 hours ago, Burgerwars said:

The name is Walter Cavanaugh. The number hasn't changed much in years/decades. By now most all credit cards have closed for inactivity and/or the place has gone out of business with the credit line long falling off his credit reports. He still counts the accounts for his total credit limit, when actually he just has a huge collection of cards that are of no use other than for claiming a record.

I doubt he still has oveer 1500 OPEN cards simply due to the consolidation that has occurred over the passed 15 years.

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I'm still very solidly a CW.

 

My new (after my moments-ago CLI spamfest) quiet pride is having $250k+ purely in revolving, CC lines.

 

I used to have to add in CLOCs and so on for that number.

 

Of note:  Chase said no, AMEX said no, I'm not asking NFCU again; it's gotten...awkward..., last time I asked WF they just took it from my other card (dammit!), Alliant finally said yes, Citi soft said no (but it's not been long enough), Discover routinelyish says ok, I'm not asking PenFed, USAA finally said yes quietly and yes loudly, and Barclays...I dunno if I care enough.

 

[eta]  Woooow!  Barclays actually dug into my report by hand, asked about high balances (BT at 0%) on my NFCU card, why I wanted a CLI, etc.

 

And then said no.  Current balances too high. :P

 

(I should stash all of them over onto my non-reporting JPM line, re-app, and then pull them out of the closet again, and cackle maniacally)

 

Edited by brainchasm

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On 1/8/2019 at 2:53 AM, GreenDragonLady said:

Can't you set up an alert for when there is a charge on them?

 

And I wouldn't want/couldn't handle that many cards/that much available credit as that dude.

 

It's not that difficult if you set up a system.

 

I've got Hege beat by a bit now and with about 50ish open non-AU cards (not counting overseas cards) reporting, it only takes me about ten to fifteen minutes a day to manage everything.  First, spreadsheets are your friend.  So is Microsoft Money.  If you are the type to pay bills every couple days, you will be fine.

 

Set up alerts.  Set up every alert possible.  Almost every creditor has an alert for statement issue and balance due.  Have it sent to both a failsafe e-mail address and to your cell phone.  Pay the bill immediately.

 

I've only had one or two odd credit unions over the years tell me I have too much available credit. But then there are ways to get around that if you are dedicated.  

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8 hours ago, PotO said:

 

It's not that difficult if you set up a system.

 

I've got Hege beat by a bit now and with about 50ish open non-AU cards (not counting overseas cards) reporting, it only takes me about ten to fifteen minutes a day to manage everything.  First, spreadsheets are your friend.  So is Microsoft Money.  If you are the type to pay bills every couple days, you will be fine.

 

Set up alerts.  Set up every alert possible.  Almost every creditor has an alert for statement issue and balance due.  Have it sent to both a failsafe e-mail address and to your cell phone.  Pay the bill immediately.

 

I've only had one or two odd credit unions over the years tell me I have too much available credit. But then there are ways to get around that if you are dedicated.  

mostly same.

 

while I'm culling I'm not doing so because it is a hassle to track/pay. I am doing so because I am entering a new phase of my life. :)

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4 hours ago, hegemony said:

mostly same.

 

while I'm culling I'm not doing so because it is a hassle to track/pay. I am doing so because I am entering a new phase of my life. :)

 

I thought of the "new phase" thing, too, but then said fook it.  You've got me wound up already, Hege, apping for anything with a pulse and a SUB.  🤣

 

Thank God you were never into the SCT.  :)

 

I've still got that damned UNFCU on my to-do list because of you.  🤣

 

 

 

 

 

 

Edited by PotO

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I just finished counting active general purpose cards only (Visa, MasterCard, Amex, Discover, Union Pay). I know they're active/not closed as I rotate through them.

 

Here you go:

 

Credit: 44

Debit: 51

 

Countries represented above: United States, Canada, United Kingdom, Australia.

 

This is not something you can do quickly. You'll be slaughtered by credit issues, and EWS/ChexSystems problems if you try, and even risk accounts getting closed on you. If you think you will screw your credit up (end up not paying your bills) don't do this!

 

Some of these cards/accounts do have specific purposes. Some I could live without, but it doesn't hurt to keep them open.

 

I've basically stopped, although a few new cards that may be coming do interest me.

 

Do I have enough or do I need more? ;)

 

Edited by Burgerwars

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3 hours ago, Burgerwars said:

I just finished counting active general purpose cards only (Visa, MasterCard, Amex, Discover, Union Pay). I know they're active/not closed as I rotate through them.

 

Here you go:

 

Credit: 44

Debit: 51

 

Countries represented above: United States, Canada, United Kingdom, Australia.

 

This is not something you can do quickly. You'll be slaughtered by credit issues, and EWS/ChexSystems problems if you try, and even risk accounts getting closed on you. If you think you will screw your credit up (end up not paying your bills) don't do this!

 

Some of these cards/accounts do have specific purposes. Some I could live without, but it doesn't hurt to keep them open.

 

I've basically stopped, although a few new cards that may be coming do interest me.

 

Do I have enough or do I need more? ;)

 

5 more and you would hit 100.

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4 hours ago, Burgerwars said:

I just finished counting active general purpose cards only (Visa, MasterCard, Amex, Discover, Union Pay). I know they're active/not closed as I rotate through them.

 

Here you go:

 

Credit: 44

Debit: 51

 

Countries represented above: United States, Canada, United Kingdom, Australia.

 

This is not something you can do quickly. You'll be slaughtered by credit issues, and EWS/ChexSystems problems if you try, and even risk accounts getting closed on you. If you think you will screw your credit up (end up not paying your bills) don't do this!

 

Some of these cards/accounts do have specific purposes. Some I could live without, but it doesn't hurt to keep them open.

 

I've basically stopped, although a few new cards that may be coming do interest me.

 

Do I have enough or do I need more? ;)

 

 

That you even need to ask is disappointing.  LOL

 

105 more and you'll hit 200!

 

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Haven't gotten to this point yet, don't believe I ever will.  Hell, I could decide to close my accounts and just use other means to build credit, or just don't worry about it credit, either way.  

 

4 credit cards now, a CLOC and a few installments.  May take a good look at just closing the CC accounts and using the others for credit purposes. 

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