topic Re: Credit Cards- How many is too many? in Credit Cards

Credit Cards- How many is too many?

increasingmyfico — Fri, 14 Jan 2022 21:20:07 GMT

I am looking to add a few more cards to my arsenal, but I want to be strategic about it. I don't want to apply for too many within a short time frame and throw up red flags. My question is how many is too many? My oldest are two that I opened in March of 2018. Last year I added three in OCT (Amex, Amex and Apple) and one (FNBO) in Dec. There are six more that I want. I was thinking maybe three this year and three next year. I just worry about red flags from accumulating credit too quickly. Especially seeing that FNBO can be sensitive. What do you experts think?

Re: Credit Cards- How many is too many?

tcbofade — Fri, 14 Jan 2022 21:34:43 GMT

I have 35.

DW has 31.

We have ten joint accounts.

That's 76 active credit card accounts.

FNBO didn't seem all that sensitive to us.

Citi, Chase, USBank, and many others ARE very sensitive to new accounts.

The total number isn't the issue, it's how many you've opened in whatever time frame.

If USBank is on your wish list, you want to be 12 months free of new credit card accounts as a general rule.

Chase has a 5/24 rule which usually applies, but not always.

Citi has a six month look back window, but I don't recall what "too many" is for them.

Research the lenders that you wish to apply with, and apply for the sensitive ones first, IMHO.

Good luck!

Re: Credit Cards- How many is too many?

increasingmyfico — Fri, 14 Jan 2022 21:39:00 GMT

@tcbofade wrote:
I have 35.

DW has 31.

We have ten joint accounts.

That's 76 active credit card accounts.

FNBO didn't seem all that sensitive to us.

Citi, Chase, USBank, and many others ARE very sensitive to new accounts.

The total number isn't the issue, it's how many you've opened in whatever time frame.

If USBank is on your wish list, you want to be 12 months free of new credit card accounts as a general rule.

Chase has a 5/24 rule which usually applies, but not always.

Citi has a six month look back window, but I don't recall what "too many" is for them.

Research the lenders that you wish to apply with, and apply for the sensitive ones first, IMHO.

Good luck!

I definitely want the Sapphire Preffered so that is definetely next. I know they soft pull for a few weeks afterwards. I say FNBO is sensitive because I have seen a few posts about them closing accounts without warning. thanks

Re: Credit Cards- How many is too many?

dragontears — Fri, 14 Jan 2022 21:41:25 GMT

@increasingmyfico wrote:
I am looking to add a few more cards to my arsenal, but I want to be strategic about it. I don't want to apply for too many within a short time frame and throw up red flags. My question is how many is too many? My oldest are two that I opened in March of 2018. Last year I added three in OCT (Amex, Amex and Apple) and one (FNBO) in Dec. There are six more that I want. I was thinking maybe three this year and three next year. I just worry about red flags from accumulating credit too quickly. Especially seeing that FNBO can be sensitive. What do you experts think?

How risk tolerant are you?

If you want to be conservative, 1 card every 6 months.

I am a fan of the "tortoise" path for credit building but some prefer the "hare" path and go as fast as possible until the low limits/denials bury them in the garden.

Re: Credit Cards- How many is too many?

Kforce — Fri, 14 Jan 2022 21:48:44 GMT

@increasingmyfico wrote:
I am looking to add a few more cards to my arsenal, but I want to be strategic about it. I don't want to apply for too many within a short time frame and throw up red flags. My question is how many is too many? My oldest are two that I opened in March of 2018. Last year I added three in OCT (Amex, Amex and Apple) and one (FNBO) in Dec. There are six more that I want. I was thinking maybe three this year and three next year. I just worry about red flags from accumulating credit too quickly. Especially seeing that FNBO can be sensitive. What do you experts think?

The super safe answer = 1 a year

Only a few creditors will worry about two.

YMMV with 3 or more.

Get the sensitive issuer card 1st, research others and make a best guess.

