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I have 7 credit cards and sometimes I think that is too many. Even though we only use/have balances on four of them, it’s still some work to make sure everything is a-ok on the cards and there are no fradulent charges.
I couldn’t imagine adding 1,490 credit cards to my wallet like this man has done. The article is older, so he very well could have more cards today:
What I find so fascinating about this story is that Walter Cavanagh has a total of 1.7 million dollars in available credit yet he has a stellar credit report. He uses one of his cards and pays off the balance in full monthly.
1.7 million dollars in available credit…wow.
[Hat Tip to Dawn at Frugal for Life]
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Posted: February 25th, 2007 at 10:55 pm
wow i thought 20 was a lot? Interesting how the more credit cards he got the higher his credit score is… I am not sure if this guy is doing something right, or doing something wrong.
Posted: February 25th, 2007 at 10:57 pm
Why not cancel the credit cards you have paid off? I think there is a strong cause for never using credit cards again once they are paid off - a debit card serves the same function and erases the temptation of getting back into debt. But, if you are going to keep using credit cards, your life will much easier and simpler if you just keep 1 or 2 around and cancel the rest. Less to monitor, fewer chances for fraud, less dangers of open credit lines, etc.
Posted: February 26th, 2007 at 1:53 am
Kristina, I completely agree with you… The cost of keeping a bunch of cards outweighs the benefits imho, maybe you shouldn’t cancel cards if your credit score is through the tubes though?
Your fraud point is valid, no wonder this guy keeps the cards in a safety deposit box-
Posted: February 26th, 2007 at 1:55 am
[...] 1,500 Credit Cards: Man has 1,500 Credit Cards! [...]
Posted: February 26th, 2007 at 2:26 am
He is talking about the 1960s…so the man is pretty aged by now. It’s possible that the new FICO formula was not in place then (I will look into it soon) and I don’t know how how many cards he got after the FICO formula, as we know it today, was implemented. In conclusion, I am not sure if his credit score reflects his credit situation.
Posted: February 26th, 2007 at 7:37 am
Kristina - We are keeping all of our cards open right now. If we closed any of them, our debt to credit ratio would decline and pull down our FICO scores. Once all of the cards are paid off, theoretically I should be able to close most of our cards and have our ratio remain the same. Then, our credit score wouldn’t go down (I’m still researching this to see if this will be the case).
We need to keep our scores as high as we can right now. Within the next 5 years we might be purchasing a new home and I would like to get a good interest rate on our mortgage (our current one is at 8%).
Posted: February 26th, 2007 at 7:40 am
Canceling cards may not lower your credit score, though it might temporarily in some instances. Part of your credit score is a based on credit-available-to-income. So, if you have 10 credit cards open that have a zero balance but have a $2000 limit each, that means that you could potentially go $20,000 into debt at any moment. This is a danger to people that you are looking to borrow money from - they don’t want you to suddenly be able to go deeply into debt, which will affect your ability to pay them back.
Posted: February 27th, 2007 at 9:44 pm
Wow that is a crazy amount!
My Dad has $50K available on one card. He’s never used it but it is there for him.
Posted: March 11th, 2007 at 1:10 pm
[...] Seven Credit Cards Aren’t Enough. How About 1,497?, Blogging Away Debt raises some great points about FICO score considerations. In How Many Credit [...]
Posted: November 26th, 2007 at 5:01 am
That’s really cool to have 1.7 million dollars as available credit card credit. He could use it as backup money