topic Re: How many credit cards should you have? in Credit Cards

How many credit cards should you have?

Tuscani — Tue, 29 May 2012 20:29:24 GMT

Great article!

http://www.mint.com/blog/credit/how-many-credit-cards-should-you-have-052012/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MyMint+%28Mint+Personal+Finance+Blog%29

Re: How many credit cards should you have?

Anonymous — Tue, 29 May 2012 20:39:17 GMT

I found this quote to be VERY interesting:

"Having fourteen credit cards, like me, that are all paid on time and have $0 balances is very helpful to your credit scores. The last time I checked my FICO scores my lowest was 801."

Re: How many credit cards should you have?

Anonymous — Tue, 29 May 2012 21:15:25 GMT

I've always lived by this model. I've had coworkers ask me how many cards do I have and I say as many as I can handle. I tell them all the time there is no right or wrong amount of credit cards that one person can have. As long as you can manage them correctly you wont hurt your FICO score in any way.

For those that haven't read this, read it! It is very informative.

Good Read. :-)

Re: How many credit cards should you have?

marty56 — Tue, 29 May 2012 21:19:16 GMT

LOL I can't afford to pay a 10k CC bill so 100k of credit is not for me.

Back in my subprime days, 1 was way too many for me.

Re: How many credit cards should you have?

Anonymous — Wed, 30 May 2012 13:34:28 GMT

simple ........... as many as will fit in your wallet and sock drawer combined

no cards --> low FICO

some cards (no balance) --> good FICO

you're not required to use any of them, much less all of them

Re: How many credit cards should you have?

injustifiiable — Wed, 30 May 2012 13:37:16 GMT

14 credit cards would be nice. I wouldn't be using 12 of them, though. :-)

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 02:40:51 GMT

I have 9 tradelines on my credit report right now in good standing (1 VW Credit car loan the rest are Credit cards, a macys store card and Jared/kays cards). Just waiting for some baddies to fall off from when I was 18 and stupid (24 now) If you can manage I think they're great. If you can't keep it to 1 or 2.

Re: How many credit cards should you have?

injustifiiable — Thu, 31 May 2012 03:01:49 GMT

A safe deposit box is a good option to store credit cards you won't use...out of sight, out of mind I say! lol

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 03:31:57 GMT

I really wouldn't want $100K in limits but can see how it would render worrying about a balance posting moot.

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 03:34:29 GMT

For many people, I think 14 is too many to keep track of. I think 12 would be the most I would want.

Re: How many credit cards should you have?

LS2982 — Thu, 31 May 2012 03:36:04 GMT

I have 12 currently and i rotate usage by letting some report balances PIF after and continue with the others.

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 03:40:27 GMT

I have 7 and hate it.

Once everyone's paid off, heads are gonna roll. BCP is the only card I'm fully committed to keeping.

Re: How many credit cards should you have?

Quips — Thu, 31 May 2012 03:41:00 GMT

I have 10 and use 4-5 most of the time depending on rewards cycle. the others are used only at the store (i.e Macy's) or hotel (Marriott VISA) where it makes the most sense to use it (extra rewards, additional discount etc) but are in the SD otherwise. I agree that it doesn't matter how many or how few you have, only how you manage them. I use them for a) rewards, b) to maximize cash flow (0% apr, delay paying for large expenses etc) and c) convenience - use my AMex to pay everything (Direct TV, insurance, Verizon etc) I can so that I only have 1 payment a month vs many.

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 10:29:30 GMT

The most Ive ever had at one time was 5 and that was about 7 years ago. 3 store cards, 2 every day use cards. Now I am in rebuilding mode, I dont want any more than 3 at one time. Its not as much the number of cards as the CL given.

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 11:58:43 GMT

I have 5, want to get down to 4, but really would rather have just 3.

I seriously don't see how people manage anything over unless their income is pretty up there.

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 12:16:59 GMT

I have 11 cards going on 12 pending a NFCU app. I've been managing my first card (AMEX) since 1997. I received the card when I was 18.

Re: How many credit cards should you have?

visorboy1974 — Thu, 31 May 2012 12:37:49 GMT

I have 6 major CCs right now and find it difficult to use all of them. Definitely not looking to expand.

Re: How many credit cards should you have?

Anonymous — Thu, 31 May 2012 12:39:39 GMT

I have 12 cards. I wouldn't mind having more, but I don't need anything else.

I have PenFed for gas and groceries, Discover and Freedom for their 5% bonus categories, BofA if I need to carry a balance, CC with my bank for overdraft protection, one AMEX for travel or purchases I want to keep separate, and AMEX HHonors for business travel I will need to expense. Then I have various store cards that I shop with frequently: Home Depot, HHGregg, Big Lots, R2G, etc.

Re: How many credit cards should you have?

GST2008 — Thu, 31 May 2012 13:25:15 GMT

I have seven, but really only use one frequently. I could easily handle an additional seven, but don't see the point in it (at least for me). I prefer all my rewards to go to accumulate on one card (Business AMEX), this way I can use the MR points for larger rewards rather than having $10 on one card, $5 on another, etc.

Re: How many credit cards should you have?

800ficogirl — Fri, 28 Jun 2013 02:04:40 GMT

Really good article! I agree, there is no magic number.., have as many as you can manage... personally, that number is 4; with an ideal utilization of about 7% combined. I think if more people talked about their credit it wouldnt be this mystery scary thing to so many people. Good Credit is something we All need and use.. Remember, you dont have to be in Debt to have Credit... its all about being responsible and like Suze Orman says... "standing in your truth" :-)