How many credit cards should I own?

[Anonymous]

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@Anonymous wrote:

Hey guys, I'm currently rebuilding my credit after 2 debts which have been paid off (1 settled and 1 paid in full).  I recently got a Chase Freedom with a CL of $1,200 and a amazon store card with a limit of $600.  Based on MyFico score simulator if I were to open another credit line my scores would jump up a very good amount (around 40 across the board).  My question is how many credit cards would be a good number to own.  I currently only charge MyFico on my Freedom which I pay in full before the statement ends, other than that I usually charge to my debit.  With my current scores, which card or cards would be ideal for me in the long run?

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You got a Chase Freedom with your current scores? Wow. Was it an instant approval, or did you have to recon?

[Anonymous]

No idea, I just put in my income and I guess they saw that I paid my debts.  I applied online at chase so I guess I got lucky.  I also have a checking account from Chase that I opened 6 years ago (not sure if that helped or not).

[Blodreina]

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@Anonymous wrote:

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@Anonymous wrote:

Hey guys, I'm currently rebuilding my credit after 2 debts which have been paid off (1 settled and 1 paid in full).  I recently got a Chase Freedom with a CL of $1,200 and a amazon store card with a limit of $600.  Based on MyFico score simulator if I were to open another credit line my scores would jump up a very good amount (around 40 across the board).  My question is how many credit cards would be a good number to own.  I currently only charge MyFico on my Freedom which I pay in full before the statement ends, other than that I usually charge to my debit.  With my current scores, which card or cards would be ideal for me in the long run?

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You got a Chase Freedom with your current scores? Wow. Was it an instant approval, or did you have to recon?

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I was thinking the same thing.

[dddewdrop]

     I would keep in mind that the more credit cards you have, the greater is the temptation to go into debt. To improve your score you should get at least 1 more card but be careful. You are giving yourself enough rope to hang yourself. .Make sure you are ready for the increased responsibility.

 Keep it simple. What you are actually doing each time is asking another group of people if they will be willing to loan you money. So don't get so caught up in the small details of raising your score a few points that you miss the bigger concept that you need to be very disciplined to avoid going into debt.

           It is possible that you are very disciplined  already but make an honest assesment of your behavior in the past and present before you get more cards.  You may not be like me, (I was too tempted by the extra credit i got and ended up going into more debt) but things could change very quickly and having very easy ways to borrow money at your fingertips can be a big temptation that can be hard to resist.

         For example, lets say you got a 3rd card and you were single and a new woman came into your life who was just gorgeous. Lets say you had a 2000 dollar limit and this woman really really wanted a new Louis Vuitton bag and she happened to see your new card in your wallet and she used all her skills to convince you to buy the bag for her. Now what started out as a way to raise your credit score 10 pts became you owing 2000 more dollars before you knew what was happening. You may think my example is far fetched but it happens several times a day out there in the world.  Insert your own example if you wish. I'm not picking on women thats just the first example which came to mind.  I think you can catch my drift. Good luck and just be careful...

Good luck

[DantGwyrdd]

To the question at hand:

Apply for the cards you like (i.e. you will use for something), use them (as well as other lines of credit) responsibly and the good scores will follow.

In the long run, maybe another good rewards card (for spending outside the curent 5% Freedom categories) like Citi Double Cash, one of the Amex rewards cards depending on your shopping habits, the Cap 1 Quicksilver, etc. I also like to have a card with a low APR just in case (a CU might have better deals here than the big banks, Barclays Ring if you can get it, but it might be out of reach with the stage you're at atm) and maybe a travel rewards card if you travel sufficiently to warrant having a separate card for travel spending. If you fly a lot with a single airline, the cobranded cards (like the Delta Amex) might work for you since the free bag allowance can easily offset the AF depending on how often you fly with that airline. More or less the same for CCs with hotel rewards--if you stay at certain properties often enough they may well be worth it.

Short term: with your scores where they are now, I'd agree with the advice to let what you have grow and establish history for a while and check the pre-quals, then when the scores improve go for a card you like AND you think it's one that you'll likely be approved for.

[kdm31091]

I do second the above poster who said be careful as far as more cards = more temptation for debt. That is an excellent point for anybody to be aware of.

I thnk a general spend card is a good suggestion -- Quicksilver or Double Cash. That's without hearing whether you travel frequently, etc which would sway me more to recommend a hotel/airline card.

[Anonymous]

This thread just got much shorter...

[ccb2115]

What happened?

[-NewGuy-]

FYI...

All comments not directly related to the OP's original question have been removed. The OP was simply asking for advice, and only those responses that are on topic and contributing to the subject at hand were left in place. There is no reason for personal attacks, inflammatory comments, and the like. Let's keep everything Friendly, Supportive, and Respectful please.

Thanks,

-NewGuy- --myFICO Moderator--