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How many credit cards should i have?

Frequent Contributor

Re: How many credit cards should i have?


dpride86 wrote:

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


I agree, some people think if they have that many it makes them important !!!!!!!!!!


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 11 of 23
Moderator

Re: How many credit cards should i have?


newportguy wrote:

dpride86 wrote:

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


I agree, some people think if they have that many it makes them important !!!!!!!!!!


Can we just stop now?  Already taken action, and frankly I'm way too short-tempered right now to handle this adroitly, so I'll try asking nicely.  Please end these oblique comments.

 

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 12 of 23
Frequent Contributor

Re: How many credit cards should i have?


Revelate wrote:

newportguy wrote:

dpride86 wrote:

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


I agree, some people think if they have that many it makes them important !!!!!!!!!!


Can we just stop now?  Already taken action, and frankly I'm way too short-tempered right now to handle this adroitly, so I'll try asking nicely.  Please end these oblique comments.

 


Notice taken and i am sorry for my comment


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 13 of 23
Senior Contributor

Re: How many credit cards should i have?

I like having my near 20 cards! Lol
Marriott PR$25k | BCE $24.5K |BankAmericard Visa $25k| BOA Better Bal $17.5k |Wmt Discover $12.5k | BR Visa $17.5k | Amex Delta Gold $10k | Discover IT $10k | Paypal Extras MC $15k | Amazon Store $10k|Smile Gen $7.25k | Dillard's $10k | West Elm $4k| Express $3.05K | Mypoints.com Visa $4.5k | Freedom Visa $1k| Amex Surpass $1k
Message 14 of 23
Valued Contributor

Re: How many credit cards should i have?


Revelate wrote:

newportguy wrote:

dpride86 wrote:

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


I agree, some people think if they have that many it makes them important !!!!!!!!!!


Can we just stop now?  Already taken action, and frankly I'm way too short-tempered right now to handle this adroitly, so I'll try asking nicely.  Please end these oblique comments.

 


Thank you Rev for letting us know that action has been taken for a particular member. 

 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 15 of 23
Valued Contributor

Re: How many credit cards should i have?


youngandcreditwrthy wrote:
I like having my near 20 cards! Lol

I like your limits! LOL I am right behind you at 11 personal & 4 business! 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 16 of 23
Frequent Contributor

Re: How many credit cards should i have?

There was a time when i tried amassing as many cards as i could. My guess is most of the game will pass for the card grabbers as new challenges present themselves. I mean no disrespect to those that collect CCs, I did it to a degree, too, but at some point it will fade. Probably right around the time your lender calls you up and says "Ummmmm, about that mortgage you applied for. We need to talk".

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 17 of 23
Frequent Contributor

Re: How many credit cards should i have?

For credit building/scoring purproses, I don't think there's any benefit to having more than 3 or 4 accounts.  Just make sure they're with lenders who will grow with you; you won't get anywhere running around with 3 sub-prime or store cards stuck with $300 CLs. 

 

I've been helping one of my younger sisters build her credit pretty much from the ground up.  She has an Amex Blue, a Discover More, and a Chase Freedom.  All of them have good limits that are already starting to grow.  With those three cards, she may never need another CC for the rest of her life.


Starting Score: 617 (EQ 6/10/12)
Current Score (8/28/13): EQ: 691 EX: 706 TU: 700
Goal Score: 700

Discover it $4,500 (02/2001); Amex PRG (Backdated to 01/2006); Amex ZYNC (Backdated to 07/2006); Wells Fargo Cash Back Visa $5,500 (12/2011); Citi Diamond Preferred MC $2,000 (07/2012); B of A Cash Rewards Visa Signature $5,000 (02/2013)

Message 18 of 23
Valued Contributor

Re: How many credit cards should i have?


LionLaw wrote:

For credit building/scoring purproses, I don't think there's any benefit to having more than 3 or 4 accounts.  Just make sure they're with lenders who will grow with you; you won't get anywhere running around with 3 sub-prime or store cards stuck with $300 CLs. 

 


I agree, along with most here, that 3-4 well-tended accounts are all that is needed for credit building and scoring.  And that is what the OP asked about.

 

But for other purposes, such as maximizing rewards, then the number can be much higher, as people get cards for sign up bonuses, or to cover reward categories etc.  So, as in most things credit, people's current needs, and thus number and type of cards, will vary.

Message 19 of 23
Senior Contributor

Re: How many credit cards should i have?

Yes store cards arent everyones favorite BUT they do their job of getting you into primeland. What my sister did was just get Old Navy and AE as store cards because they will help her credit PLUS will become VISA's after 1&6months to 2 years. so she will now be able to use ANYWHERE and not just at one place. She also got macys card eventhough it wont upgrade like AE or ON. You can still request it to be converted into an AMEX which will require a hard pull but will be worth it since it will now be a major credit card. But id say 4 to 6 cc's is the rigth amount, and try to have each network in case they dont accept one you'll have back up Smiley Happy

Discharged on 7/11/16
Gardening Since 12/01/2017
Message 20 of 23