topic Re: How many cards is too many in Credit Cards

How many cards is too many

Anonymous — Sun, 26 Feb 2017 04:28:59 GMT

Hello!

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.

Re: How many cards is too many

austinguy907 — Sun, 26 Feb 2017 04:39:20 GMT

4 CC's in a year around here is child's play!

Now, if you're planning on these being your last 2 for a couple of years while they age and grow you should be fine. Since you're looking at a CHARGE and a REVOLVER you can usually get both of them for a single HP. I would go for whichever you want more first and then pull the trigger on the other.

You might want to consider picking up Discover as well while you're at it since you can get double rewards for the first year and shopping through the Disco Deals portal can net you 5-10% more in rewards in addition to the normal rewards and they get doubled as well.

Re: How many cards is too many

morgacj2004 — Sun, 26 Feb 2017 05:16:30 GMT

There is no one right answer to your question. There are people on this board who have 50 + cards. There are others who have 4-5. It depends on your income, spend and many other factors. If u r a churner u will have a lot more than others. My only advice is that how ever many accounts u choose to have u must handle them responsibly and have a way to track each account. My wife and I have about 20 accounts between us. We r at our max so when we open up a new account it is with a plan to close one. To each his own.

Re: How many cards is too many

Creditplz — Sun, 26 Feb 2017 05:43:48 GMT

"4 CC's in a year around here is child's play!"

That is very true 😂 Last year I added 10.. (I do NOT recommend that).

As stated above there's no right answer, if you think you have a shot (and I think you do) I'd go for it.

Re: How many cards is too many

Anonymous — Sun, 26 Feb 2017 05:58:31 GMT

If I may make a recommendation, call Capital One. And ask if they will let you product change to the no annual fee version of the Quicksilver before it hits you next month. Your Freedom gives 1% on everything for no annual fee, so don't be afraid to mention this as many banks are willing to make the customer happy if they have a reasonable request like that. And I don't do app sprees like many on this forum, but I do apply when a good card/deal comes along. I think I have 4 new cards in the past year or so, but I had about half that before, and am thinking about cancelling 2-3 of the cards I had before these apps. You probably would be fine with AMEX, just make sure that the annual fee is worth it to you and that you get the best signup possible as AMEX has a once a lifetime signup bonus for every card you have/had with them. And know upgrade offers from the no annual fee version to the annual fee version of the card are common with AMEX. I hope this helps.

Re: How many cards is too many

Anonymous — Sun, 26 Feb 2017 06:31:30 GMT

"too many" is more than you want, will use, or can handle.

For some people, they want as few as possible while still benefitting from their normal spending habits.

For others, they want as many as possible to cover all possible categories of spending.

Then there are crazy folks like me who mostly just enjoy trying out different types of points, perks, etc and like seeing how far decent FICO scores can take us.

Re: How many cards is too many

Anonymous — Sun, 26 Feb 2017 08:10:51 GMT

I would definitely say it's okay to apply for the Amex.

For me I have about 10 student loans through one servicer. My fiancée and I between both of us have about 12 Cards (4 of which are store cards: Walmart, Target, Kohl's and Victoria's Secret). Our combined income is about 55k so definitely don't see a problem with you getting one more.

We don't put a lot of utilization onto our cards (meaning we try not to carry balances) we use them for their perks then pay in full so we're not getting interest but at the same time we are getting benefits.

Re: How many cards is too many

Anonymous — Sun, 26 Feb 2017 12:05:37 GMT

I'm 23 and opened up 9 accounts this year. I have 14 cards in total + student loans. 750+ credit score across all 3 bureaus. I get cards specifically to category spend. The Golden Rule is don't spend what you don't have. Amex is basically accepting anyone with a credit score it seems. Just got approved for BCE. If you find a legitimate use for the card and don't plan on getting a mortgage or auto loan within the next 2 years just go for it. You have nothing to lose. Good luck!

Re: How many cards is too many

trant3 — Sun, 26 Feb 2017 14:53:04 GMT

@Anonymous wrote:
Hello!

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.

What's "too many" is subjective, like others have said. I've added 3 just this month (shame on me).

Re: How many cards is too many

SouthJamaica — Sun, 26 Feb 2017 14:59:11 GMT

@Anonymous wrote:
Hello!

