topic Re: Who has 5 cards or fewer? in Credit Cards

Who has 5 cards or fewer?

Blodreina — Fri, 02 Jan 2015 14:08:07 GMT

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?

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 14:10:46 GMT

@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

Re: Who has 5 cards or fewer?

takeshi74 — Fri, 02 Jan 2015 14:16:13 GMT

@Simba501 wrote:
It seems like the majority of people around here have tons of cards.

Never rely on popular forum discussion (on any site) as an accurate indicator of what things are like in the real world. It doesn't matter who has how many cards. You need to select your numbers of cards based on your needs/wants and what you can responsibly manage.

@Anonymous wrote:
People here seem to have lots of cards but that is because it is a self-selecting group of those interested in credit cards!

Yup. You always have to consider your sources.

Re: Who has 5 cards or fewer?

disdreamin — Fri, 02 Jan 2015 14:20:26 GMT

At this point I have six cards, but I am considering closing one of the duplicate Visa accounts and i haven't I used three of them in years. My Chase Visa and AmEx are my go-to cards with Target being useful for the extra 5% off at times. I could definitely get by with just those, and might decide to at some point.

Re: Who has 5 cards or fewer?

NRB525 — Fri, 02 Jan 2015 14:21:59 GMT

@Anonymous 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

Interesting link. It indicates that "more cards" is even reducing share of population: 7 or more was 11% in 2002, now down to 7% in 2014.

Re: Who has 5 cards or fewer?

CreditCuriosity — Fri, 02 Jan 2015 14:25:39 GMT

The MiFico community has issues as we skew those stats badly although we are small percentage

Re: Who has 5 cards or fewer?

taxi818 — Fri, 02 Jan 2015 14:47:37 GMT

@NRB525 wrote:
@Anonymous 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
Interesting link. It indicates that "more cards" is even reducing share of population: 7 or more was 11% in 2002, now down to 7% in 2014.

Wow indeed. So my 15 is scary

Re: Who has 5 cards or fewer?

nachoslibres — Fri, 02 Jan 2015 15:02:27 GMT

I have 3 total - and one is pretty much for my business. I'm pretty much maximizing my rewards and like you say having more would just be tedious for me.

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 15:06:04 GMT

I am sitting on 6 now. The cards I have currently suit all my needs so I am more focused on growing the CL's on my existing. The only one I want to add next year will be a AMEX Delta card, not sure if I want the platinum or reserve card yet. The US Bank and WF visa are pretty much SD'd now.

Re: Who has 5 cards or fewer?

baller4life — Fri, 02 Jan 2015 15:06:02 GMT

Myfico is certainly not the norm. I plan to ultimately manage no more then 10 cards period. No way could I have 20,30+ cards that many on here have.

Re: Who has 5 cards or fewer?

TRC_WA — Fri, 02 Jan 2015 15:09:34 GMT

@Anonymous 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.

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 15:13:46 GMT

@nachoslibres wrote:
I have 3 total - and one is pretty much for my business. I'm pretty much maximizing my rewards and like you say having more would just be tedious for me.

Yes, yours is a very nice minimalist set!

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 15:28:36 GMT

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

Re: Who has 5 cards or fewer?

taxi818 — Fri, 02 Jan 2015 15:41:46 GMT

I really don't think it is hard to manage as most think. I font have a spreadsheet. Most cards zero balance. So I only focus on who I gave balance with. There us n magicL pop up balances. So I manage 3-4 tops. Even I have 15.

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 15:44:57 GMT

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.

Re: Who has 5 cards or fewer?

taxi818 — Fri, 02 Jan 2015 15:52:11 GMT

@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%

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 16:08:49 GMT

@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!

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 16:13:26 GMT

It kinda matters to me. Not for maximum score purposes Id just prefer not to have a large amount of debt so it stays below 10%.

Re: Who has 5 cards or fewer?

Anonymous — Fri, 02 Jan 2015 16:58:03 GMT

@Anonymous wrote:
It kinda matters to me. Not for maximum score purposes Id just prefer not to have a large amount of debt so it stays below 10%.

But if not for scoring purposes, and you don't want a large amount of debt, isn't it the actual amount that matters. So if you owe $5K, it doesn't matter if it is 20% or 0.001% of available credit. If you don't want a large amount of debt AND you want to keep it under 10%, then you certainly don't want CLIs or cards with high CLs.

Re: Who has 5 cards or fewer?

Lyythine — Fri, 02 Jan 2015 17:04:51 GMT

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.