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I've always heard that you're supposed to have betwen 3-5 credit cards. No less than 3 and no more than 5. I've carefully planned out my portfolio ever since i was 19. (i'm 22 now----23 in july----). So now I have my 5 CC'S. BUT, after reading so many different beneifts, I'm extremely tempted to get two more...lol.
Is it bad on your credit report to have 6 or 7 CC's? Do you guys think that may be over doing it?
Once they're paid off and I'm financially stable, the perfect number will be three. An Amex, Visa, & MC. My remaniing cards will be closed or shredded.
Thanks for the input everybody! All the POV's from everybody really helps.
I have 6, which is too many... but they serve a purpose...
Navy Fed, just to have a nice limit and some cash back rewards, low APR, and nice BT offers.
Discover, keep it open due to account history and because its my oldest account. Cash back is nice, as is Shop Discover and Discover Travel Desk. Impeccable customer service... a good card.
Amazon... Amazon rewards 3% on amazon, 2% on gas, drugstores, and restaurants. This is my restaurant and Amazon card.
Lowes... Lowes rewards 7%, and to keep business expenses sepearate from personal, the limit is much higher than I need, but oh well.
PRG... groceries, gas, and travel rewards... all are things my family does a lot of... also, NPSL, so I can charge as much as I need to in order to take care of things. My annual spend is over 30k gets me a 15000 MR point bonus.
Zync... nostalgia, and an open positive tradeline to help my husband re-establish good credit.
@webhopper wrote:I have 6, which is too many... but they serve a purpose...
Navy Fed, just to have a nice limit and some cash back rewards, low APR, and nice BT offers.
Discover, keep it open due to account history and because its my oldest account. Cash back is nice, as is Shop Discover and Discover Travel Desk. Impeccable customer service... a good card.
Amazon... Amazon rewards 3% on amazon, 2% on gas, drugstores, and restaurants. This is my restaurant and Amazon card.
Lowes... Lowes rewards 7%, and to keep business expenses sepearate from personal, the limit is much higher than I need, but oh well.
PRG... groceries, gas, and travel rewards... all are things my family does a lot of... also, NPSL, so I can charge as much as I need to in order to take care of things. My annual spend is over 30k gets me a 15000 MR point bonus.
Zync... nostalgia, and an open positive tradeline to help my husband re-establish good credit.
Wait....am I missing something. How can spending over 30k get you 25K bonus points? Is there an annual bonus for the PRG? If so, I had NO IDEA. And I look this card up frequently as I'm thinking about converting to that card. Just not sure if the AF is worth it.
@zeusta20 wrote:
@webhopper wrote:I have 6, which is too many... but they serve a purpose...
Navy Fed, just to have a nice limit and some cash back rewards, low APR, and nice BT offers.
Discover, keep it open due to account history and because its my oldest account. Cash back is nice, as is Shop Discover and Discover Travel Desk. Impeccable customer service... a good card.
Amazon... Amazon rewards 3% on amazon, 2% on gas, drugstores, and restaurants. This is my restaurant and Amazon card.
Lowes... Lowes rewards 7%, and to keep business expenses sepearate from personal, the limit is much higher than I need, but oh well.
PRG... groceries, gas, and travel rewards... all are things my family does a lot of... also, NPSL, so I can charge as much as I need to in order to take care of things. My annual spend is over 30k gets me a 15000 MR point bonus.
Zync... nostalgia, and an open positive tradeline to help my husband re-establish good credit.
Wait....am I missing something. How can spending over 30k get you 25K bonus points? Is there an annual bonus for the PRG? If so, I had NO IDEA. And I look this card up frequently as I'm thinking about converting to that card. Just not sure if the AF is worth it.
Yes, there is an annual bonus of 15000 MR points if your annual spend exceeds 30k. Last year my Zync spend was 40k, so I decided to pick up PRG and go after those poitns.
In my opinion you should upgrade Green to PRG, and downgrade CSP to plain Sapphire. That's what I would do if I were to change your wallet to fit my needs without opening or closing any accounts.
@webhopper wrote:
@zeusta20 wrote:
@webhopper wrote:I have 6, which is too many... but they serve a purpose...
Navy Fed, just to have a nice limit and some cash back rewards, low APR, and nice BT offers.
Discover, keep it open due to account history and because its my oldest account. Cash back is nice, as is Shop Discover and Discover Travel Desk. Impeccable customer service... a good card.
Amazon... Amazon rewards 3% on amazon, 2% on gas, drugstores, and restaurants. This is my restaurant and Amazon card.
Lowes... Lowes rewards 7%, and to keep business expenses sepearate from personal, the limit is much higher than I need, but oh well.
PRG... groceries, gas, and travel rewards... all are things my family does a lot of... also, NPSL, so I can charge as much as I need to in order to take care of things. My annual spend is over 30k gets me a 15000 MR point bonus.
Zync... nostalgia, and an open positive tradeline to help my husband re-establish good credit.
Wait....am I missing something. How can spending over 30k get you 25K bonus points? Is there an annual bonus for the PRG? If so, I had NO IDEA. And I look this card up frequently as I'm thinking about converting to that card. Just not sure if the AF is worth it.
Yes, there is an annual bonus of 15000 MR points if your annual spend exceeds 30k. Last year my Zync spend was 40k, so I decided to pick up PRG and go after those poitns.
In my opinion you should upgrade Green to PRG, and downgrade CSP to plain Sapphire. That's what I would do if I were to change your wallet to fit my needs without opening or closing any accounts.
now...another question for you...(sorry for all the questions.lol.)
I just looked up the airlines that i'm able to transfer points to. And normally I fly united, which is NOT a partner of amex it looks like. If I were to upgrade, would I be able to have more choices to transfer airline miles to?
I've had a visa & mc for about 17 years before adding amex BCP & PRG. It works for me. I'm financially stable which helps. I don't run to the credit card flavor of the month. You only need a couple of cards long term to build rock solid credit history. I can obtain pretty much any card at any time which is a great feeling.