@Anonymous wrote:Hey guys, im really trying to figure out how many credit cards you really need to have. I currently only have 1 credit card with a CL of 20k. My Fico 8 scores are already pretty high Equifax - 734, Exp - 759, Trans - 760 and all of my other scoring models are high aswell, in the 750-800 range. My credit card is only 1 yr 10 m old and my aaoa is about 1 yr 2 m. I have 1 auto loan that i got 8 months ago at 7.19% which i think the dealer screwed me on (very stressful experience), but anyways it was my first time and i didnt know what i was doing. I just refinanced and was instantly approved for a 1.49% apr. I dont really need to use my credit for anything for a long time really until i get a home some day maybe im not sure. I know people will say you need multiple cc's but is that really true because my scores are already good. I dont have the need for any other cards and dont really want any but i want to have all the information about it. Will more cards really benefit me? What will they do that i already cannot? Any help is greatly appreciated, and i can answer any more questions needed, thanks.
It seems to me that you don't need any more than your one credit card, and that you're on the path to becoming a "high achiever".
If you ever felt the need to have another card or two down the road, it wouldn't hurt you, and if you wanted to increase your scores in the short run, the paying down of the auto loan, until you reach a 'sweet spot' in your scores, would be the thing to watch.
And, of course, keep your utilization on that one card low.
I personally would want to have a second card, in case my main card had a fraud alert or something.
Tough question. I am a credit nerd / collector and rebuilding at the same time. I had upwards of 20 cards not counting AU which in my opinion was too many. I am in the process of closing and combining accounts. Goal is 10 cards which I can handle. I wrote down a list which I keep in my pocket as I am not high tech. It has all of the categories that I use regularly with the name of the card I should be using. I also keep a couple of cards for 0 APR BT purposes only. It might help for u to do the same. But despite what others will tell u this is a personal preference and there are people on this forum with 20+ accounts and scores 800+. To each his own.
@sarge12 wrote:BBS...I know this is off topic, but your user name...well...are you or were you a boxer?
No, it's just my favorite sport and one of my passions. Brutal body shots, especially the old left hook to the liver, happen to be my favorite punches and an often forgotten art when it comes to boxing. Good question, though! 
@Anonymous wrote:Hi, as I think others have mentioned, the ideal number of cards depends on person, to best fit their spending and financial goals. For the credit building aspect, having another 1 or 2 cards would give you a sufficiently "thick" file, with enough history and usage of varied products, so your report will show greater credit reliability the next time your report is pulled for a loan, mortgage, etc. Since most of your spending is eating out and groceries, you could do a bit of research to see which cards offer the best rewards for restaurants and grocery stores (and, if they have AF, whether the rewards are great enough to justify the AF). There are cards that offer rewards for those categories all the time, while other cards like Discover It and Chase Freedom have higher rewards for categories alternating during quarters of the year. You could also see if a general spending card (flat cash back % for everything, no categories) might work better, since your overall spending is relatively low such that the slightly higher category rewards from other cards may not be worth it for you.
I do personally believe in quality and efficiency over quantity, so all my cards I chose to fit my needs. I have two rotating category cards, which I take advantage of by alternating their use depending on the quarter's categories. I have a No FTF Visa card (my other no FTF is Discover, not widely accepted internationally) for when I travel out of the country (but I do not travel nearly enough to for a travel rewards card to be useful). My last card is a general card because it has the highest flat cash back % I've seen, and is good for slowly earning rewards in all other spending. And all of these are no AF, since my low yearly spending can't earn nearly enough rewards to cancel out AFs. Ultimately, my credit goal is to have very long-term excellent credit history with a variety of big banks, so in the future if I need to purchase a car, take a personal loan for whatever reason, get a mortgage, etc. I'll be able to get the best possible terms (and thus pay them less money in interest!) This is why I'm planning to stick with just these 4 cards for the foreseeable future, unless my spending somehow drastically changes and merit an additional card to adjust to that.
This is just an example of credit card strategy based on my own spending habits and financial goals. The number of cards you really need, depends on you!
Excellent advice evelynsophia! If I could give you a million kudos, I would. Keep up the good work and providing solid advice on the forum!