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Do I have too many credit cards for my age?

Valued Contributor

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


bs6054 wrote:

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.


LOL! Smiley Very Happy

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 11 of 41
Established Contributor

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

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

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Message 12 of 41
Valued Member

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

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.

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)
Message 13 of 41
Valued Contributor

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


CruzImperial wrote:

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


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

Message 14 of 41
Established Contributor

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


kevinjjc wrote:

CruzImperial wrote:

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


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


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. Smiley Happy

Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Message 15 of 41
Senior Contributor

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, 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.

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 16 of 41
Contributor

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

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

TU 743 as of 5/12
EQ 715 as of 10/13
EX Plus 780 as of 7/12

Cards in wallet: Chase Sapphire Preferred ($25k) Chase Freedom (8k) NFCU Platinum ($24k) HHonors Reserve ($11k)
United MileagePlus Club ($17k)
Message 17 of 41
Senior Contributor

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

I have too many at 7.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 18 of 41
Valued Contributor

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


Voodard wrote:

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


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?

Message 19 of 41
Established Contributor

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

23 and look at my sig.

Discover IT $35K | FNBO Visa $30K | Cash+ Visa Sig $19.5K | Southwest Premier $16K | Priceline $15K | Citi Forward $14.3K | US Bank Plat $14K | Commerce Bank $13K | CSP $13K | CSR $10K | Sallie Mae World MC $10K | Lowe’s Consumer 10K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity Visa $7K | Citi Double Cash $6.5K | WF Cash Back Visa $5.4K | Capital One Cash Rewards $5K | AMEX BCE $3.9K | Freedom $2.5K | Younkers/Comenity $2.4K | Kohl’s 1.5K | Target $1.4K | EX FICO (from AMEX): 768, TU FICO (from Discover): 797, AAoA: 4.4 years
Message 20 of 41