Credit impact for having less credit cards?

[slvrhwk]

Hi guys,

My strategy has always been to have 1 card of each network (Visa, MC, etc), just so that if I every go to a merchant who only accepts only 1 type of card, I have it in my pocket. I still believe in that strategy. I don't like to collect credit cards. This is my current profile:

Visa - CapOne QS (PC'd from CapOne Visa Platinum). My oldest card. 1.5% cash back on everything. I won't be using this much unless I'm traveling (0% FTF) and the merchant doesn't accept MC. $4250 CL.

MC - Barclays Arrival+. Love this card. Use it for most, if not all, of my transactions. $2500 CL.

Amex - BCP. Recently applied and got approved. Still waiting to receive it. Always wanted an Amex, finally got one -> Happy. $4300 CL.

I may apply for Discover at some point. My credit lines are not gonna get boosts very often. Periodically, maybe once every 6 months or so. Do you think this strategy works in improving credit and credit scores? I see most people here have multiple cards, a lot of you are in double digits. Does it really matter how many credit cards you have?

[heyarrnold]

Not really. I only have 6 cards and my scores are in the high 700's or low 800's. I am not one to collect cards or sock drawer cards. Once they no longer serve me a purpose, I close them. 

[slvrhwk]

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@heyarrnold wrote:

Not really. I only have 6 cards and my scores are in the high 700's or low 800's. I am not one to collect cards or sock drawer cards. Once they no longer serve me a purpose, I close them. 

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That's another thing that I had on my mind. BCP and Arrival+ will become my go to cards. I won't be using the QS much. But it is my oldest card. If I find a better Visa card (there are plenty of them), I might wanna just close this and get that instead. But it would affect my AAoA. It's something I haven't been able to figure out.

[heyarrnold]

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@slvrhwk wrote:

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@heyarrnold wrote:

Not really. I only have 6 cards and my scores are in the high 700's or low 800's. I am not one to collect cards or sock drawer cards. Once they no longer serve me a purpose, I close them. 

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That's another thing that I had on my mind. BCP and Arrival+ will become my go to cards. I won't be using the QS much. But it is my oldest card. If I find a better Visa card (there are plenty of them), I might wanna just close this and get that instead. But it would affect my AAoA. It's something I haven't been able to figure out.

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Well, I woudln't close your oldest card. It doens't have an annual fee. That I would keep. But if closed, it would remain on your report for 10 years. 

[coldnmn]

In my opinion it doesn't matter. What matters is how responsibly you use your cards. According to your score you should be good to go for the Discover IT any time you feel you need it.

[Anonymous]

MY girlfriend has Fico scores all over 760 with nothing but one lonely credit card .

[slvrhwk]

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@Anonymous wrote:
MY girlfriend has Fico scores all over 760 with nothing but one lonely credit card .

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That's very encouraging to hear. Thank you!

[HiLine]

It does matter up to a certain point. I think 3 open is the magic number. Any more than this won't do you any good.

[Anonymous]

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@HiLine wrote:

It does matter up to a certain point. I think 3 open is the magic number. Any more than this won't do you any good.

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Yeah, but having only 3 cards is boring.

I knew what it was like for several years.

[HiLine]

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@Anonymous wrote:

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@HiLine wrote:

It does matter up to a certain point. I think 3 open is the magic number. Any more than this won't do you any good.

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Yeah, but having only 3 cards is boring.

I knew what it was like for several years.

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Really? That's my dream.

OK, maybe 5 cards ...