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Established Member
college22c
Posts: 31
Registered: ‎12-31-2012
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Do I have too many credit cards for my age?

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.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Do I have too many credit cards for my age?


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.

Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Do I have too many credit cards for my age?

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.

Frequent Contributor
ilovelisa
Posts: 420
Registered: ‎12-07-2012
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Re: Do I have too many credit cards for my age?

I'm 19 and I have 11 cards.

Amex BCE $4,800 | BofA Power Rewards WMC $10,000 | Chase Freedom VS $10,000 | Chase Marriott Premier VS $5,000 | DCU $1,000 | Discover It $1,900 | Elan VS $9,000 | Local CU Visa $3,500 | PenFed Platinum Rewards VS $5,000 | SallieMae Rewards $8,000
Valued Contributor
jsickz32
Posts: 1,987
Registered: ‎06-25-2012
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Re: Do I have too many credit cards for my age?

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)
Valued Contributor
bs6054
Posts: 1,673
Registered: ‎11-11-2012
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Re: Do I have too many credit cards for my age?

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.

Established Contributor
FloridaState12
Posts: 614
Registered: ‎08-24-2011
0

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

Definitely not. 

 

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

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Frequent Contributor
ilovelisa
Posts: 420
Registered: ‎12-07-2012
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Re: Do I have too many credit cards for my age?

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 $4,800 | BofA Power Rewards WMC $10,000 | Chase Freedom VS $10,000 | Chase Marriott Premier VS $5,000 | DCU $1,000 | Discover It $1,900 | Elan VS $9,000 | Local CU Visa $3,500 | PenFed Platinum Rewards VS $5,000 | SallieMae Rewards $8,000
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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Do I have too many credit cards for my age?

For your situation 2 is plenty to handle :smileyhappy: Don't get caught up in approval highs; as a dozen low limit cards will eventually need to be pruned back for sanity sake.

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
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Re: Do I have too many credit cards for my age?


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?


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