I have probably 50+ credit cards and my husband has maybe 40 with hundreds of thousands of dollars worth of credit. If that's not good enough, our credit scores hover around the 760-770 level. However I ALWAYS pay the balance off each month and never spend money that I don't already have. Even if you don't use it ever, most credit cards won't cancel you, most of the ones I have, I used for the bonus and never used again.
Credit card companies throw money at me anymore. I'm often reticent to use cash as it doesn't give me anything. I like free money
However, I also exert extreme control on my spending. If I can't afford it, I don't buy it and that applies to cars and houses too. Believe me, learn these lessons now and your life will be the better for it. My MIL is constantly broke and she's 55. Do you really want to be like that when you are old?
Some people aren't good with managing their finances.
Some people also aren't good with fighting temptation.
I honestltly believe everyone needs at least one credit card.
I believe I have 15 at the moment. I'm not at my home PC. I keep a VERY detailed sheet of all my CCs...when to cancel...when to reapply for boinuses...
I've had between 10 and 20 for about 10 years.
The last time I paid a finance charge was....well I've never paid a finance charge.
But I'm not like everybody. Credit is a game to me. More specifically CC Rewards are a game...how can I maximize my freebies??
But its not a game if you don't have the discipline. And it takes a great deal of disipline,
Even if you can keep on top of every account....its still work...and that's not everyone's cup of tea either.
Credit Card issuers bank on people not playing the game well. For every individual like me, gaming the system, there are 5-10 others screwing up. They make plenty...all the while giving a few folk free vacations every year...
First thing is learn self control. This might take a long time.
Recognize your strengths and your weaknesses...and be honest with yourself.
One card. One meager limit...may be what the doctor orders.
Rule #1: credit != free cash.
Rule #2: purchase if you can pay for it in cash.
Rule #3: credit card interest is crazy. Don't carry a balance. Some people said that build your credit. I think they are nuts.
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