Good Luck, go slow, think about what you really need

Re: Credit Cards- How many is too many?

Anonymous — Fri, 14 Jan 2022 22:09:14 GMT

I have 91 open credit cards right now. All are active. I said I was going to stop at 48. It is a hobby for me. Like stamp collecting for others.

I do get CLI's often as well providing they are SP's as I have just over 100 inquries on my three reports combined

I would think some banks would do an AA as I have so many cards but nope, I just keep getting more. But I only apply to banks that look the other way, so I avoid banks like Chase and US Bank etc, I have a few cards with them but those cards are decades old.

I also have 28 debit ATM or what ever you want to call them with Visa or MC logos, all active as well.

I am done but I say that all the time until a new CC comes out and I have to have it LOL.

I wish there was a credit card help group for people like me all I ever find is for drunks and drug users, sheesh

Thanks

Mark

Re: Credit Cards- How many is too many?

AverageJoesCredit — Fri, 14 Jan 2022 22:19:49 GMT

Too many is subjective to each person. A more established profile can handle multiple cc in a short time better than a newish profile but as stated upthread, each lender is different. Throw enough mud and something is bound to stick but if you want to get each card on your wish list make proper preperations to meet each lenders requirements.

Re: Credit Cards- How many is too many?

AverageJoesCredit — Fri, 14 Jan 2022 22:21:36 GMT

@tcbofade wrote:
I have 35.

DW has 31.

We have ten joint accounts.

That's 76 active credit card accounts.

FNBO didn't seem all that sensitive to us.

Citi, Chase, USBank, and many others ARE very sensitive to new accounts.

The total number isn't the issue, it's how many you've opened in whatever time frame.

If USBank is on your wish list, you want to be 12 months free of new credit card accounts as a general rule.

Chase has a 5/24 rule which usually applies, but not always.

Citi has a six month look back window, but I don't recall what "too many" is for them.

Research the lenders that you wish to apply with, and apply for the sensitive ones first, IMHO.

Good luck!

Did someone say 76?😆

Re: Credit Cards- How many is too many?

Anonymous — Fri, 14 Jan 2022 22:23:54 GMT

@AverageJoesCredit wrote:
@tcbofade wrote:
I have 35.

DW has 31.

We have ten joint accounts.

That's 76 active credit card accounts.

FNBO didn't seem all that sensitive to us.

Citi, Chase, USBank, and many others ARE very sensitive to new accounts.

The total number isn't the issue, it's how many you've opened in whatever time frame.

If USBank is on your wish list, you want to be 12 months free of new credit card accounts as a general rule.

Chase has a 5/24 rule which usually applies, but not always.

Citi has a six month look back window, but I don't recall what "too many" is for them.

Research the lenders that you wish to apply with, and apply for the sensitive ones first, IMHO.

Good luck!
Did someone say 76?😆

76 is a beginner LOL

Thanks

Mark

Re: Credit Cards- How many is too many?

tcbofade — Fri, 14 Jan 2022 22:25:14 GMT

@dragontears wrote:
@increasingmyfico wrote:
I am looking to add a few more cards to my arsenal, but I want to be strategic about it. I don't want to apply for too many within a short time frame and throw up red flags. My question is how many is too many? My oldest are two that I opened in March of 2018. Last year I added three in OCT (Amex, Amex and Apple) and one (FNBO) in Dec. There are six more that I want. I was thinking maybe three this year and three next year. I just worry about red flags from accumulating credit too quickly. Especially seeing that FNBO can be sensitive. What do you experts think?
How risk tolerant are you?
If you want to be conservative, 1 card every 6 months.
I am a fan of the "tortoise" path for credit building but some prefer the "hare" path and go as fast as possible until the low limits/denials bury them in the garden.

...and some find that out the hard way....

Re: Credit Cards- How many is too many?

