how many credit cards?

[Anonymous]

I keep 3 credit cards.  Discover is my emergency card, with a limit of 2500.  Walmart and Target are my "Christmas" cards, with only 200 limit each.  Should I be applying for more credit cards?  I don't really WANT more, but will it boost my score?  I know a lot fo people have like 9 different cards, but I have 7 student loan accounts and a mortgage...do I really need to get more credit cards?

[Anonymous]

Do you have any baddies on your CR?  your scores seem low.

Do you carry a Bal on your CR?

[Anonymous]

Hi Heather,

I read the Credit Cards section on this forum daily and I am not an expert but from what I understand you need to balance your installment accounts(student loans and mortgage) with your revolving accounts (credit cards). This is why everyone is trying to get all these cards. That way you have what they call a good "mix" of credit. Go to the credit card forum section and read about opening new accounts and UTI (utilization). Good luck.

[Anonymous]

I would say three credit cards is adequate, especially given the number of other accounts you have. Five might be slightly better. Any more than that is probably pushing past the point of diminishing returns.

Of course, you want to be mindful of the small drop your score would likely take in the short run for acquiring more accounts.