SO How many Credit Cards do you have??? - FMVperformance.com : The site for all your Ford Mazda and Volvo needs
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post #1 of 123 (permalink) Old 03-14-2006, 07:51 PM Thread Starter
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SO How many Credit Cards do you have???

Include photos please.


Sorry im only joking, So what cards do you carry? What is your spending limit? ARe they Paid off?
Include Gas and shopping cards if you want. Discuss.



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post #2 of 123 (permalink) Old 03-14-2006, 08:24 PM
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Re: SO How many Credit Cards do you have???

1 Credit Card, USAA, 1500 limit... college student


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post #3 of 123 (permalink) Old 03-14-2006, 08:25 PM
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Re: SO How many Credit Cards do you have???

yea i have a credit/ debit card..dunt kno the limit


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post #4 of 123 (permalink) Old 03-14-2006, 08:27 PM
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Re: SO How many Credit Cards do you have???

Wow.... I work at a bank and I never thought I'd see a credit pissing contest! This is funny!

I hope everyone pays off their credit cards. I've carried a balance I think three months of my entire credit history.... I don't want to pay 18% to rent money. Booo!!!

[quote author=jdesclafani link=topic=42149.msg618274#msg618274 date=1142385944]
yea i have a credit/ debit card..dunt kno the limit
[/quote]

If debit card, your limit is generally whatever's in your checking account. Unless there's an overdraft line of credit.



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post #5 of 123 (permalink) Old 03-14-2006, 08:43 PM
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Re: SO How many Credit Cards do you have???

ive got a few, ive cancelled most of them. But I dont see a problem with having a balance as long as your not getting raped on APR. Now people will disagree with me, some say it helps your credit score by constantly having a balance, some say it doesnt. I dont care. I dont carry a balance to boost my credit score. I carry a balance cause I want to. And all i know is that when I had my credit checked along with my dad, she said my dads credit was in like to top 3% and I wasnt far behind him. All I know is when i do go for a huge loan, I will be in a good situation.


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post #6 of 123 (permalink) Old 03-14-2006, 08:46 PM
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Re: SO How many Credit Cards do you have???

0 credit cards, I guess one if you count my business card, but it is onl used to book airline travle and pay hotel expenses to be reimbursed by my firm.

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post #7 of 123 (permalink) Old 03-14-2006, 08:54 PM
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Re: SO How many Credit Cards do you have???

The Gm Card Master Card 7k Limit
PSECU Credit Union Visa 3k Limit
State Farm Visa 1700 Limit
Soverigan Bank Visa 5500 Limit
Kohls $500 Limit
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post #8 of 123 (permalink) Old 03-14-2006, 08:58 PM
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Re: SO How many Credit Cards do you have???

I have 7 cards. Trying to get rid of some that are gathering dust.

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post #9 of 123 (permalink) Old 03-14-2006, 09:06 PM
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Re: SO How many Credit Cards do you have???

3...Visa, Macy's and Home Depot. Total limit on all 3 is about 4k; total owed is about 3k.

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post #10 of 123 (permalink) Old 03-14-2006, 09:08 PM
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Re: SO How many Credit Cards do you have???

[quote author=dioxviad link=topic=42149.msg618234#msg618234 date=1142383916]
Include photos please.


Sorry im only joking, So what cards do you carry? What is your spending limit? ARe they Paid off?
Include Gas and shopping cards if you want. Discuss.



Discover Card 12K Limit
American Express 24K Limit
Visa Capital One 8K limit
Master Card MBNA 28K Limit
[/quote]

wow these are some high limits there..... I think the highest one I have/had is like 20K.... I have about 15 credit cards and my total limit on all of them is more than 100K, but I only use about 5. The reason I have so many is that I take advantage of 0% APR offers and transfer balances between cards, in fact the average balance I carried in the last 3 years is about 20K and paid almost nothing in interest (once I used a 0.9% card or something).

In my opinion it makes sense to take a line of credit if the interest rate on it is less than the returns you can get on that money elsewhere. for example, the average after tax returns on my mutual fund portfolio is about 10% in the last few years, so the $20K I took out in 0% credit cards made me $2000 each year because I invested it. BTW, same goes for car loans - you want to take the loan if it's low interest like 2.9% or something like that cause in fact if you pay cash up front for the car you will be using that you can invest and get 5-10% returns which is more than the 2.9% APR you are paying on it....


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