Some people have major fears when it comes to credit cards. Does that sound like you? If so, it’s not your fault. Since you were young, people have constantly warned you against “ruining your credit.” If you got reckless with it, you’d become one of the evil “financially irresponsible” losers of the world. That terrible fate would bring great shame on your family and ruin your life. Does that sound about right?
Well, I guess I’m evil. I apply for more than 20 credit cards a year. And I close a ton of them. Growing up, I heard these things were bad. And, you know what, for some people that’s true. If you don’t have much history with credit…if your score is weak…if you can’t remember to make payments on time…then you might not be financially mature enough right now to “play games.”
In my case, I go through a lot of credit score fluctuations (but it’s always in the 700’s). Recently, I was denied for a Barclays card. Yes, denials do happen, and I regularly call reconsideration numbers to get applications approved. Anyway, this denial was a special one. Because, in the letter, I saw a magical number. 800. Yup, for the first time in my life, my credit score had reached 800. Ironic that I saw it in a denial letter, but it still made me smile.
With 20+ applications a year and multiple closed cards, my score is in better shape than ever. Each individual situation is a little different, but for me, there are a few things that help:
- I went into this game with a solid credit history.
- I’m never late with payments.
- I don’t carry a balance.
- I kept all those no-fee cards that I’ve had for years open.
The moral of the story is to base your credit fears on something real. Don’t just take someone else’s word for it. Now, please excuse me while I celebrate my milestone! For us nerds, it’s the little things…
