Actually in a little bit under 25 months I have 12 cards and lemme tell you, even though I have $24,000 in credit, I definitely keep my utilization under 10%. I am only hurt because I have like 12 inquires. I basically I'm taking the short-term consequences. 11 of my cards are personal cards. 1 is a business card as a sole proprietor. And 1 of them is a charge card in the Amex green card.
@@nobom I just applied and I figured the worst I could say is no when they approve me I have to minimize my card and take at least one from each net work, and after that, I have to basically alternate my cards, but make sure the ones that have balances are paid off immediately. Cards like my oldest car I’m gonna most likely put a small charge to keep it open to help with my credit history.
So you have 12 cards with only $2000 credit limits on each? That's still not great and can still hurt your credit utilization per card. I've only been in credit cards for 2.5 years and have $68,000 across 9 cards, with $24,000 being my highest credit limit on a single card
You seem to be keen on credit card accounts; I am more strategized to having a mix of credit accounts. These include: a revolving line of credit , 2 or 3 credit cards, a signature loan option, a Student Loan account that is mostly or totally paid off, and then a stash of cash for when the utilities do not work and none of your cards, phones or computers will be operational. Like last week's nation-wide storm systems are a good example or the floods of 2014 that washed out the streets down town and the main bridge crossing the river between the two main parts of town. That piggy bank stash of cash got me through the next week where no piece of plastic could.
@@calbarton14:30 Pairing the SoFi MC with the Venture X is an ideal setup for daily usage (including travel) because cardholders never have to worry about FX fees, neither do they have to worry about earning cash back and points/miles below 2%. Plus sometimes, there could be certain merchants that only accepts Visa as an exclusive payment method or vice versa
What your setup look like and credit score? I am also 20 but only have 8 cards and my score seems to be suffering from such a low average age of accounts
@@danielsbardella141it's fine if you have 2000 credit cards, they all just need to be minimally used, ergo the catch 22. If you have more than 30 percent credit utilization across the board, like I did at one point, your done for until you pay them down.
For each their own. But one high-limit card with rewards is good enough. Business credit is better. But with regular credit cards, no point unless you wanna spend more money for the perks and rewards or to build your credit if your score is low.
Agreed, except i think a good credit mix of 3 cc is the sweet spot. The reason i say 3 is bc having less than 3 cc's is considered a thin credit profile regardless of however long the account was open. Also, in case no fault of your own the bank decided to lower your limit, close the account, etc you still have other card's still reporting with decent limits
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After adding five cards at the end of August, six seems like weak sauce. I have a card for nearly every category that applies to me. The Tractor Supply card I just got to give a card to each of my kids to use at the store that is almost right next door to where we live. Looking at hopefully st least two more cards at the end of this year or beginning of next to fill in some minor gaps.
Did cap 1 ever start reporting the available credit and you balance owed I left them years ago because they wouldn't report total limit only what you used which lowered your score because it appeared your maxed out by not showing available and owed
Do store cards count as some of the (6) cards that are recommended? I have (2) store cards and (2) credit cards, but would like to add a few more as long as it doesn't ding my credit and would help in the long term. I know each new account lowers your average age of accounts, and my AAOA is currently 5 years.
I don’t really count store cards but in my personal opinion yes they do count because they do ding your credit there not a lot of cards out there that do soft pulls if u want a card that helps u build credit that doesn’t hurt ur credit I recommend credit ai it’s a debt card that works like a credit card u grow ur credit score u spend 10 dollars it gets reported as 1500 dollars
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Question Cal,
Would it be wise to cancel a One year old Capital One SavorOne that has a $300 limit?
Actually in a little bit under 25 months I have 12 cards and lemme tell you, even though I have $24,000 in credit, I definitely keep my utilization under 10%. I am only hurt because I have like 12 inquires. I basically I'm taking the short-term consequences. 11 of my cards are personal cards. 1 is a business card as a sole proprietor. And 1 of them is a charge card in the Amex green card.
12 Cards in 2 years??! How did you do that? Banks/issuers don't give out new cards to people who have more than 6 inquiries.
@@nobom I just applied and I figured the worst I could say is no when they approve me I have to minimize my card and take at least one from each net work, and after that, I have to basically alternate my cards, but make sure the ones that have balances are paid off immediately. Cards like my oldest car I’m gonna most likely put a small charge to keep it open to help with my credit history.
