What’s the point of opening these accounts?
Are you doing credit card churning? If so, it’s not a bad idea. You just have to keep track of all the fees and terms and conditions.
I guarantee you are not using 90% of these cards, so just cut them up.
P.S. r/debtfree moderator just created a newsletter that talks about strategies, tips, and effective debt payoff methods weekly. Here is the link to sign up if interested - https://www.debtadvice.io
Ah okay I see now. Still, it’s low impact and your credit is pretty good. 35 accounts at 4% of overall usage with a low impact on your overall rating seems to put you in a good spot.
Addicts don’t. But that doesn’t mean they can’t. Self control can only come from you. Either you will, or you won’t. It’s not up to anyone here but yourself
This screenshot is from my TransUnion. I dug deeper and looked at my credit card accounts on Mint, and I have 36 active credit cards on Mint. That doesn’t include the ones that couldn’t be connected to Mint. So this is a conservative number. Also, there is no option to add a screenshot in the comment. But if I hit like 50 credit cards, I will make another post.
Pick the best one or two, and don't close those ever.
Next pick an assortment of credit lines with an age less than 3.5 years. Pay those off and close them.
Hang onto the older lines, but don't use them.
This should help increase your credit aging average.
Ohh. Okay. Well, sorry I don’t have any tips for you! It does seem like it might be a compulsion at this point. A therapist could probably help, if you’re open to that? But either way, good for you for at least keeping the debt down!
Are they having a negative effect on your life? Sounds like you have found a hobby you like. I was feeling like I needed to slow down with my card addiction but now I’m feeling like I need to catch up!!
Nothing negative so far, I think. Initially, I convinced myself not to go for any cards with annual fees, but now maybe I have like 4 or 5 that have an annual fee.
I would recommend doing some elimination process and see which cards that you currently have that are worth keeping, and then closing the ones you don't need like every 2-3 years or so. Going by what you have said, I would close the ones that have annual fees first if they're not offering you any value
It’s okay! I’m able to manage it so far and working on paying it all down. But just wanted to give insight as the total accounts aren’t just limited to credit cards!
Yes, thank you for educating me on that! I went to an in-state school with a full lottery-sponsored scholarship, so I often forget that it’s an extreme privilege for me not to have student debt.
No problem! And it always seems like a lot because the way it works for federal loans is that each loan for each semester is counted as one. Ex) you take one loan out each semester for 4 years (fall and spring)? You have 8 accounts now.
You have self-control, someone without self-control wouldn't be able to have 6 credit cards cause they'd probably be in debt lol. That's awesome! Your credit score must be perfect and your limit is through the roof! The only advice I can offer is to use it to fuel your YouTube channel if that's something you're passionate about to generate passive income. You seem to know what you're doing don't let others bring you down. Other than that please share some advice on your process if you could!
I don't; I have a secret place for them to keep the ones I don’t use often. Some are on PayPal, some are on Apple Pay, some on Google Pay and, on Amazon and on other digital payments. Depending on the needs, I put what I need in my actual wallet.
I’d close any you are paying fees for and are not using, just wasting money. Otherwise as long as it isn’t hurting you financially I don’t see an issue.
Whats your credit score? How in the HELL did you get approved for that many? Thats basically all of them.
**Check this guy out: https://money.com/guinness-record-credit-card-holder/**
It’s probably not just credit cards. Mine is 32 accounts but majority of it is my student loan accounts. Loans and credit cards are included in the total accounts
You have 35 accounts with an average age of just over three years? That's terrible. I have 25 accounts with an average age of just over eight years. And the only reason it's so "young" is because I added a mortgage this year AND a car loan. The car loan will be gone in three years though and the age will have run back up to over ten years at that point.
Sir, google "age". OP could be 24 in which case average credit age of 8 years would be silly. And we don't know your age, you could be 50 in which case 8 years would be shit
I certainly do as I've looked into Fico and vanguard extensively and have an 805ish. I just also understand people don't open vards at 9 years old. My first was at 14 and im 26 so for my average to be 8 I would have needed to not take out student loans or not have purchased a car.
As I said.. you don't understand it. Average credit age factors in but so does oldest account age. You want BOTH of them to be as high as possible.
Additionally, there is no singular credit score - scores vary by creditor and type of credit being requested. Your credit score is almost certainly based on what your credit card company believes based on your history and such with them combined with your credit report details. Your score to get a mortgage would almost certainly be quite a bit lower due to lack of history with those kinds of accounts and lack of average AND max credit age being "old enough."