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.

It depends on what your objectives are.

It certainly won't help your scores any, but if you feel you would enjoy one of those others, what the heck.

Re: How many cards is too many

kdm31091 — Sun, 26 Feb 2017 15:04:38 GMT

The "too many cards" thing comes up often, and I am basically in the camp of "I want enough to suit my natural spend and that's about it". Others want to maximize every category possible. Others just go for bonuses but stick to a few cards for everyday use. No right or wrong answer, although everyone's profile can handle different amounts of abuse with inquiries, new accounts, etc.

I will assure you that four cards in one year may be high relative to the general population, but in the "credit world" it is quite low. You're fine. If the other cards will suit you go for them, but be mindful of spreading your rewards too thin. Using too many cards can make it hard to get to a meaningful redemption on any of them.

Re: How many cards is too many

Anonymous — Sun, 26 Feb 2017 16:17:08 GMT

Well first I want to applaud you on being very responsible and mindful of your credit and credit scores. These were definitely not things I was thinking about at your age.

If you believe the perks or rewards will benefit you and you can meet the required spend to get the bonus... I would say go for it. If you do decide to go for the PRG, I saw there is a better sign up bonus of you go incognito mode on Google Chrome. 50k MR if you spend $2k in three months. This is by far the best offer I've ever seen for this card. The regular offerror is half of that for the same spend requirement.

Re: How many cards is too many

Anonymous — Sun, 26 Feb 2017 16:20:25 GMT

Oohhh... and forgot to mention... I've added 18 cards in the last 12 months so adding four in the past year def seems light to me!!

Re: How many cards is too many

Anonymous — Sun, 26 Feb 2017 16:44:28 GMT

Go for AmEx. I got them when I only had 6 months of credit history.

As for the question, for me 4-5 is just right. I'm less than 2 years into my credit history, so for now I'm balancing between chasing bonuses and opening up cards I'll keep for the long haul.

Re: How many cards is too many

SunriseEarth — Mon, 27 Feb 2017 08:17:39 GMT

@Anonymous wrote:
Hello!

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.

The question how many cards is "too much" is an individual choice. Some fell 3 cards is too many and some feel 100+ cards isn't enough. I would say have no more cards than you can comfortably manage. If you have a need for an AMEX and the profile to support an approval, go for it.

Re: How many cards is too many

Blackswizz750 — Mon, 27 Feb 2017 16:52:46 GMT

You are starting out on the right foot and critically thinking about each card you will like. I would read up on the card you want(I assume you are) and think about your monthly and yearly spend with your salary. If you are after rewards, look for the card that may give you a good bonus(Amex) or nice cash back(Disco) and put as much spend as you can. Also, you are looking at growers and good cards to have down the road. You do not want to dilute your rewards with several offerengs and pay a lot of $$$ in AF either. That can be a blow to you your goals with rewards.

Re: How many cards is too many

NRB525 — Mon, 27 Feb 2017 19:42:07 GMT

Congrats on the good start, OP.

I will suggest that going for an AMEX is not the best choice right now. Much of your spend is aligned with UR points. With the 5/24 restrictions, my suggestion is to build your history with Chase, with an eye to getting the CSR next. That has many of the perks of the PRG, without disrupting your points accumulation.

Each card you add should align with a goal for long term use. Eventually (or now) you may decide the PRG is what you want. That's why each portfolio of cards is what the applicant decided they want. You are a long way from too many cards, just know that each card comes with a time requirement for you to monitor it and work with it.

Re: How many cards is too many

happypill — Tue, 28 Feb 2017 20:56:05 GMT

I think 472 is too many. Anything less than that should be considered thoughtfully on a case-by-case basis.

Re: How many cards is too many

CreditMagic7 — Tue, 28 Feb 2017 21:17:21 GMT

Everyone's profile has that sweet spot amount of cards with the best value for them.

Heck, too many for me is 10 and yet am sporting a grand collection on the order of 30!

However the determination is to scale back to half that number once limits reach expectations.

So although in this camp a few shy of 10 might be the desired goal, the truth is that an optimum (and desired) range for me to meet FICO qualifications for consistent stability will likely settle around 12-15 after all is said and done.

Good thread by the way. We all in this forum find it way too easy to overperform when it comes to "how many"