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What is the optimal number of credit cards to have in your opinion?

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DrZoidberg
Established Contributor

Re: What is the optimal number of credit cards to have in your opinion?

Chase Sapphire Preferred. The card I'm gardening for. 

Message 21 of 28
-Wade-
Valued Contributor

Re: What is the optimal number of credit cards to have in your opinion?


@MaxSaver wrote:

I GOT APPROVED!!!!!!!!!!! Still getting account info.


Congrats on your approval Smiley Happy

"Garden Club Member " Old user name newportguy*** Current Score: myFico EQ - 830 (07/16/2015) Discover TU Fico - 833 (09/03/2016) EX Fico - 839 ( 09/01/2016 ) ******* Amex - BCP 11.5K * Discover - IT 43.5 K * U.S. Bank Cash + Visa Signature 15.3 K * PenFed - Cash Rewards 15K *PenFed Power Cash 19K ** Amex - GDSM 10K ******FICO 800 Club Member ******* EQ 830 *** TU 833 *** EX 839 ***
****** Last HP & New TL was March 6th 2014 *** GOAL: No HP's or New TL's for 2 + years and 840's Scores ******
Message 22 of 28
MaxSaver
New Member

Re: What is the optimal number of credit cards to have in your opinion?

Let's not get greedy.

Message 23 of 28
gdale6
Moderator Emeritus

Re: What is the optimal number of credit cards to have in your opinion?


@MaxSaver wrote:

$7K limit.

 

Now I got

 

1 Visa securd card: $300 limit (hope this graduates in october, I want my dough back)

 

1 discover IT card: $7.5K limit

 

1 Amex card: $7K limit

 

I probably spend less than $300 (including phone) a month out side of rent and am happy I don't have to put all the charges on my debit card.

 

2 cards in 2 days.

 

I probably took a hit to my credit score but won't be applying again any time soon so not a big deal.


Grats on your AMEX card Smiley Happy

Message 24 of 28
BigBS
Senior Contributor

Re: What is the optimal number of credit cards to have in your opinion?

Congrats!

Score: EQ(809) EX(819) TU(800)
INQs: EQ(7) EX(16) TU(8)
Last INQ: 13 Jul 23

Total Credit Limit - $2.0M

Message 25 of 28
aubie1kenobie2
Frequent Contributor

Re: What is the optimal number of credit cards to have in your opinion?


@MaxSaver wrote:

Let's not get greedy.


Agree! You've got two great cards, congrats!


Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 773 (Discover FICO), 749 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Message 26 of 28
Vegas247
Established Contributor

Re: What is the optimal number of credit cards to have in your opinion?


@MaxSaver wrote:

I GOT APPROVED!!!!!!!!!!! Still getting account info.


I told you that you would get approved! Now in 61 days, that $7,000 will turn into $21,000!

$600 Barclaycard® Rewards MasterCard® - Average Credit $6500 Blue Cash Everyday® Card from American Express $30k credit card16k Chase Freedom® - $200 Bonus12k VSiggy
Message 27 of 28
ezdoesit
Valued Contributor

Re: What is the optimal number of credit cards to have in your opinion?


@MaxSaver wrote:

Let's not get greedy.


Exactly.  You don't need the CSP first off if you only spend $300 a month then you wouldn't even qualify for the 40k bonus.  Secondly it is a card that you need to spend heavily on to justify the AF.  Right now you added two excellent card with no AF.  No need for another card not because you probably won't qualify, but do you really need it?

Message 28 of 28
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