Reply
Frequent Contributor
lajntx
Posts: 267
Registered: ‎06-26-2009
0

What is the ideal # of "credit cards" to have?

For someone whose credit score has been obliterated ( 513 TU FICO, 565 EX FAKO, wont know EQ until I get paid again and can get that one ) and working on the future, what is the ideal total # of credit cards/revloving accounts to have? I've read: as few as possible, no more than 3, no less than 3 but never more than 5. Certainly untilization rates come into play, but it would be nice to know what the concensus of opinion is and work towards that magic number over the next couple of years to be in a position of having A++ credit again 4-5 years from now.  Also,currently I have a crown jewelers account which I just opened in May & PIF this month,  I also have a student loan through Sallie Mae in defferment ( 44K ) & bad credit auto loan ( 360 mo for 36 months @ 21% started in May ) for my installment loans. Have reviewed all 3 bureau files and there are no "big" errors and just a few minor ones which will be addressed over the next year.  FYI.... all charge offs/collection accounts/etc are either 2 years old will be by the end of this year. Nowhere to go but up now, any advice greatly appricated.
EQ- 647, EX- 641, TU- 644
Sept `13 - ZERO Debt, 100% Liquid, AND a climbing credit score. Eat your heart out Dave Ramsey!
Epic Contributor
Creditaddict
Posts: 22,097
Registered: ‎10-23-2007
0

Re: What is the ideal # of "credit cards" to have?

I say 3 min. but as far as max, no rule, just depends how and when you add them to make sure they help you not hurt you.
Fico Scores: EQ- 626 Overstck., TU 696 Walmart, EX 695 Chase (11-05-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
66 Cards and Counting :smileytongue:
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: What is the ideal # of "credit cards" to have?

I like 5. Not too many to keep track of and enough not to worry about an issuer getting hinky. It is simple to rotate 5 using 2 each month. 40% of accounts reporting balances is not a killer.
Established Contributor
Chopbrocoli
Posts: 805
Registered: ‎05-11-2007
0

Re: What is the ideal # of "credit cards" to have?

There not really a limit when it comes to "credit cards we can have." As long all of the cards are NOT reporting balances, excellent payment history, long age in account, and etc... you will be golden. Right now I have 6 open cards and 1 closed. All I'm doing now is just letting them age.
AMEX Gold Premier Rewards | SPG AMEX | Bank of America Power Rewards | Merrill Plus | United Presidential Plus | Saks World Elite
Valued Contributor
thrasher865
Posts: 1,157
Registered: ‎05-21-2008
0

Re: What is the ideal # of "credit cards" to have?

[ Edited ]

Jeez 3 years ago I had 1.

 

Now I have 7 :smileysad:  Unless I'm forgetting one.  :smileyindifferent:

 

I feel like there is a maximum number.  I just don't know what it is :smileyhappy:  Minimum I would say would be 1 Visa or MC, 1 Discover or AMEX and 1 store card.

 

[edit]  I knew I was forgetting one!  Make that 8!

Message Edited by thrasher865 on 06-26-2009 07:26 PM

Starting Score: EQ: 665 - TU: 687
Current Score: EQ: 749 - TU: ---
Goal Score: EQ: 760 - TU: 760


Take the FICO Fitness Challenge
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: What is the ideal # of "credit cards" to have?

I go with the High Achievers average of 3, although I think this is from pretty old data, and it's probably more like 5 now, because of the proliferation of rewards cards.

1 CU card for high limits and good service
2-3 bank cards, all from different banks, in order to reduce vulnerability to bizarre behavior by an individual bank
1 store card from a store that you use a lot, that has great rewards for card holders
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Valued Contributor
GregB
Posts: 1,669
Registered: ‎05-24-2007
0

Re: What is the ideal # of "credit cards" to have?

I wouldn't worry about a maximum for a good score. My reports with 26 CC accounts showed 780-795 FICO. I closed two Amex accounts that were reporting from 1982 when I refused to pay a yearly fee. A few other accounts changed. I now have 22 CC accounts that show on my reports, 3 of which show closed. My FICO stays in mid 700s unless I have too many accounts with balances like now - 14 with balances giving me 709. I would never try to keep track of that many for personal use - I have three small businesses. The only one that reports that is not a normal CC is Kohl's.

Established Contributor
jaybird201
Posts: 672
Registered: ‎07-05-2008
0

Re: What is the ideal # of "credit cards" to have?

42.
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008
0

Re: What is the ideal # of "credit cards" to have?

You want to have half or fewer of all lines (installment, open, revolving) showing a balance.

You want fewer than half of Credit and Charge cards (open, revolving) showing a balance with at least one showing a balance, though some scorecards might reward a couple of points for 0 cards showing a balance.

So, the minimum number of cards is 3.

If you want to show a balance on more cards or have more installment loans, you will need more CCs to offset that.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}