45 responses

  1. Shane Curtis
    November 21, 2012

    No wonder, you will be the next credit card king! By the way, credit cards are really bad to me but when I heard from you i think it will change my mind. Thanks for sharing!

    • Dominique Brown
      November 21, 2012

      Why are credit cards bad for you? what happened?

  2. kool cigarettes
    October 11, 2012

    Your style is so unique in comparison to other folks I’ve read stuff from. I appreciate you for posting when you have the opportunity, Guess I’ll just book mark this

    page.

  3. Kevin Williams
    October 6, 2012

    I am all about having multiple cards, as long as there is clear understanding about why. Your post makes a lot of great points about the ‘why’ individuals can and should have more than one; but the x factor is always responsibility.

  4. lower mortgage rate
    July 13, 2012

    Too late now. I Closed previous credit cards in 2010. About 3 cards since I moved in the US in 2005. Only 1 right now have a balance left that is on payment terms. I was told credit cards are bad so I closed them. Only $2000 left on this 1 card, and I can pay it off. But currently I am waiting on a short sale approval for a house -3 mths now.. My mortgage officer said do not pay it off because it will lower my score. Instead recommended me to open secured credit cards from my credit union. So credit union took about $1000 each from my savings towards each secured credit cards and gave me 1 visa and 1 mastercard. I pay if off at end of month and using less than 30% of allowed balance.
    If I payoff my the closed card and eliminate the monthly payment on that. Would it really lower my score. even if the card is already been closed for 2yrs? What if I reopen this card? would it lower my score?
    My goal is to improve my score the fastest way in 60 days. My mortgage rep will pull credit again because 90days ago she pulled my score and preapproved me. After 90days they need to pull score again. I want a lower mortgage interest rate.

  5. Oren @ Oren's M
    May 10, 2012

    I have about $60,000 of credit available, which is pretty impressive considering I am a dental student with no income. I have been getting credit cards since I was in high school so I am hoping that once I get a good job I'll be able to increase my credit available to get somewhere close to where you are now.

  6. Squeezer @Personal F
    April 29, 2012

    I don't have close to $300,000, but I'm pretty sure that I have over $100000. I have about a dozen cards, and this is after I closed 7 cards a couple of months ago.

    • YFS
      April 29, 2012

      Why did you close the cards? I would never close a credit card. I would simply stop using it.

      • Squeezer @Personal F
        April 30, 2012

        Some I signed up for to take advantage of sign up bonuses (Spend $1000, get 10,000 points, etc.) but they had annual fees so I closed before incurring the annual fee.

        Others such as Chase will only allow you to have one type of card at a time, for example, If you have a Chase Freedom card, you can't apply for a second one (you will get an automatic denial letter).

        Chase Slate had a 0% interest, no fee balance transfer promo for 12 months that I wanted to take advantage of, but I already had a Chase Slate card. So I closed it, and then applied for the Chase Slate card. Chase did not want to extend me any more credit but allowed me to consolidate the $10,000 credit limit I had combined on my Chase Freedom and Marriott cards by closing them and moving the credit limit to the newly-applied for Slate card.

      • YFS
        April 30, 2012

        Ok so you closed a few cards to get better perks. The reason why I asked was because, I know closing the cards hurts more than it helps.

      • Squeezer @Personal F
        May 1, 2012

        Yes, it can hurt because can show you have an overall higher credit card utilization rate if you carry a balance. However, I am more interested in sign-up bonuses at this time. In fact, the Barclay's NFL Visa I just signed up for included with the welcome package my FICO score and it was 725. But, when I have over a dozen cards, closing one or two does not create that significant of a hit. I do not plan to use my credit score for anything other than sign up bonuses for the time being. Both of my cars are reliable, I have a mortgage, and a stable federal government job.

  7. Financial Samurai
    April 25, 2012

    Man, I am truly impressed! That's HUGE! I've only got two cards… personal and corporate.

    To have that kind of credit access, you must be making much more than that right?

    • YFS
      April 25, 2012

      Fortunately, credit card companies are idiots and they don't require me to make 300k+ or more to have that much credit.

      • Matt
        November 22, 2012

        It is kind of daft how it works though isn’t it? You have all this credit available but will never use it!

      • Dominique Brown
        November 22, 2012

        I use it to manipulate my score, so I can get roc bottom prices on HELOC.. There is a method to my madness :-)

  8. mortgage
    April 24, 2012

    im planning a vacation with my bf that my mom knows about but me and my mom share a credit card and i want to get a king bed with a whirlpool inside our room but am afraid this is going to show up on the credit card bill and I dont want my mom to see that.