@@nobom I know that my car inquiries fell off. The only other thing I can think is my debit to income ratio. Which is around 1 percent.
So you have 12 cards with only $2000 credit limits on each? That's still not great and can still hurt your credit utilization per card. I've only been in credit cards for 2.5 years and have $68,000 across 9 cards, with $24,000 being my highest credit limit on a single card
@@pishposh4506 I need to garden anyway and get a better job to increase my income and besides that, use my cards a little more.
You seem to be keen on credit card accounts; I am more strategized to having a mix of credit accounts. These include: a revolving line of credit , 2 or 3 credit cards, a signature loan option, a Student Loan account that is mostly or totally paid off, and then a stash of cash for when the utilities do not work and none of your cards, phones or computers will be operational. Like last week's nation-wide storm systems are a good example or the floods of 2014 that washed out the streets down town and the main bridge crossing the river between the two main parts of town. That piggy bank stash of cash got me through the next week where no piece of plastic could.
That's why I Love your Channel Cal... Always dropping a wealth of wisdom on us 🎉🎉... Good Looking out Cal as always!!! Your #1 Fan!!!
I really appreciate that Barbara!
@@calbarton14:30 Pairing the SoFi MC with the Venture X is an ideal setup for daily usage (including travel) because cardholders never have to worry about FX fees, neither do they have to worry about earning cash back and points/miles below 2%. Plus sometimes, there could be certain merchants that only accepts Visa as an exclusive payment method or vice versa
I’m 20, with 14 cards, and possibly a 15th this month.
Why?
That's ridiculous lol
Score??
What your setup look like and credit score? I am also 20 but only have 8 cards and my score seems to be suffering from such a low average age of accounts
@@danielsbardella141it's fine if you have 2000 credit cards, they all just need to be minimally used, ergo the catch 22. If you have more than 30 percent credit utilization across the board, like I did at one point, your done for until you pay them down.
For each their own. But one high-limit card with rewards is good enough. Business credit is better. But with regular credit cards, no point unless you wanna spend more money for the perks and rewards or to build your credit if your score is low.
Agreed, except i think a good credit mix of 3 cc is the sweet spot. The reason i say 3 is bc having less than 3 cc's is considered a thin credit profile regardless of however long the account was open. Also, in case no fault of your own the bank decided to lower your limit, close the account, etc you still have other card's still reporting with decent limits
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Best Credit Union Cards
Best Cards for Home Improvement
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After adding five cards at the end of August, six seems like weak sauce. I have a card for nearly every category that applies to me. The Tractor Supply card I just got to give a card to each of my kids to use at the store that is almost right next door to where we live. Looking at hopefully st least two more cards at the end of this year or beginning of next to fill in some minor gaps.
Love your videos!
Glad you like them! Sasha
Did cap 1 ever start reporting the available credit and you balance owed I left them years ago because they wouldn't report total limit only what you used which lowered your score because it appeared your maxed out by not showing available and owed
Awesome content bro! question did you say request cli every 31 days for apple?
Yes and thank you
With the Apple Card you used to be able to request every 90 days, now that has changed to 6 months!
“Simpleton” means a “foolish person” rather than someone who wants to keep things simple. Maybe “minimalist” instead?
Haha 😂 you got me there. Let's go with minimalist. Thanks for catching that.
Gracias por la info!
The six does not include store cards? Major bank cards correct
Correct!
What is a fintech?
Do store cards count as some of the (6) cards that are recommended? I have (2) store cards and (2) credit cards, but would like to add a few more as long as it doesn't ding my credit and would help in the long term. I know each new account lowers your average age of accounts, and my AAOA is currently 5 years.
I don’t really count store cards but in my personal opinion yes they do count because they do ding your credit there not a lot of cards out there that do soft pulls if u want a card that helps u build credit that doesn’t hurt ur credit I recommend credit ai it’s a debt card that works like a credit card u grow ur credit score u spend 10 dollars it gets reported as 1500 dollars
@@blankprivatecompany9296 Bro, use periods and commas. Please.
I want at least 9 credits cards a few regular ones and 3 buisness credit cards
Why would a person need 30 cards
Likely ego.
🎉 I have 54
Chime is horrible.
@@kevinsedwardsThey don't report your payments correctly or on time to the credit bureaus. It's useless if you're trying to build credit.
Great video bro! The quality and information is top notch! I’m team bonus hunter 😂 Keep up the great work 🫡🇵🇷
Haha thanks Caesar!