Do I have too many credit cards for my age?

[MovingForward_2012]

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@bs6054 wrote:

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@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.

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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.

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LOL!

[CruzImperial]

Nope, I'm 20 and if it wasn't for my signature, I woulda lost count

[college22c]

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.

Yes, I'm graduating in June of 2013. Currently with my capital one I use a $100 or less each month.

[kevinjjc]

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@CruzImperial wrote:

Nope, I'm 20 and if it wasn't for my signature, I woulda lost count

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TIP: Credit Karma gives you a good visual presentation of all your credit cards: https://www.creditkarma.com/accounts/creditcards

[CruzImperial]

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@kevinjjc wrote:

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@CruzImperial wrote:

Nope, I'm 20 and if it wasn't for my signature, I woulda lost count

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TIP: Credit Karma gives you a good visual presentation of all your credit cards: https://www.creditkarma.com/accounts/creditcards

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Oh yes! Thanks, I use it daily but I have AU accounts that also appear there so they get mixed up sometimes. I edited the names of the cards to know which ones are mines and it works beautifully; however, I find that the list in my siggy is a simpler way to follow/update any changes on my accounts.

[bichonmom]

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@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.

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No, you don't have too many, nor too few. People on this forum tend to have a lot of CCs. That doesn't mean you should. Generally speaking, for building good credit, you only need one or two bankcards - e.g. Visa, mc. Having 2 trade lines reporting is enough to build good credit, and you have 2.

That said, unfortunately cap one is notorious for not giving CLIs. So you might want to look at some local credit unions to build a relationship with. Personally, I think it's a good idea to have a visa and mc, just to have both networks covered. At some point, you might also want to look at Amex, because all future Amex will be backdated to your first one. 

But you shouldn't feel pressured to get more credit than you can manage. I have a few cards that I'm not using because it is a challenge to keep on top of all of them and be sure that a due date doesn't slip thru the cracks. If you learn what to do now and manage your credit well, you'll avoid many of the mistakes and pitfalls people on this forum (including myself!) have made.

[Voodard]

@bs6054:  You're 317?  That's a random age. 

[drkaje]

I have too many at 7.

[bs6054]

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@Voodard wrote:

@bs6054:  You're 317?  That's a random age. 

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Hardly random!  Last year I was 316, and if I am spared, next year I will be 318.  Doesn't your age age like that?

[andre181]

23 and look at my sig.