  9. Carrie Smith
    April 20, 2012

    Wow! I would be so scared of what I would do if I had that much available credit. Holy moly! Haha. Thanks for the credit card graph breakdown too. I learned something new. :)

    • YFS
      April 20, 2012

      Carrie, I'm willing to bet you would follow your written budget to a T and only use your credit card for good :-)

  10. Jessica, The Debt Pr
    April 20, 2012

    I could NEVER EVER play the cc utilization game to build my credit score. About four years ago, if I had $300,000 in available credit, I would have had about $300,000 in credit card debt! I could not be trusted with cc's. I'm still not sure I can be trusted with them, luckily, they are all closed due to my inability to be a mature, responsible adult. I have one left open w/a credit limit of $500 for emergencies while I'm still building up my EF. That's about as risky as I can get.

    • Jessica, The Debt Pr
      April 20, 2012

      This is why I am The DEBT Princess and not the Debt Free Princess. That WILL change one day though.

    • YFS
      April 20, 2012

      If you keep a budget and stick to it you can play the CC game easy. No difference between credit or cash if you abide by your budget :-). I like credit for the following reasons:

      Protection
      Reward points
      45 day grace period
      Extended Warranties
      Because, life is easier
      I'm disciplined

      Once you get comfortable with plastic, I'm sure you can handle it.

  11. Kevin @ Debteye
    December 22, 2011

    In this day of age, we all need credit cards (hotels, rent a car, credit protection). Some people view their availability as free money, and have the dangerous mentality of "spend now pay later". I'm definitely NOT against credit cards..just gotta learn how to leverage it in your favor.

    • YFS
      December 22, 2011

      I agree.. Credit cards are like guns. They are simply tools to get the job done. The person with the tool is the one who has to use it properly.

      • Kevin @ Debteye
        December 22, 2011

        Great analogy! Sounds like a great title for your next post!

  12. Benjamin
    October 13, 2011

    I gotta say, that is a sick amount of credit card debt, but it is all relative I suppose. As you suggest, your utilization rate is extremely low at <2%.

    • YFS
      December 22, 2011

      Ben,

      I don't have credit card debt. I pay in full every month

  13. chris
    October 9, 2011

    How do you factor in your mortgage in the credit utilization figure? Or do you just use loans, credit cards, etc?

    • YFS
      October 9, 2011

      Chris,

      For this post I just displayed my credit cards utilization amount. But, the utilization rate of my installment loans also affects, to a much lesser extent, my credit score.

      • chris
        October 9, 2011

        Ok, I just did mine and it was 10%. Thanks for an awesome article and I did subscribe!

  14. Mike (CreditCardForu
    October 7, 2011

    Don't think for a minute I'm going to let you skate by and be the king of credit cards. I'm going to challenge you to a duel and we'll see who comes out on top (just emailed you the challenge).

    • YFS
      October 7, 2011

      Mike,

      LOL the King has retired. I aka Michael Jordan already has his championships. Why would I worry about Lebron James (you). hahaha Just kidding.. see your email for my real response :-)

  15. SavingMentor
    October 6, 2011

    I didn't read it all yet, but I can already tell this is a very good article. I've thought of writing something similar for my site and will definitely use this as reference if I do.

    Fatwallet users in the USA are like RedFlagDeals users in Canada and I've been one of those for a lot of years :)

    Welcome to Yakezie!

    • YFS
      October 6, 2011

      SavingMentor,

      Thank you for your comment. If RedFlagDeals is similar to Fatwallet you know just how creative they can be when it comes to financing and working the system!

  16. Kellen @ Accountant
    October 6, 2011

    I have a pretty good credits core – no mortgage or car loan though, just credit cards. I already have 5 cards – 3 regular credit cards, and 2 store cards. I opened 3 of them in the past year. One to get the 0% interest when I had to buy plane tickets for work and had to wait a few weeks to get reimbursed. (This was going to be my points card too, but the points turned out to be misleading.) One was to get better points. The third was a store card (Macy's) since I plan to buy more work clothes there.

    How long will it take for these 3 cards to help my credit, rather than hurt it by being new? (2 are almost a year old, the third is just a few months old.)

    • YFS
      October 6, 2011

      Kellen,

      Thank you for commenting!

      Often time credit cards reward offers are misleading or they come with huge restrictions or black out days. You really have to read the fine print on those types of cards. I'm not a fan of store cards because they don't allow you flexibility to shop at other locations. But, since you opened the Macy's card what ever you do. Do not close it. It will take 1-3 years of excellent payment history to offset the ding you get from opening new credit. You can shorten this time frame by asking the creditors to increase your credit limits. The bigger the better. See my utilization example for more detail

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