Reply
Regular Contributor
Posts: 146
Registered: ‎08-06-2009
0

Re: How many CCs is too many?

IMO over 3. 

Established Contributor
Posts: 706
Registered: ‎08-14-2008
0

Re: How many CCs is too many?

I'm currently in escrow on a house and when I applied for the loan I had 17 CCs, 1 Auto loan, and it was not an issue with the lender.  I allow only 1 card per month to show a balance on my CBRs though and that balance is generally <$200.  As long as you manage your debt well and demonstrate responsible behavior with your debts you'll be in good shape no matter how many cards you have.   Speaking of an obscene amount of CCs... anyone hear from Concorduser any more? :smileyvery-happy:

CCs: Chase Freedom VS 6.9k, CSP VISA Sg 7k, BofA Amex 12.5k, Discover 10.5k, US Bank Cash+ Visa Sg 12.5k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 10.8k, Citi AA Amex 6k, Nordstrom VS 10k, Amex Zync, Costco Amex 12k, BofA CR VS 17k, Amex BCP 9.5k, Amex ED 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 4k, NFL Visa 4k, Patelco Visa 10k, Penfed PR VS 44.6k, Chase United VS 13k, Chase Marriott VS 8k, Citi Simplicity 13.3k, PayPal MC 5k, Compass Visa 4k, WF VS 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 13.3k, Capital One QS Visa 11k, FRN MC 13.5k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Barclay Arrival 10k, Ebates VS 8k, Orbitz VS 9k, NASA V 30k, USBk FP VS 17k
Frequent Contributor
Posts: 456
Registered: ‎07-09-2008
0

Re: How many CCs is too many?

[ Edited ]

There's no "one size fits all" for how many CCs one person should have or becomes too many to handle.  It depends on your ability to manage debt, your income level, and how responsible and capable you are at juggling sock drawer occupants.  :smileyhappy:

 

For some people 1 is too many.  Then again I have friends on other boards that have 40+ to 50+ credit lines and $million plus total credit available to them.  Yet they have zero revolving debt.  I have CCs with $50k+ credit limits, and it's no big deal...it's not debt...it's just credit and no new creditor seems to bat an eye when I apply.

 

If someone's comfortable with a couple, hey great for them.  I have *cough* a few more than that, and could juggle 100 if I wanted.  It's cool because I enjoy it.  At some point, one can get so much credit that it sort of becomes a hobby or game managing and maximizing rewards.  I take my credit very seriously, but it's still a fun game to me at this point in what I'm collecting.  I've long since past the point of having what I need...by many multiples.  And I wouldn't reduce one penny of it, because it gives me options when dealing with creditors.  Enjoy!  :smileywink: 

Valued Contributor
Posts: 1,278
Registered: ‎05-13-2010
0

Re: How many CCs is too many?

I agree with TangMeister,

 

I personally am comfortable with the 6 (soon to be 5) cards that I have.  I am only comfortable using 2 as primary spenders, just keeping the others active as backups.

 

Some people can juggle more daily spenders, and more backup cards, but to me, I prefer simplicity.  (I don't get people who have 40+ cards, 3 from BofA, 4 from Chase, 2 from Citi, 5 from Amex, etc..., one from each lender max IMO, but as always, different strokes...)

BofA Cash Rewards VS - $10k/9.99% | Citi Diamond Preferred - $12.1k/11.99% | Amex BCE - $12.6k/10.24% | Chase Freedom VS- $10k/15.24% | Barclay Ring $5k/8.0% | Discover it - $19k/11.99%
Established Contributor
Posts: 908
Registered: ‎12-25-2010
0

Re: How many CCs is too many?

I think it depends on the lender. Some don't care, some however will penalize you even if your util is low simply because with many open TLs you have the "potential" to get into serious debt.

Starting Score: TU 686 EX 641 EQ 690
Current Score: TU 779 EX 767 EQ 740
Goal Score: 800 Club

BCE $12.5K, 5/3 Sig $10K, Wally Discover 10K, Cash+ $9K Sam's Discover 10K, Freedom $6K, Zales $5.5K, More $5K, Cap one $5K, Barclay 2.5K, Household Plat $1.5K, Household Gold $1.5K, Credit One $1K, First Premier Plat $.675K First Premier Gold $.65K
Frequent Contributor
Posts: 456
Registered: ‎07-09-2008
0

Re: How many CCs is too many?

 


smc733 wrote:

I agree with TangMeister,

 

I personally am comfortable with the 6 (soon to be 5) cards that I have.  I am only comfortable using 2 as primary spenders, just keeping the others active as backups.

 

Some people can juggle more daily spenders, and more backup cards, but to me, I prefer simplicity.  (I don't get people who have 40+ cards, 3 from BofA, 4 from Chase, 2 from Citi, 5 from Amex, etc..., one from each lender max IMO, but as always, different strokes...)


Like you, I like having 1 card from each lender, especially credit unions where I can get the total credit card limit all on one card, since they usually have caps.  The exception is Amex, who I now have 3 cards with simply because I'm taking advantage of backdating to boost my avg age of accts.  I'll probably reduce that to 1 or 2 long term.  1 card from each lender, and lots of different lenders...sounds about right.  :smileywink:

 

I've also slowed down on adding new credit A LOT the past 2 years compared to prior years.  Now I'm quite deliberate in who I add to my portfolio and why.  I have a credit plan in place and follow it for the most part, without exception.  I do hiccup occasionally, though.  One should always have a credit plan, short and long term.

Member
Posts: 8
Registered: ‎12-20-2009
0

Re: How many CCs is too many?

I have 25 credit cards, 3 installment loans, one line of credit and my scores are in the 750 to 770 range constantly. Once they jumped to around 780 and then went back down for whatever reason. I alternate their use monthly or semi monthly and pay in full 95% of them . I keep 0 balance on most of them. I have 4 american express cards ( 3 Amex charge cards) and one line of credit. I watch what I use them for and do not ever use them on anything that brings up a flag......not even a liquor store. Some things I only buy with cash. My utilization I keep between 4 and 7 %. When traveling I notify every CC Company that I know I will be using and advise them I will be on the road and using their card. With Amex I never check my spending limit, I simply call them and let them know I will be making a sizable purchase as a courtesy. They always say ok over the phone and check for you. I have kept alot of starter cards from 5 or 6 years ago to increase my AAOA, but will be dropping several in about one more year, because I knew three years ago they would never grow with you and what their real purpose was. That is why I probably ended up with so manay cards. However I believe that when anyone reviews my credit that they often see more than just too many accounts...they sometimes see someone with an AAOA of Seven Years and Oldest account of 32 years and managing this many accounts....never late...never over the limit....never balance transfers....never cash advances....no frivilous spending...never carrying a balance more than a few months...who is serious about their credit rating. My point is that you can have many CC's and your score can be high. It is how you manage them....not just a few...but all of them. Remember..when CC Companies monitor your credit......they really monitor your other accounts more than the one you have with them. In closing I will add though that fewer is better.....because managing this is a daily routine...it becomes very easy after time....but your time could be better spent. You can have a high score with a few cards or alot of cards......

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.