How many credit cards should we have?

[bichonmom]

I was watching Suze Orman on OWN a couple of weeks ago, and someone asked her this question, and her answer was, "One." (!)

What is the optimal number of credit cards for the highest score and best credit history?

It seems with too few, it's considered a "thin" file; yet, with too many your AAoA drops. I'd like to know what a good amount of cards to shoot for as a goal.

Thanks!

[Anonymous]

Ideally you should have only as many as you need.

However, I think it's nice to have enough cards to give you maximal rewards on things you buy (or do) regularly -- groceries, gas, restaurants, travel, etc -- so that you can get something back for every dollar you spend.

At absolute minimum I'd be fine with AMEX BCE and Chase Freedom.  I'm about to PC into a Citi Foward though.

[Walt_K]

I think one is a little ridiculous.  I had one for a long time while I was rebuilding but didn't have a lot of choice.  I would never carry only one now.  What if it isn't accepted somewhere?  What if there is a problem with that card?  I think you need at least one backup, so bare minimum two cards.  If you're not interested in chasing sign up bonuses and things like that, in other words, if we're just talking about maximizing credit score and having a decent amount of available credit and covering most locations, I think three cards is an ideal number. 

[mxp114]

Four is my min. One for each network if I had to eliminate some cards.

[Anonymous]

I'd bet Suze doens't have just one CC.

[drkaje]

I feel it depends on ones actual needs and financial goals. App-aholics are likely in their own category, LOL!

I'm probably wrong but still feel rebuilding over time is better than a ton of small limit cards. Especially considering some companies tend to match existing limits.

[bichonmom]

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@drkaje wrote:

I feel it depends on ones actual needs and financial goals. App-aholics are likely in their own category, LOL!

I'm probably wrong but still feel rebuilding over time is better than a ton of small limit cards. Especially considering some companies tend to match existing limits.

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LOL! So funny.... and right! Reading these posts makes me want to apply! I'm not though (with one exception).

ITA... It seems *really*  hard to get away from those piddly limit cards!

[bichonmom]

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@Anonymous wrote:

I'd bet Suze doens't have just one CC.

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You're probably right! I wonder how many *she* has.

[bichonmom]

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@mxp114 wrote:

Four is my min. One for each network if I had to eliminate some cards.

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That seems like a pretty reasonable number. By network, do you mean Visa, MC, Amex & Discover?

[bichonmom]

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@Walt_K wrote:

I think one is a little ridiculous.  I had one for a long time while I was rebuilding but didn't have a lot of choice.  I would never carry only one now.  What if it isn't accepted somewhere?  What if there is a problem with that card?  I think you need at least one backup, so bare minimum two cards.  If you're not interested in chasing sign up bonuses and things like that, in other words, if we're just talking about maximizing credit score and having a decent amount of available credit and covering most locations, I think three cards is an ideal number. 

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ITA. I was *really* surprised when she said you only need one card. Years ago, there was a problem with either the bank or visa/MC, I don't recall which, and my CC was declined. So, you're right, having backups for bank problems is a good idea.

I'm thinking maybe 1 each visa, mc and amex (eventually). But for some reason Visa seems to be more plentiful. I'd like to find a *good* MC to appy for next year. 3 to 4 seems like a good number.