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Credit Cards- How many is too many?

Kforce
Valued Contributor

Re: Credit Cards- How many is too many?


@mark3038 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.

Message 11 of 45
Remedios
Moderator

Re: Credit Cards- How many is too many?

IMG_20211214_135558.gif

 

Message 12 of 45
Remedios
Moderator

Re: Credit Cards- How many is too many?


@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. 

 

 

Message 13 of 45
Yasselife
Established Contributor

Re: Credit Cards- How many is too many?

@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.


Message 14 of 45
NRB525
Super Contributor

Re: Credit Cards- How many is too many?

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.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727
April 2018 $18k on $344k 5% util EQ 806 TU 810 EX 812
Jan 2019 $7.6k on $360k EQ 832 TU 839 EX 831
March 2021 $33k on $312k EQ 796 TU 798 EX 801
May 2021 Paid all Installments and Mortgages, one new Mortgage EQ 761 TY 774 EX 777
April 2022 EQ=811 TU=807 EX=805 - TU VS 3.0 765
Message 15 of 45
longtimelurker
Epic Contributor

Re: Credit Cards- How many is too many?


@mark3038 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.

Message 16 of 45
Yasselife
Established Contributor

Re: Credit Cards- How many is too many?

@longtimelurker  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. 


Message 17 of 45
dk2003
Regular Contributor

Re: Credit Cards- How many is too many?


@mark3038 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 combinedSmiley Surprised

 

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 🤭

Message 18 of 45
mark3038
Established Contributor

Re: Credit Cards- How many is too many?


@Yasselife wrote:

@longtimelurker  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 collectionSmiley Indifferent 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

Please note; My postings are my opinion only. You can accept them or reject them. Thanks, Mark
Message 19 of 45
AverageJoesCredit
Legendary Contributor

Re: Credit Cards- How many is too many?


@mark3038 wrote:

@Yasselife wrote:

@longtimelurker  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 collectionSmiley Indifferent 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 losersSmiley Wink

Message 20 of 45
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