Kforce — Fri, 14 Jan 2022 22:29:35 GMT

@Anonymous wrote:
76 is a beginner LOL
Thanks
Mark

And from the other side of the coin.

Have been closing cards and soon be at four.

For my spend, and time managing cards I like it simple.

Re: Credit Cards- How many is too many?

Remedios — Fri, 14 Jan 2022 22:37:37 GMT

Re: Credit Cards- How many is too many?

Remedios — Fri, 14 Jan 2022 22:46:21 GMT

@increasingmyfico wrote:
I am looking to add a few more cards to my arsenal, but I want to be strategic about it. I don't want to apply for too many within a short time frame and throw up red flags. My question is how many is too many? My oldest are two that I opened in March of 2018. Last year I added three in OCT (Amex, Amex and Apple) and one (FNBO) in Dec. There are six more that I want. I was thinking maybe three this year and three next year. I just worry about red flags from accumulating credit too quickly. Especially seeing that FNBO can be sensitive. What do you experts think?

I'm not going to spew my personal philosophy, I don't think that helps anyone, all I have to say is be strategic (maybe a little personal philosophy).

Your file is young but not too young, you don't have too many cards, and if it's a clean file, you would look like a good potential customer since there is higher likelihood of you using their card vs. doing .99 Amazon reloads and agonizing inside grocery store which card you want to keep alive by buying a pack of gum.

Apply when you find cards that fit your spending, build a base based on your spending habits but don't expect it to stay the same, stuff gets nerfed. In other words, have a back up for what's important to you.

Once you have cards you need for day to day spending, you can stop applying or start looking for nice SUBs.

AA certainly happens, so don't go into total excess and you should be just fine.

Re: Credit Cards- How many is too many?

Yasselife — Fri, 14 Jan 2022 22:53:42 GMT

@increasingmyfico

No expert here, in my opinion 1 account every 6 months seems to be ideal for adding cards to our collection; I call it that because who really need more than 2-3 cards. 6mo from my last app my scores have recovered and I'm starting to get cc offers.
take it with a grain of salt.

Re: Credit Cards- How many is too many?

NRB525 — Sat, 15 Jan 2022 01:14:19 GMT

The more important question is, what are the six cards you are interested in, what are the requirements the bank may have for minimal prior apps, and how valuable are the cards for your purposes?

If the six are valuable to you, and you can arrange the timing of the apps to keep the banks happy, then those are in the set Not Too Many Cards.

I try to close cards that don't have further use for me. It's a slow process, but each card may not stay valuable long term.

Full disclosure: I don't have too many cards. Today.

Re: Credit Cards- How many is too many?

Anonymous — Sat, 15 Jan 2022 01:21:25 GMT

@Anonymous wrote:

I also have 28 debit ATM or what ever you want to call them with Visa or MC logos, all active as well.

Mark

28 debit vs 91 credit? I'm sorry, you obviously don't take this game very seriously!

OK, I have a few less of each, but the ratio is nearer 1:2.

Re: Credit Cards- How many is too many?

Yasselife — Sat, 15 Jan 2022 01:48:48 GMT

@Anonymous He takes it as you mentioned, a game... I don't think he needs credit in the 1rst place and treats it like many members on here but on a higher scale, he's whale in this game; isn't that right, Mark? Thanks.

Re: Credit Cards- How many is too many?

dk2003 — Sun, 16 Jan 2022 09:44:38 GMT

@Anonymous wrote:
I have 91 open credit cards right now. All are active. I said I was going to stop at 48. It is a hobby for me. Like stamp collecting for others.

I do get CLI's often as well providing they are SP's as I have just over 100 inquries on my three reports combined

I would think some banks would do an AA as I have so many cards but nope, I just keep getting more. But I only apply to banks that look the other way, so I avoid banks like Chase and US Bank etc, I have a few cards with them but those cards are decades old.

I also have 28 debit ATM or what ever you want to call them with Visa or MC logos, all active as well.

