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