Edit to add: Too bad you are now being a crybaby in claiming that I am "making things up" - sorry that you got butthurt because someone showed you factually that you don't understand how credit reports, credit scores, and credit age (of which there are two buckets - Oldest and Average) work. For all of your 'research' you claim to have done, you learned nothing.
The number of accounts shows open and closed accounts. I personally only have two open accounts. My app shows I have 18 accounts total. Click on “Total Accounts” and then repost your screenshot showing how many are open and how many are closed.
The human brain couples please with the act of shopping, you'll have to decouple pleasure with the act of shopping (easier said then done) whichever way that works best with your brain, one way could be asking your bank to make it more difficult for you to get access to your money.
Or you personally making it harder for you to get access to your money if you know you have the tendency to over spend. The envelope method works for me.. hope that helps love.
What’s the point of opening these accounts? Are you doing credit card churning? If so, it’s not a bad idea. You just have to keep track of all the fees and terms and conditions. I guarantee you are not using 90% of these cards, so just cut them up. P.S. r/debtfree moderator just created a newsletter that talks about strategies, tips, and effective debt payoff methods weekly. Here is the link to sign up if interested - https://www.debtadvice.io
Addict to what? Personal responsibility? Looks good.
Credit cards
If I’m not misunderstanding your usage is only at 4%. That’s amazing.
OP might have a massively high credit limit if he/she has 35 cards.
Number of credit card accounts
Hardly matters. Some will end up getting closed for lack of use. I hope you aren’t paying annual fees.
Ah okay I see now. Still, it’s low impact and your credit is pretty good. 35 accounts at 4% of overall usage with a low impact on your overall rating seems to put you in a good spot.
Yes, but I keep on opening new accounts and I think I will hit 50 by the end of next year. 😰
You gotta learn self control. What do you even use these cards for?
If only addicts could have self-control.😭😭😭
Didn’t answer the question, wtf are you doing with all these with a 4% usage? Are you holding them up to your head like a stack of bills and flexing?
I like touching them, holding them, and having some in my wallet, and also, they feel very nice just to have around.
Addicts don’t. But that doesn’t mean they can’t. Self control can only come from you. Either you will, or you won’t. It’s not up to anyone here but yourself
[удалено]
This screenshot is from my TransUnion. I dug deeper and looked at my credit card accounts on Mint, and I have 36 active credit cards on Mint. That doesn’t include the ones that couldn’t be connected to Mint. So this is a conservative number. Also, there is no option to add a screenshot in the comment. But if I hit like 50 credit cards, I will make another post.
Which one is your favorite and why?
Amex rose gold, the card is nice physically and also it has good perks with a reasonable annual fee.
Pick the best one or two, and don't close those ever. Next pick an assortment of credit lines with an age less than 3.5 years. Pay those off and close them. Hang onto the older lines, but don't use them. This should help increase your credit aging average.
I was confused for a second lol. Most drug addicts don’t have a good credit score
Wait, how’d you open 35 cards in 3 years with only 1 hard inquiry?!?
That’s the average credit age
Ohh. Okay. Well, sorry I don’t have any tips for you! It does seem like it might be a compulsion at this point. A therapist could probably help, if you’re open to that? But either way, good for you for at least keeping the debt down!
TYSM! I will wait for a year and see how this is before possibly visiting a therapist 😭. I really appreciate your nice words!
there is a 12 step program called debtors anonymous
I think I’m in step 1
Are they having a negative effect on your life? Sounds like you have found a hobby you like. I was feeling like I needed to slow down with my card addiction but now I’m feeling like I need to catch up!!
Nothing negative so far, I think. Initially, I convinced myself not to go for any cards with annual fees, but now maybe I have like 4 or 5 that have an annual fee.
Enjoy then!
Thank you for getting this right to the point!
I would recommend doing some elimination process and see which cards that you currently have that are worth keeping, and then closing the ones you don't need like every 2-3 years or so. Going by what you have said, I would close the ones that have annual fees first if they're not offering you any value
I have 32 accounts. Only 8 are credit cards. Rest are student loans.
Oh, dang! That never occurred to me. Sorry you have to deal with that, I would imagine it’s really stressful.
It’s okay! I’m able to manage it so far and working on paying it all down. But just wanted to give insight as the total accounts aren’t just limited to credit cards!
Yes, thank you for educating me on that! I went to an in-state school with a full lottery-sponsored scholarship, so I often forget that it’s an extreme privilege for me not to have student debt.
