How many credit cards is too many?

[Anonymous]

It depends on the person really. I have 10 in total. What you see on my signature and 3 store cards. Many like to have different cards for many different reasons and we cannot judge them on that so kudos for you to close out what you know that does not work for you. What works for our own personal life style may not work for others. 

[AverageJoesCredit]

I agree with many of the posters above,all depends on how you see it, how comfortable you are with caring for an x amount of accounts. For me as im rebuilding back my credit and have managed to get about 18 active accounts, im learning that if i had 3 to 4 really good cards eith dependable limits that might be best for me. Since i dont make alot of money i dont spend enough to reap huge rewards as such. My goal is to get rid of all my inquiries, clean up my report to its fullest and have a nice score so when i need serious credit like for my next car i will have better options. Im sure whether you have 3 cards or 30 you can still achieve your credit goals, just have to see whsts most important to you

[Pway]

I constantly ask myself this question.  It depends on the person and how well they can manage each of their cards.  I have quite the amount of cards, however I don't use them all the time.  I also use it as a util buffer as I am carrying balances on some cards right now.  

[RonM21]

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@dragontears wrote:

"too many" is completely a personal thing, some people are not bothered by 20+ cards others prefer to have only a few. there is no right or wrong answer and every individual will have a different number as to what the "right" number is.

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+1

I think your personal situation dictates how many is too much.  14 cards for one person may be absolutely terrible for another's finances, and for that matter, even their profile.

[Anonymous]

1) This is a Great question, a FUN topic, especially for this forum.

Anyway as most have said it's one of the most personal of all, the questions we can tackle here.

Because we are talking about comfort level and not just building or rebuilding....

We're assuming, I think correctly you mean just...

Hey how many ya got?
How many ya cool with?

And of course we're all over the board, like asking how cars is ENOUGH?

Ask Jay Leno or Floyd Mayweather and you'll get a different POV, than me😉

I like the number 8-12 as plenty...
Enough to have primaries, back ups and SD's....
For me I can't see HOW to use or CARE about more, than that.
The idea of keeping TRACK of 'where' 2 dozen cards are even AT sounds like more WORK...than its worth to me.

Keeping up with due dates and AFs and possible 'changes' plus debit cards and library cards😀
Too much work with no tangible reward in my book.

*
The question of how MUCH credit access, with regards to income is a question I constantly wrestle with
2-3x income doesn't seem outrageous to me but
For some just knowing they have access to that type of lifeline RUINS them, because it affects their behavior.

A very tough question

Very interesting one

I kinda feel a person should at least have to ability to have CL = to annual income during life Phase 1

Then by mid life at least 150-200% of income...
Just so that if you need ro use credit and have a balance the debt load of 20-25% shouldn't kill you AND be within a decent range of payback w/O meaning bankruptcy for said household.

Again minimums IMHO

[Anonymous]

Same with me.  I don't think I need 400k+ but it's a good buffer right now.  I have some big furniture balances to pay off.  Did spend a lot out of my savings for home improvements since a lot of FL contractors only take checks.  One reason why I did put some furniture on my cards.  Once that's paid down, I will start to cancel the cards I feel don't suit me or don't really use.  I will say that I couldn't live with 3/4 cards now.  I went from having 1 card to over 20+ and I do like that I don't have to touch my savings if I don't want to.  Love quite a few of these cc's and have no intention of giving them up.  We spent many years buying everything out of savings.  It feels good to know we can have money in the bank and money in the bank!  

[ccpat]

The older I get, the less I want to manage!

[Anonymous]

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@baller4life wrote:

Individual preference. How ever many you feel you can comfortably manage. I decided I really don't want to manage any more than 20-25. And I really don't need that many. But, I would much rather have more credit than I need than to need credit and can't get it! 😉

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I totally agree with this last statement!! 

[Anonymous]

To the OP please remember where you are.   I've been perusing this forum for 6 months after purchasing ficos out of curiosity (TU 816) and while there is invaluable information here and I've learned just about all I know about how FICO scores are calculated there's a dark underbelly here.    There are a disproportionate amount of true credit addicts and misfits on this forum and their behavior is rarely discouraged or even criticized by the other members.     "Credit sprees" routinely encouraged and rationalized, members who "try to garden" but compulsively app for junk time and time again, members with 10-20 credit cards and scores in the 600s plus a "few baddies", post after post of individuals desperately requesting credit line increases over and over and over again (the so called "luv" button) to achieve credit lines they have no ability to repay over the short term.   It can be downright laughable.   It's like a crack addiction.   And invariable each post will be met by a dozen or so replies of encouragement from

the other junkies.   

