@longtimelurker wrote:
@Simba501 wrote:It seems like the majority of people around here have tons of cards. Personally, I would find their management to be tedious. I set a hard limit of 5 cards to have. I currently have 4 and have considered closing one lol. I'm currently holding out for one final card - probably the Double Cash.
Who else has 5 or fewer cards? And if they're not in your signature, what are they?
People here seem to have lots of cards but that is because it is a self-selecting group of those interested in credit cards! Nationally:
A Gallup survey conducted in April 2014 found that the average number of credit cards Americans say they carry is at an all-time low. According to the Gallup survey, the average number of cards owned by all Americans -- including those with no credit cards -- is 2.6. Among Americans with credit cards, the average number of cards owned is 3.7. The percentage of Americans who have no credit cards rose to 29 percent in 2014, up from 22 percent in 2008.
Among the other 2014 findings:
- 33 percent had one to two cards.
- 18 percent had three to four cards.
- 9 percent had five to six cards.
- 7 percent had seven or more cards.
From http://www.creditcards.com/credit-card-news/ownership-statistics-charts-1276.php
So MyFico is very unrepresentative
Wow... and here I was thinking having 10 CC accounts was small compared to people around here that have 20-40-60 cards... LOL
10 is enough for me... I had 9, closed 3, then opened 4. I have my profile where I want it with accounts I actually use. I gardened for 2014 prior to my 4 new account spree last week... and am doing the same for 2015 and will reevaulate my profile at the end of the year.
Currently have five, chopping it down to four in May. Either Im approved for Ink and close Freedom/Sapphire or Im denied for some reason and close Freedom. There will be enough diversity with the four. Cant see myself trying to manage a spreadsheet full of cards 
But its a personal comfort thing as others seem to manage well enough
But its a personal comfort thing as others seem to manage well enough
Ok, lets say its easy peasy. In that case I dont find it necessary to have more than a few cards based on my needs and spending habits. 
@Anonymous wrote:
Ok, lets say its easy peasy. In that case I dont find it necessary to have more than a few cards based on my needs and spending habits.
Really it's just a utilization cushion. When the times I want to carry say. 5-10k balances. It will still keep me under 20%
@taxi818 wrote:
@Anonymous wrote:
Ok, lets say its easy peasy. In that case I dont find it necessary to have more than a few cards based on my needs and spending habits.Really it's just a utilization cushion. When the times I want to carry say. 5-10k balances. It will still keep me under 20%
Right, but does utilization matter that much? Yes, at higher levels scores decrease but if you aren't apping, that doesn't matter either. Most people in the "real world" don't even know the concept of utilization and seem to get on fine!
I definitely have more than 5, however, I dont really use more than 2 or 3. I could close some, Ive just never felt the need to do so.
