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Regular Contributor
dpride86
Posts: 124
Registered: ‎02-01-2013
0

How many credit cards should i have?

I have been working on improving my credit score and want to know what is a good number of credit cards to have?

-Current Score: TU 714 EQ 702 and EX 690 11-14-14
-My Goal: 720+ on all 3
-My wallet:
NFCU Cash Rewards 14k, DCU Visa Platinum 7.5k, Penfed Promise 6.5k, Amex BCE 6k, Fidelity Amex 5K, Capital one QS 5K, Chase freedom 4k, Citi 3.8K, Amazon Chase 3.5k, Express 1.36k
Frequent Contributor
OptimasPrime
Posts: 348
Registered: ‎08-17-2012
0

Re: How many credit cards should i have?

3-4 is the general concensus in terms of optimizing your fico score. After that, most experience diminishing returns.

EQ 778 | TU 776
Barclay US Airways WMC 7.5k | BCE 5.8k | BofA Travel Rewards 9.1k | Chase Marriott Premier 13k | Citi TYP WMC 6.5k | Freedom Visa Sig 8k| Discover it 10k
Frequent Contributor
astritaho1979
Posts: 451
Registered: ‎10-02-2011
0

Re: How many credit cards should i have?

15 cards and you look solid.wait for those cards to age a little like 1 yr and look at your score going 720


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
Frequent Contributor
OhioCPA
Posts: 471
Registered: ‎03-29-2011
0

Re: How many credit cards should i have?


OptimasPrime wrote:

3-4 is the general concensus in terms of optimizing your fico score. After that, most experience diminishing returns.


+1

Not counting store cards. Thus, three from visa, master card, discover, or american express.

________________________________________________________________________________
Frequent Contributor
E150GT
Posts: 371
Registered: ‎12-30-2012
0

Re: How many credit cards should i have?

I have one from each network and one store card (discount tire car care 1) My score is at 724 and it will go up once I get my util under 10% on my usaa card. All others are showing Zero balance except for amex charge. That has worked best for me. I think about apping for more but I'm not going to.

CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $18k
EQ-742 EX-702 TU-737
Moderator
Revelate
Posts: 9,735
Registered: ‎12-30-2011
0

Re: How many credit cards should i have?


astritaho1979 wrote:

15 cards and you look solid.wait for those cards to age a little like 1 yr and look at your score going 720


Nowhere close to needed.

 


OhioCPA wrote:

OptimasPrime wrote:

3-4 is the general concensus in terms of optimizing your fico score. After that, most experience diminishing returns.


+1

Not counting store cards. Thus, three from visa, master card, discover, or american express.


+2, this is where it's at in my estimation.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
jake619
Posts: 496
Registered: ‎11-13-2012
0

Re: How many credit cards should i have?

Four seems reasonable. Gets you one on each billing network.

GangnamFICO wrote:

Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.


Minor vulgarity edit --Rev



Frequent Contributor
newportguy
Posts: 351
Registered: ‎11-11-2012
0

Re: How many credit cards should I have?

[ Edited ]

I would say 4 also... As you can see I only have 4 and could get many more if I wanted to ,  but I choose not to . I don't like store cards.!!!!


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Regular Contributor
dpride86
Posts: 124
Registered: ‎02-01-2013
0

Re: How many credit cards should i have?

Thank you. I need to get a Amex card.....15 cards seem like way too many

-Current Score: TU 714 EQ 702 and EX 690 11-14-14
-My Goal: 720+ on all 3
-My wallet:
NFCU Cash Rewards 14k, DCU Visa Platinum 7.5k, Penfed Promise 6.5k, Amex BCE 6k, Fidelity Amex 5K, Capital one QS 5K, Chase freedom 4k, Citi 3.8K, Amazon Chase 3.5k, Express 1.36k
Valued Contributor
chnceit
Posts: 1,524
Registered: ‎08-17-2008
0

Re: How many credit cards should i have?


OptimasPrime wrote:

3-4 is the general concensus in terms of optimizing your fico score. After that, most experience diminishing returns.


+1 

 

You only need 3-4 cards, one year of solid payment history and low utlization your scores will be great. Plus you dont want 15 inquiries across all CR's in a short period. But do not go over board to where you are not able to handle. 


$100K in Credit
Last Credit Card App: 11/16/13

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