Jow Forums, tell me why I shouldn't open like 10 credit cards...

Jow Forums, tell me why I shouldn't open like 10 credit cards. It seems like having more cards increases your credit score so why wouldn't I take advantage of the 5 offers a day I get in the mail?

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The real question is why everyone isn't taking out loans for Bitcoin. It's obviously going to make you fucking money.

My car isn’t worth enough in collateral sadly

Annual fees

Most offers I get are no annual fees. Is that the only reason? Usually they're also 0% apr for 18 months on balance transfers.

This, except if you have good credit you'll never have to pay an annual fee.

I have 660 with equifax, transunion and fico. Not exactly high but not terrible.

Have a parent or partner who has their shit together co-sign the loan with you.

>inb4 credit jew

You may have to wait after opening the first 3 or 4 cards, the inquiries can hurt your score if you have a lot. Credit seeking behavior makes you look like a risk. If you can get above 720 you'll be approved for most cards, 700 might work too. In general don't open a bunch of cards that don't have rewards, I have one card for gas, one for groceries, one for restaurants, and one for everything else. And one low interest card with no rewards just in case.
Except the type of person willing to cosign is typically the type of person who is retarded and has shit credit.

Ok that makes sense. I currently have 5 credit cards and a car loan. I'll wait till I'm over 700 or so before I get another card.

Unless you have high utilization and need more cards to bring that down, you'll see diminishing returns in opening more cards.

I was at high utilization, but 3 of my 5 cards' lines just went up. Once credit karma updates I should be under 49% utilization. Mostly it's just 1 card that is causing issues. $3300 of $3500 limit right now. Currently I'm paying it off, but it's slow going when I only make between $300 and $400 a week.

I hope you have 0% interest, you should never pay interest on a credit card, I only did once one summer when I had no income for a couple months. Utilization is a pretty big factor of your score but it also changes immediately month to month. High utilization only hurts your score for the duration of the high utilization. It should be below 30% at least and ideally below 10%, but above 0% (you should still pay off your cards every month but wait until after the statement posts)

Get a discover card if you can, they're the only one I know of that gives a free fico score every month. That score is much more predictive than credit karma's because banks actually use it. Credit karma uses vantagescore which is a different algorithm but similar.

Yeah I've got a capital one that does the same thing. Free fico every month.

My capital one card gives a vantagescore so be sure yours doesn't as well. Mine is a business card though.

People did. Many just did it at the wrong time. Like 19k wrong time.

People taking loans to buy the asset is one of the most accurate indicators of a speculative bubble.

Have had two people co-sign a loan with me and both had great credit scores.

Call it a bubble, don't invest I don't give a shit. If you aren't dumping money into Bitcoin, then you are missing out on a chance to change your life.

This can happen but it's rare. My grandmother cosigned a student loan for me and her score is above 800. I paid it off a year later.
>We are the earl adoppers

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We are the early majority, not the early adopters if you are just recently getting into crypto.

If you do this then the average age of your credit accounts will plummet and hurt your score for years to come.