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Posted by djay on May 3, 2008, 1:49 pm
>
>>@news.infowest.com:
>>
>>> The best revenge is to cost them what they value most. Time.
>>>
>>>
>>
>>This works at the post office, too. I kept getting pre-approved credit
>>card apps from JP Morgan-Chase Bank, platinum business cards. I sent two
>>back saying no and take me off the list, but they persisted. So, I
>>started sending them in to see if they'd really send me more cards. (I
>>already have one.) They kept sending them and sending them. I have 10
>>Chase Business cards, now, all with different numbers on them with really
>>high credit limits....all with 3% cashback and no fees. Every month, I
>>rotate using them to keep them active as you must use them at least once
>>every 12 months to keep them active. I can now afford open heart surgery
>>at the best hospital in the country with the highest priced vampires.
>>
>>So far, noone as questioned why I have so many Chase cards.....stupid?
>>Them or me? The cost me nothing as I always pay off the bill...no
>>interest, no charges.
>>
>>One hand has no idea what another hand is doing in big corporations.....
>
> It's my understanding -- open to correction -- that applying for many
> credit cards is detrimental to one's credit rating. The thinking of
> the Big Three rating organizations is that somebody who needs
> that many credit cards might be a little shaky in the finance
> department, so they need to keep bouncing from card to card.
>
> I would genuinely like KNOWLEDGEABLE input on whether
> this philosophy of the rating orgs. is valid. (Personally, I stick to
> about 2 or 3 -- why more?)
>
> BTW: Doesn't the above message echo some of the attitude
> that caused the sub-prime housing bust, which is now affecting
> economies around the world? IOW, extend credit promiscuously?
>
>
Yes you are correct in what you posted. Opening them isn't a huge deal it's
when you close them that you have trouble with your credit score. Each
credit card carries its separate revolving credit account (of course) and
the debt to credit ratio is a good thing (if you always pay off the cards at
the end of the month - shows responsibility blah blah blah). However when
you decide to close several arbitrarily it shows a changed (negative) debt
to credit ratio and your FICO score drops like a bomb.
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