For some reason harsh truth seems to be discouraged here while egging people on is the norm.   You also need to remember that a significant number of people arrive to this forum to fix their ruined credit, do you really want to take advice from these recovering individuals?  The choice is yours.   Cool story, I read a post a few weeks ago from a guy who was angry he was getting blacklisted from Capital One for not once, but burning them twice!  Lol.  He actually said "oh well I guess they don't want my buisness.  Their loss!"    I nearly spit out my protein shake.   The arrogance.  (Or the ignorance?). And no one said a thing.  

To answer your question YOU DO NOT need more than 2 or 3 credit cards to build a high FICO.   Nor do you need high credit lines.   Diesel FICO scores can be created with a couple of credit cards and PERFECT payment histories.   That's the whole trick, of which there is none, pay your bills on time all the time and don't use all your credit, pay in full.   In my opinion anyone with more than 4-5 credit cards has some explaining to do.     I can only imagine what a mortgage underwriter thinks when reviewing an application of somebody with 16 credit cards regardless of payment history or scores.  

Priortizie your INCOME.   Education schooling training and experience.   FORGET THE PLASTIC CRACK.   When your debt to income ratio is a thing of beauty EVERYTHING will fall into place.    Peace!

[Anonymous]

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@Anonymous wrote:

To the OP please remember where you are.   I've been perusing this forum for 6 months after purchasing ficos out of curiosity (TU 816) and while there is invaluable information here and I've learned just about all I know about how FICO scores are calculated there's a dark underbelly here.    There are a disproportionate amount of true credit addicts and misfits on this forum and their behavior is rarely discouraged or even criticized by the other members.     "Credit sprees" routinely encouraged and rationalized, members who "try to garden" but compulsively app for junk time and time again, members with 10-20 credit cards and scores in the 600s plus a "few baddies", post after post of individuals desperately requesting credit line increases over and over and over again (the so called "luv" button) to achieve credit lines they have no ability to repay over the short term.   It can be downright laughable.   It's like a crack addiction.   And invariable each post will be met by a dozen or so replies of encouragement from

the other junkies.   

For some reason harsh truth seems to be discouraged here while egging people on is the norm.   You also need to remember that a significant number of people arrive to this forum to fix their ruined credit, do you really want to take advice from these recovering individuals?  The choice is yours.   Cool story, I read a post a few weeks ago from a guy who was angry he was getting blacklisted from Capital One for not once, but burning them twice!  Lol.  He actually said "oh well I guess they don't want my buisness.  Their loss!"    I nearly spit out my protein shake.   The arrogance.  (Or the ignorance?). And no one said a thing.  

To answer your question YOU DO NOT need more than 2 or 3 credit cards to build a high FICO.   Nor do you need high credit lines.   Diesel FICO scores can be created with a couple of credit cards and PERFECT payment histories.   That's the whole trick, of which there is none, pay your bills on time all the time and don't use all your credit, pay in full.   In my opinion anyone with more than 4-5 credit cards has some explaining to do.     I can only imagine what a mortgage underwriter thinks when reviewing an application of somebody with 16 credit cards regardless of payment history or scores.  

Priortizie your INCOME.   Education schooling training and experience.   FORGET THE PLASTIC CRACK.   When your debt to income ratio is a thing of beauty EVERYTHING will fall into place.    Peace!

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Well this was a fun read. I guess as someone with 9 credit cards, I'll start the explaining. I use my Target card solely for Target. I have a Citi DC and a Discover it card cause they are my oldest accounts (2 years). I have a Chase Slate because I was hit by a car and used the 0% intro APR to help if I needed to carry debt. I got a Delta Amex card, because I fly Delta. I have the Marriott Card from Chase because I stay at Marriott as my only hotel chain. I have the Amex PRG cause I wanted a charge card, and I wanted to earn MR points. I have the Titanium Card from Luxury card because I wanted a vanity card, I am strong enough to admit that. I have the Citi Prestige card for the when I travel.

Now, some people might want to have more than your recommended 4-5 cards, they might use them for the benefits and other things. People need to only have the credit they can carry and deal with. For some people, only having 2-3 credit cards is all they need. Others might try to maximize the benefits they get for the money they spend on plastic. I charge everything, even my graduate school tuition is put on a card. Citi Prestige will be getting that hit later this summer. 

But what I will say is that you are right people need to realize income is a major factor in the credit decision process. I have a short credit history with alot of inquiries. I do not have any baddies and have perfect payment history for 2 years. I have no debt, but I make a 6 figure income at 23. That has helped me alot.  So instead of painting witha  broad brush, tell the OP to think about their own situtation and decide what is right for them. People have to make their own choices, and this community is supportive and people should advise to the best of their ability without being judgmental, because at the end of the day that person has to make their own choices.