How many credit cards should you have?

[NonSufficientFunds]

How many cards?

I think this would be a good start:

http://www.dansdeals.com/wp-content/uploads/2012/08/IMG_0097b.jpg

Note: This is just part of the collection of active credit cards owned by "Dan", who is a master of the art of "churning" rewards and sign-on bonuses.

He has lots of great advice regarding credit cards on his blog & forum: http://forums.dansdeals.com/index.php?board=7.0

[Open123]

Wow, nice collection!

These days with online access, mobile apps and bill pay, it's so easy to keep track of an almost unlimited number of cards.

[NonSufficientFunds]

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@Open123 wrote:

Wow, nice collection!

These days with online access, mobile apps and bill pay, it's so easy to keep track of an almost unlimited number of cards.

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I read that this guy has a fully automated computer system for keeping all of his accounts active and in good standing - but I would sure like to see his credit report and the total number of inquiries.

(I suppose the CRAs have to order extra paper and ink when he requests his free annual report)

[hutchj]

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@NonSufficientFunds wrote:

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@Open123 wrote:

Wow, nice collection!

These days with online access, mobile apps and bill pay, it's so easy to keep track of an almost unlimited number of cards.

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I read that this guy has a fully automated computer system for keeping all of his accounts active and in good standing - but I would sure like to see his credit report and the total number of inquiries.

(I suppose the CRAs have to order extra paper and ink when he requests his free annual report)

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Exactly. There's no reason to ever miss a payment.

I have 7, and I have no problems managing them. My coworkers think I'm crazy, and I told them not one payment has been late & I know all the due dates, not by heart, but I know about what time of the month they are due. 3 are in my wallet, 4 are locked away. Each has a purpose. And when 1 have a balance that I feel is high enough, they get put away in my lock box.

I don't find it difficult to maintain.

[armbenderc]

I have 13, 2 of them are store card. VS and Walmart. I have used them all in rotation. 2 at a time and PIF before statement cut. Some has recurring charges on there.

I have to say that these cards have made wonder in my credit profile and scores.

[buildafico]

So true, depends on your responsibility. When i was 18 the ONE walmart card I had was too much. Now at 24 I have four, probably go for a 5th post-Barclays dread period.

[jgodfrey82]

Amex zync, amex costco, chase united, discover more, cap one plat, cap one spark, nfcu plat visa, paypal sc, billmelater, macys, express, dell, dell biz, carcare, carecredit

Carry 2 amex and a visa, keep the rest in the desk for specific purchases only.

Easy to manage with check (pageonce) app, reoccuring payments, lots of PIF and making double triple or larger payments as soon as statements cut.

Maximizes my rewards, aprs, and spending power. I want more

[IcEWoLF]

I use my CSP/Freedom/Discover It as my main cards, then I use Amex when I go to Costco, so regularly I only use 4 cards. I do use the other ones once in a while to keep them active.

[Brusilov]

11 here, 10 once I axe my Best Buy card.  Believe it or not I use them all regularly (except maybe the Amazon Store card whose financing I only utilize occasionally).

[jamie123]

I have read several articles about people that have scores close to 850 and most of those people have 6 to 8 credit cards that they have had for a long time.

To stay in the 800s you really need to have that many cards otherwise your AAoA and having new credit on your report when you say, get a car loan every few years, will knock you out of the 800 club for a while.

Having that many cards allows you to absorb the hit of "new credit" much easier.