Re: Do I have too many credit cards for my age?

college22c · ‎12-31-2012

I currently have a Capital one credit card with a $300 limit. I just applied for a Wal-mart credit card and was approved for a $1000 limit. I'm only 22 years old is having two credits cards bad for a person my age? BTW, i"m always paying my Capital one card before the due date. MY TU Score is 651. I don't plany on applying for any more credict cards in 2013. I'm trying to build my credit.

Chase Freedom (5K) Discover It ( 5K) Discover it Miles ( 1,250K) Chase Sapphire (5K) Chase Amazon (2K) Quicksilver ( 3K) Quicksilver x2(4,300K) Venture Rewards (10k) Amex Green ( Charge) The home Depot (1K) Barclaycard Arrival (3,300K) BOA cash rewards (1,500K) US Bank Perks+ (1K) US Bank Cash ( 3K) Citi Bank Double Cash ( 1,200K)

bs6054 · ‎12-31-2012

@college22c wrote:
I currently have a Capital one credit card with a $300 limit. I just applied for a Wal-mart credit card and was approved for a $1000 limit. I'm only 22 years old is having two credits cards bad for a person my age? BTW, i"m always paying my Capital one card before the due date. MY TU Score is 651. I don't plany on applying for any more credict cards in 2013. I'm trying to build my credit.

No, the standard rule is one card for each year your age is over 17 (18 in CA, 16 in NV) so you are behind.

bs6054 · ‎12-31-2012

Or, more helpfully, each person's needs/situation is different. Certainly no harm in having multiple cards if you can handle them responsibly (as it seems you are).

You can either get more cards for various reasons (different types of rewards, relationship with card issuers) or get CLIs on existing cards, or some combination of both.

No hard and fast age related rules, except no personal credit card under 18 in most places.

ilovelisa · ‎12-31-2012

I'm 19 and I have 11 cards.

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500

jsickz32 · ‎12-31-2012

21 and look at my sig

Amex BCE (2500) / Amex SPG (4000) / Amex GoldPR / Merrill+ Visa siggy (5000) / BofA Amex (6000) / Bofa cash rewards (5000) / BofA Privileges Cash Rewards (5000) / Citi Forward (4400) / Citi DP (2000) / Chase Freedom (4000) / Chase CSP (5000) / Chase Hyatt (5000) / Discover IT (1700) / FNBO AMEX (3600) / NFCU cashRewards Visa signature (15000) / NFCU Flagship Visa signature (12500) / NFCU Navcheck (5000) / Nordstrom (500) / MetroCU Visa Elite (5000) / Walmart (4500) / Kays Jewerels (6600) / Kohls (300) / Macys Platinum (2500) / DCU platinum Visa (17500) / Citizens bank cash back (1100) / Bill Me Later (1631) / PayPal Smart connect (2200) / BestBuy store card (2000)

bs6054 · ‎12-31-2012

And of course that doesn't mean that OP has to start getting lots of cards. Ilovelisa is (self-described) addicted to apping (and as she/he is 19, we don't know whether this will lead to great or bad credit in say 5 years as life goes on!) , people's income, financial maturity, maturity in general, risk aversion etc are all different.

Having "enough" credit is good, having too little makes things hard, and, by definition, "too much" gets you into trouble either by overextending or trashing your credit scores so that when you really want a mortgage/car loan etc, you get bad rates. Unfortunately, enough has to be defined by you!

But, 2 cards, with a CL of $1300 certainly isn't too much. Are you graduating soon? Out in the world, you will probably want a little more than that to keep expenses from using too much of your CL.

I'm 317, and still think of credit cards as new fangled stuff that's not going anywhere.

FloridaState12 · ‎12-31-2012

Definitely not.

I am 21 with 11 cards. It would be 13 but I closed two Cap1 cards a while back.

ilovelisa · ‎12-31-2012

Your just have to determine your own maturity level with handling cards. In 2 years of having many cards, and quite a bit of avaliable credit, I have never once carried a balance on any card. I do spend alot, but I trust myself to never spend what I don't have in my savings account.

Amex BCE $10,000 | BofA Power Rewards WMC $10,000 | Discover It $10,000 | ICBC Preferred Gold UnionPay $8,000 | Local CU Visa $3,500

webhopper · ‎12-31-2012

For your situation 2 is plenty to handle

Don't get caught up in approval highs; as a dozen low limit cards will eventually need to be pruned back for sanity sake.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!

Wolf3 · ‎12-31-2012

@bs6054 wrote:
...
No, the standard rule is one card for each year your age is over 17 (18 in CA, 16 in NV) so you are behind.

Who made that rule the standard?

Do I have too many credit cards for my age?

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Do I have too many credit cards for my age?