Does a college student need 2 credit cards?

[crunching_numbers]

Keep it open for now. There is not going to be  any negative impact on your credit, and it may actually help you later. Most people see a positive impact on their FICO score when they have more than one card. You have already broken the $500 limit with getting a $1000 limit on your Freedom card. 

My son is on my BCP, and I had him apply for his own Discover card. This is helping him build his credit while he is in College. When he graduates and wants to get a car or a house, he will have established credit. So will you.

[dndandrea]

Thanks for all the replies. I'll just use my Chase Freedom card for all my purchases, but make the effort to spend $5-$25 with the other credit card to show lenders I can handle two credit cards.

I wonder if it'd be worth the effort to call Fifth Third for a credit limit increase in 6-12 months even though it'll be another hard inquiry.

[NJTurnpike]

If it's not a hard pull, do it. if it is. well that depends if what your future plans beyond that are.

[youngandcreditwrthy]

Congrats on the Freedom card!!!!!! I knew you'd get it !!!!!!!:-):-):-):-)!!

[youngandcreditwrthy]

As a college student myself lol and a full time employee, I have 18 opened credit cards; building credit and paying on time/in full is fun to me though lol

Keep the fifth third one open! Give them a year to increase your credit line to at least what Chase granted you. If they don't, then I'd close.
Imo, the biggest deterrent of keeping an account open is the credit limit.
I dont care about interest rates as much as I care about the limit. Im a firm believer in leaving credit cards open for the sake of my coveted FICO score.
The thing with low limits though is one mess up on utilization, and your FICO could tank!
I think you may be in a position to be approved for an Amex, honestly- but I hate to encourage app'ing. Lol
In all reality- if you want to maximize your FICO, you really shouldnt let a balance of > $30 report on your Fifth Third and $100 on your Freedom, assuming that 9-10% util is ideal for FICO.

Anywho... Good luck :-)

[dndandrea]

Thanks. I thought spending just under 30% was good? Is 10% more ideal than 30%?

[youngandcreditwrthy]

30% is ideal...
For FICO score maxing ,however, common knowledge here is to have only one card reporting a balance and 9% overall utilization.
Lol :-)

[CredittotheMax]

I'm 19 and a fulltime student and I have 6 credit cards.

[leoment]

Senior in college with 9 cards (soon to be 8 though).  Nothing wrong with multiple cards - only take on those that can benefit you, and as many as you can keep track of.