cancel
Showing results for 
Search instead for 
Did you mean: 

How many cards is too many

tag
kdm31091
Super Contributor

Re: How many cards is too many

The "too many cards" thing comes up often, and I am basically in the camp of "I want enough to suit my natural spend and that's about it". Others want to maximize every category possible. Others just go for bonuses but stick to a few cards for everyday use. No right or wrong answer, although everyone's profile can handle different amounts of abuse with inquiries, new accounts, etc.

 

I will assure you that four cards in one year may be high relative to the general population, but in the "credit world" it is quite low. You're fine. If the other cards will suit you go for them, but be mindful of spreading your rewards too thin. Using too many cards can make it hard to get to a meaningful redemption on any of them.

Message 11 of 19
Anonymous
Not applicable

Re: How many cards is too many

Well first I want to applaud you on being very responsible and mindful of your credit and credit scores. These were definitely not things I was thinking about at your age.

 

If you believe the perks or rewards will benefit you and you can meet the required spend to get the bonus... I would say go for it. If you do decide to go for the PRG, I saw there is a better sign up bonus of you go incognito mode on Google Chrome. 50k MR if you spend $2k in three months. This is by far the best offer I've ever seen for this card. The regular offerror is half of that for the same spend requirement. 

Message 12 of 19
Anonymous
Not applicable

Re: How many cards is too many

Oohhh... and forgot to mention... I've added 18 cards in the last 12 months so adding four in the past year def seems light to me!! 

Message 13 of 19
Anonymous
Not applicable

Re: How many cards is too many

Go for AmEx. I got them when I only had 6 months of credit history.

 

As for the question, for me 4-5 is just right. I'm less than 2 years into my credit history, so for now I'm balancing between chasing bonuses and opening up cards I'll keep for the long haul.

Message 14 of 19
SunriseEarth
Moderator Emeritus

Re: How many cards is too many


@Anonymous wrote:

Hello!

 

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

 

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

 

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.


The question how many cards is "too much" is an individual choice.   Some fell 3 cards is too many and some feel 100+ cards isn't enough.   I would say have no more cards than you can comfortably manage.   If you have a need for an AMEX and the profile to support an approval, go for it.



Start: 619 (TU08, 9/2013) | Current: 809 (TU08, 3/05/24)
BofA CCR WMC $75000 | AMEX Cash Magnet $64000 | Discover IT $46000 | Disney Premier VS $43600 | Venmo VS $30000 | NFCU More Rewards AMEX $25000 | Macy's AMEX $25000 Store $25000 | Cash+ VS $25000 | Altitude Go VS $25000 | Synchrony Premier $24,200 | Sony Card VS $23750 | GS Apple Card WEMC $22000 | WF Active Cash VS $18,000 | Jared Gold Card $16000 | FNBO Evergreen VS $15000 | Citi Custom Cash MC $14600 | Target MC $14500 | BMO Harris Cash Back MC $14000 | Amazon VS $12000 | Freedom Flex WEMC $10000 | Belk MC $10000 | Wayfair MC $4500 ~~
Message 15 of 19
Blackswizz750
Established Contributor

Re: How many cards is too many

You are starting out on the right foot and critically thinking about each card you will like. I would read up on the card you want(I assume you are) and think about your monthly and yearly spend with your salary. If you are after rewards, look for the card that may give you a good bonus(Amex) or nice cash back(Disco) and put as much spend as you can. Also, you are looking at growers and good cards to have down the road. You do not want to dilute your rewards with several offerengs and pay a lot of $$$ in AF either. That can be a blow to you your goals with rewards.

Message 16 of 19
NRB525
Super Contributor

Re: How many cards is too many

Congrats on the good start, OP.

 

I will suggest that going for an AMEX is not the best choice right now. Much of your spend is aligned with UR points. With the 5/24 restrictions, my suggestion is to build your history with Chase, with an eye to getting the CSR next. That has many of the perks of the PRG, without disrupting your points accumulation. 

 

Each card you add should align with a goal for long term use. Eventually (or now) you may decide the PRG is what you want. That's why each portfolio of cards is what the applicant decided they want. You are a long way from too many cards, just know that each card comes with a time requirement for you to monitor it and work with it. 

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 17 of 19
happypill
Valued Contributor

Re: How many cards is too many

I think 472 is too many.  Anything less than that should be considered thoughtfully on a case-by-case basis.

Message 18 of 19
CreditMagic7
Mega Contributor

Re: How many cards is too many

Everyone's profile has that sweet spot amount of cards with the best value for them.

 

Heck, too many for me is 10 and yet am sporting a grand collection on the order of 30!

 

However the determination is to scale back to half that number once limits reach expectations.

 

So although in this camp a few shy of 10 might be the desired goal, the truth is that an optimum (and desired) range for me to meet FICO qualifications for consistent stability will likely settle around 12-15 after all is said and done.

 

Good thread by the way. We all in this forum find it way too easy to overperform when it comes to "how many" Smiley Happy

Message 19 of 19
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.