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How many credit cards should i have?

Regular Contributor

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 719 EQ 705 and EX 708 1-11-15
-My Goal: 740+ on all 3
-My wallet:
NFCU Cash Rewards 17k,Fidelity Amex 10.1k, QS 8k, DCU Visa Platinum 7.5k, Chase Freedom 7k, Penfed Promise 6.5k, Amex BCE 6k and Citi 5K.
Message 1 of 23
22 REPLIES
Frequent Contributor

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
Message 2 of 23
Frequent Contributor

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
Message 3 of 23
Frequent Contributor

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.

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Message 4 of 23
Frequent Contributor

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- $12k United Explorer-$5k
Message 5 of 23
Moderator

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 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 6 of 23
Frequent Contributor

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



Message 7 of 23
Frequent Contributor

Re: How many credit cards should I have?

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 *****
Message 8 of 23
Regular Contributor

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 719 EQ 705 and EX 708 1-11-15
-My Goal: 740+ on all 3
-My wallet:
NFCU Cash Rewards 17k,Fidelity Amex 10.1k, QS 8k, DCU Visa Platinum 7.5k, Chase Freedom 7k, Penfed Promise 6.5k, Amex BCE 6k and Citi 5K.
Message 9 of 23
Valued Contributor

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. 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 10 of 23