I am done but I say that all the time until a new CC comes out and I have to have it LOL.
I wish there was a credit card help group for people like me all I ever find is for drunks and drug users, sheesh
Thanks
Mark

So this could be fiction 🤭

Re: Credit Cards- How many is too many?

Anonymous — Sun, 16 Jan 2022 10:30:35 GMT

@Yasselife wrote:
@Anonymous He takes it as you mentioned, a game... I don't think he needs credit in the 1rst place and treats it like many members on here but on a higher scale, he's whale in this game; isn't that right, Mark? Thanks.

I do this for fun. Card collecting is just that fun. No I do not need the cedit. I can pay for whatever I want with debit cards. I rather use CC's for everything though. And no, this is not fiction. My advice may be but my cards are not LOL.

And I want to say; So many are scared that a HP will destroy your credit. I have as of today 102 HP's combined from all three agencies. My scores are still today 809 to 825. It really depends on how thick your profile is and how old it is.

As of EQ today.

91 open CC's

Total credit lines $1,505,275

Credit used $21,615

Of course it is paid off each month in full as I never pay interest. Then I let other cards report the next month. I never allow any card to report a balance two months in a row or it may appear that I am carrying a balance.

I am careful to only have cards that do not carry an AF. However, I have three cards that have an annual fee. And one was a mistake lol

Barclays Luxury Card AF is $195 CL is $330,000

Aspiration Zero AF is $60 CL is $20,000 I did not realize this card had an AF when I applied

Prosper MC AF is $39 CL is $3,000 it is an orange card. I needed an orange card to complete my collection so I had to pay for it LOL

Does this scare off banks? just a few, most still give me more cards. I have never had any AA other then mass closings by one bank back in 2020 but as of now they have issued me all new cards. I wont talk about them or that LOL

Thanks

Mark

Re: Credit Cards- How many is too many?

AverageJoesCredit — Sun, 16 Jan 2022 12:37:22 GMT

@Anonymous wrote:
@Yasselife wrote:
@Anonymous He takes it as you mentioned, a game... I don't think he needs credit in the 1rst place and treats it like many members on here but on a higher scale, he's whale in this game; isn't that right, Mark? Thanks.
I do this for fun. Card collecting is just that fun. No I do not need the cedit. I can pay for whatever I want with debit cards. I rather use CC's for everything though. And no, this is not fiction. My advice may be but my cards are not LOL.
And I want to say; So many are scared that a HP will destroy your credit. I have as of today 102 HP's combined from all three agencies. My scores are still today 809 to 825. It really depends on how thick your profile is and how old it is.
As of EQ today.
91 open CC's
Total credit lines $1,505,275
Credit used $21,615
Of course it is paid off each month in full as I never pay interest. Then I let other cards report the next month. I never allow any card to report a balance two months in a row or it may appear that I am carrying a balance.
I am careful to only have cards that do not carry an AF. However, I have three cards that have an annual fee. And one was a mistake lol
Barclays Luxury Card AF is $195 CL is $330,000
Aspiration Zero AF is $60 CL is $20,000 I did not realize this card had an AF when I applied
Prosper MC AF is $39 CL is $3,000 it is an orange card. I needed an orange card to complete my collection so I had to pay for it LOL

Does this scare off banks? just a few, most still give me more cards. I have never had any AA other then mass closings by one bank back in 2020 but as of now they have issued me all new cards. I wont talk about them or that LOL
Thanks
Mark

Imho you should not be saying your advice maybe fiction aa it defeats the purpose of this credit forum which is to help people and share our experiences. Your siggy itself doesnt help either. We all must take away what we will from post we read, and many of know how how to call BS when we read it, but blatantly saying you are writing fiction doesnt help your cause of adding something of worth to the community.

As for treating credit as a game thats up to the individual and for those with high incomes its much eaier to play that way. My own advice to people looking to get multiple credit cards is just make sure you xan handle it. Game or not there are always winners and losers