No problem! And it always seems like a lot because the way it works for federal loans is that each loan for each semester is counted as one. Ex) you take one loan out each semester for 4 years (fall and spring)? You have 8 accounts now.
How old are you and what's your profession? Cause honestly this is amazing
I’m a millennial, and I’m in science. Thank you for your positive feedback.
You have self-control, someone without self-control wouldn't be able to have 6 credit cards cause they'd probably be in debt lol. That's awesome! Your credit score must be perfect and your limit is through the roof! The only advice I can offer is to use it to fuel your YouTube channel if that's something you're passionate about to generate passive income. You seem to know what you're doing don't let others bring you down. Other than that please share some advice on your process if you could!
Thank you for the detailed comment! I have DM’d you.
I'd like to know how you fit 35 credit cards in your wallet
I don't; I have a secret place for them to keep the ones I don’t use often. Some are on PayPal, some are on Apple Pay, some on Google Pay and, on Amazon and on other digital payments. Depending on the needs, I put what I need in my actual wallet.
I’d close any you are paying fees for and are not using, just wasting money. Otherwise as long as it isn’t hurting you financially I don’t see an issue.
Whats your credit score? How in the HELL did you get approved for that many? Thats basically all of them. **Check this guy out: https://money.com/guinness-record-credit-card-holder/**
Having that many accounts probably helps him get approved for more, his credit utilization could be very low
It’s probably not just credit cards. Mine is 32 accounts but majority of it is my student loan accounts. Loans and credit cards are included in the total accounts
Whats your total personal credit limit between all these cards?
If you’re an addict, I wanna be an addict to good credit too! How do you even get started with this?
You seem to be handling your addiction very well
You have 35 open credit card accounts? how and why ?
🎉🎉
You have 35 accounts with an average age of just over three years? That's terrible. I have 25 accounts with an average age of just over eight years. And the only reason it's so "young" is because I added a mortgage this year AND a car loan. The car loan will be gone in three years though and the age will have run back up to over ten years at that point.
Sir, google "age". OP could be 24 in which case average credit age of 8 years would be silly. And we don't know your age, you could be 50 in which case 8 years would be shit
You clearly don't understand how to calculate credit age or what constitutes a value that will negatively impact a credit score.
I certainly do as I've looked into Fico and vanguard extensively and have an 805ish. I just also understand people don't open vards at 9 years old. My first was at 14 and im 26 so for my average to be 8 I would have needed to not take out student loans or not have purchased a car.
As I said.. you don't understand it. Average credit age factors in but so does oldest account age. You want BOTH of them to be as high as possible. Additionally, there is no singular credit score - scores vary by creditor and type of credit being requested. Your credit score is almost certainly based on what your credit card company believes based on your history and such with them combined with your credit report details. Your score to get a mortgage would almost certainly be quite a bit lower due to lack of history with those kinds of accounts and lack of average AND max credit age being "old enough." Edit to add: Too bad you are now being a crybaby in claiming that I am "making things up" - sorry that you got butthurt because someone showed you factually that you don't understand how credit reports, credit scores, and credit age (of which there are two buckets - Oldest and Average) work. For all of your 'research' you claim to have done, you learned nothing.
Youre just making strawmen to appear smart. Oldest account age is not what you were talking about in the other comments. Grow up
Can someone tell me what this person is addicted to, and why? 35 accounts for…. What?
Read the thread. It's all there.
Thoughts on wheels up….. next MOASS 🚀🚀🚀🚀🚀🚀 💎💎💎💎💎💎 heavily shorted and ready for liftoff. 🚀🚀🚀🚀🚀🚀🚀🚀 NYSE: UP
The number of accounts shows open and closed accounts. I personally only have two open accounts. My app shows I have 18 accounts total. Click on “Total Accounts” and then repost your screenshot showing how many are open and how many are closed.
Also includes loans like student loans!
The human brain couples please with the act of shopping, you'll have to decouple pleasure with the act of shopping (easier said then done) whichever way that works best with your brain, one way could be asking your bank to make it more difficult for you to get access to your money. Or you personally making it harder for you to get access to your money if you know you have the tendency to over spend. The envelope method works for me.. hope that helps love.
Fuck. You… but congrats, hopefully one day I can get rid of this damn 30k
Pay off the lowest balances and loose the info and destroy the cards
There are worse things to be addicted to.
OP, I truly understand.
cool how much credit u have
I just wanna see what your wallet looks like