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First of all thank you everybody for the replies and advises.

Secondly, I would like to state the following:

I had no credit just one year ago. I am new in the country, came one year ago. So I worked for 8 months and used a secure gold mastercard by putting down the money to build my credit from second month of my entry into the country. Then tried unsecured. They didn't give me even one. Tried again in the last two months. It seems since my last try I have been literally collecting credit cards and laughting at them. I love it. Sometimes I think I should have a collection book. I am exremely good at calculating and carefulness about debt. I have made big purchases of computers, sofas, extra using my cards and paid them off all easily. I realise credit cards can be good and bad, depends on the usage. I even paid a little interested intentionaly on my gold secured card. I will never purchase anything unless I am sure I can pay in few installments.

Now I have two visas with two more on the way and one american express and one mastercard. Total six. Mastercard is locked in my box with a loan which has excellent interest rate of 5% for one year. Easy! Waiting to get my two other visas and then put them aside. Then I will start using them by turns every month one of them. Do you think it's a good idea? To use the cards by turn. I think that way everyone of them will report good about me. I might be leaving my job and going to college soon. I am planning to keep the good payment history for things I want to do after college. Do you agree with me? If you have any advise please tell me? I know that if I want to apply for credit in future more available credit is not good for me. Thanks for the advise that's why I know it. But I am not planning to do so in atleast two years. However I might use my credit card limits to purchase some stuff including my coming marriage in one year. So I feel I shouldn't cancell them.

Thanks. Sorry you must be bored by now, just a long post.

Hameed
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To use the cards by turn is right, though I do it a little differently.
My four have closing dates at different times of the month.
So from the second to the 9th of the month I use the one with closing date on the first.
From the 10th to the 15th I use the one with closiing date on the 9th
From the 16th to the 25th I use the one with closing date on the 15th.
From the 26th to the end of the month, II use the one with closing date on the 25th.
It means I have a little more time each month to use THEIR money without paying any interest. (it does mean I have four payments to send--but if there isn't going to be enough to be worth a stamp I don't use that card that month.
Best wishes, Chris
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The only -- but major -- problem to your plan is this:

Should you want, some time in the future, to buy a house, or an expensive car (like, when you get married, perhaps...) a mortgage lender is going to examine your credit worthiness. If you have *a lot* of cards, each with the *potential* for you to run up a lot of credit debt, you could be denied a mortgage.

This is true even if all your cards have zero balances. What they look at is the *possibility* that you could overspend, use up all the available credit, and be so deep in debt that you then could not pay your mortgage.

That's why it's usually recommended that you have and use no more than maybe two cards.
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To use the cards by turn is right, though I do it a little differently.
My four have closing dates at different times of the month.
So from the second to the 9th of the month I use the one with closing date on the first.
From the 10th to the 15th I use the one with closiing date on the 9th
From the 16th to the 25th I use the one with closing date on the 15th.
From the 26th to the end of the month, II use the one with closing date on the 25th.
It means I have a little more time each month to use THEIR money without paying any interest. (it does mean I have four payments to send--but if there isn't going to be enough to be worth a stamp I don't use that card that month.


Wow. That just seems like a lot of stuff to keep track of in my head just to beat the cc companies at their own game... Have you ever made a mistake and used the wrong card on the wrong day?! I don't think that I would bother with it, but if you can manage, more power to you!
-j9
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I had no credit just one year ago. I am new in the country, came one year ago. So I worked for 8 months and used a secure gold mastercard by putting down the money to build my credit from second month of my entry into the country. Then tried unsecured. They didn't give me even one. Tried again in the last two months. It seems since my last try I have been literally collecting credit cards and laughting at them. I love it. Sometimes I think I should have a collection book. I am exremely good at calculating and carefulness about debt. I have made big purchases of computers, sofas, extra using my cards and paid them off all easily. I realise credit cards can be good and bad, depends on the usage. I even paid a little interested intentionaly on my gold secured card. I will never purchase anything unless I am sure I can pay in few installments.

Now I have two visas with two more on the way and one american express and one mastercard. Total six. Mastercard is locked in my box with a loan which has excellent interest rate of 5% for one year. Easy! Waiting to get my two other visas and then put them aside. Then I will start using them by turns every month one of them. Do you think it's a good idea? To use the cards by turn. I think that way everyone of them will report good about me. I might be leaving my job and going to college soon. I am planning to keep the good payment history for things I want to do after college. Do you agree with me? If you have any advise please tell me? I know that if I want to apply for credit in future more available credit is not good for me. Thanks for the advise that's why I know it. But I am not planning to do so in atleast two years. However I might use my credit card limits to purchase some stuff including my coming marriage in one year. So I feel I shouldn't cancell them.

Thanks. Sorry you must be bored by now, just a long post.


Hi again, Hameed!

Okay, you seem to be thinking that the more cards you have, the better your credit will be. This isn't necessary, nor is it correct.

Having too many accounts, and therefore too much available credit can work against you as lenders could look at you as a risk. It's not hard to imagine that they could think, "Hey, what if we lend Hameed this money, and then he goes and uses all the credit he has available. He might not be able to pay us back."

See? You could be doing yourself a disservice, and at the very least, you need to keep track of all those accounts to be sure that there's no one getting hold of your numbers, and of course there's the chance of misplaced cards. Finally, there's always the risk of temptation to use them.

But the main thing is that you don't need to have all of these cards. If you want more than one, have a no-annual fee Visa and MC, where you use one and have the other as an emergency back up.

I'd urge you to not collect these things. They are NOT status symbols, and having a collection of them will not do you any favors.

Tony
...but I still am...

Off2Aruba
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Chris,

I totally understand your logic. But for me I am just not that smart. I just dont like to use them at all. But you know what you are doing. Good Luck

Slovell
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Tony,

I have to agree with you. I am glad you said that to Hammeed. That is how it all starts. Status. I recommend geting rid of all the cards but 2 that have the most favorable terms. Then only using one regularly. I am glad you are in the USA but please do not end up like many people in America woefully behind the debt 8 ball

Slovell
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