I don't mean to be rude or to sound terribly uninformed, but I can't figure out why so many people on this board have so many cards. I know some "collect" them: different banks, different features, a nice mix of rewards, etc. And I guess I get that--at least the rewards.
For rebuilding/building credit, though, isn't one or two enough if you use them responsibly, pif, and make sure you're at < 10% when the statements cut? I'm just confused when I see peoples' signatures and they have a ton of store cards with $300 credit limits and sub-600 credit. Is that only good because it helps keep your util rates down?
What are the fico-score benefits to having so many cards?
Last year I opened many accounts because I only previously had two and wanted to build credit now while I am young. I think having and maintaining multiple trade lines as opposed to just one or two looks better on a manual review. I had high 700s when I only had the two cards, so I don't know if there is much of a score benefit to having many cards.
The cards I do have most have decent limits that get used from time to time depending on the rewards or if I want 30 of float for business use. I only have two store cards with a 3000 and 10000 limit so they are worth it. I guess when people have ruined their credit they will take what they can get so multiple 300 limits may be a huge thing for them.
A few of them are for rewards, the others are mostly to increase my available credit and my score.
And, I just like to apply.
Did the limit on that PNC card start at 7500 or did you ask for an increase on it? I was going to request one from them from 5200 but I couldn't find any information about what they like to see before granting one.
I have a lot of cards, but don't believe they are "too many" if you know how to manage them well. I keep everything in Quicken and manage them quite proficiently that way. I rotate monthly, or depending on the type of usage/rewards. I have a good mixture because of the rewards and/or discounts I can get from using each one, as well as it keeps the utilization down - though not a big factor. I've closed 7 accounts just this year, removing the subprime cards that Ive had over a decade, for some unknow reason to me. I PIF 95% of them, float a small balance *under 8%* on 2-3 monthly. I believe that you should be able to manage what you have, whether it is 2 cards or 30. If you can't manage them well, then you need to decrease the number of cards you have regardless of what that magical number is.
Cause we are all NUTS!!
I have 12 active cards. Only 5 are ones I use. Total limits...110k
Paying down balances. Only owe on about 4.
Good question...Is it becasue it adds a little color and splash to the signature line?
I've read that 3-5 is optimal for FICO scoring...more than 6 may actually hurt your score. There are a couple benefits I see from having a lot of cards. If you are just starting out and getting low limits then having a lot of cards can help with utilization. Adding new cards in the future won't hurt your AAoA as much since you have a lot of older accounts to buffer the age.