Originally Posted By: Kuato
Originally Posted By: Donald
Its bad advice to go out and get as many credit cards as you can. ...
Agreed! In this way danger lies!
No.
Only if you're irresponsible with regards to finance.
2 years ago I started earning miles with bonus offers on the various CCs. 55k here, 40k there, 70k (Hilton) there... etc.
I never looked at my credit score beforehand, but within the last year its been over 800. Opening up a bunch of accounts, barely affects it. My # of cards was definitely in the teens at one point.
I've flown to NZ, Portland, DC and Curacao (upcoming) with miles. I got $500 cashback from a recent Citi card bonus. Stayed a few nights in Marriots. All for only fee/taxes.
The biggest bonuses come from cards that have an annual fee, but are waived during the first year. So you have to be responsible enough to keep a spreadsheet, track when you opened the account, what the initial bonus offer was for, when you got the offer, and when to cancel the card to avoid the annual fee.
There are tons of websites dedicated to people who try and maximize their miles, etc. I just grabbed the biggest, easiest bonuses. Definitely worth the hassle, though.
You won't see many recommending it on here, though, because people on here get flamed when they complain about new car purchases or leases as not fiscally responsible. "Its my money, I'll spend it how I want" (well if you financed - its not really your money) Many members seem to lack financial control.
Credit is a tool. You have to know how to use it, though. At the same time, don't bow down to your credit score, either. Don't be afraid to open a new account b/c it might lower your score or shorten your age of accounts. What good is credit if you don't actually use it? Its a catch-22, those with good credit don't need it as much as those with the lowest scores.
OP - Citi Double Cash is currently a good "all-rounder".