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Credit Cards- How many is too many?

xenon3030
Established Contributor

Re: Credit Cards- How many is too many?

You should set some personal rules for yourself (cashback vs travel rewards, categories, PIF, etc) and be familar to the game plan and afterward, enjoy the game. Depending on where you are (early stage, thin vs thick credit profile, mortgage/autoloan plan), you should revise and update your rules and goals.

 

Currently, I have 2 CC per year rule and in this case, I always can apply for any Chase card. The only exception was the last year. I was gardening for ~1 year and after mortgate, I got 4 cards last year. In a few months, I become 4/24 again Smiley Happy

Fico8: EX~EQ~TU~780 (12 month goal~840).
BOA (Custom Cash Rewards, Better Cash Rewards, Premium Rewards), Chase (CFF, CSP, Amazon), US Bank (Cash+, Altitude Go/Connect,Ralphs), Affinity CR, Discover, Amex (BCP, HH), Walmart/Cap1, Barclay View.
Message 31 of 45
Gunnerboy
Frequent Contributor

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?


@increasingmyfico was targeting six new cards for their portfolio, and wanted to know what timeframe should be used as to not alarm any lenders.

 

Nearly all the responses believe OP was asking for opinions on how large a collection is acceptable! Smiley LOL

 

My advice: Hold off until 2023 before applying for your next one.  If you can't wait that long, then how about six months after your FNBO for the next one?  Apply for the next two in December, or Jan 2023.  Basically, spread your apps out to one every 6+ months.



"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."
Message 32 of 45
SoCalGardener
Valued Contributor

Re: Credit Cards- How many is too many?


@Gunnerboy wrote:


@increasingmyfico was targeting six new cards for their portfolio, and wanted to know what timeframe should be used as to not alarm any lenders.

 

Nearly all the responses believe OP was asking for opinions on how large a collection is acceptable! Smiley LOL

 


This is just a wild guess, of course, but perhaps it has something to do with their subject name?:

"Credit Cards- How many is too many?"

Amazon Prime Store CardAmerican Express Blue Cash Preferred CardAmerican Express Everyday CardBank of America Customized Cash VisaCapitalOne Quicksilver MastercardCapitalOne Quicksilver VisaCapitalOne Walmart Rewards MastercardChevron Texaco CardCiti Double Cash MastercardDiscover More CardJCPenney Gold MastercardOverstock.com CardSportsmans Guide Rewards VisaSynchrony Home Card
Message 33 of 45
Who_wuda_thought
Contributor

Re: Credit Cards- How many is too many?

@mark3038 



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


If you decide later you no longer wish to pay the $39 AF and still need an "orange" flavor card for your color palette, you might want to take a look at these options below.  Some of them are Elan cards, so there wouldn't likely be a geofence issue:

 

Incredible Bank

https://creditcardlearnmore.com/11t3/index?ecdma-lc=17297&ecid=OTHE_25940

 

Think Bank

https://creditcardlearnmore.com/11t3/index?ecdma-lc=27815&ecid=OTHE_25940

 

Meriwest Credit Union

https://online1.elancard.com/oad/begin?locationCode=20450&preparerType=customer

 

MidFirst Bank - Oklahoma State Cowboys (Pistol Pete)

https://www.midfirst.com/personal/midfirst-bank-cards/osu-cowboys

 

* ETA another Elan with orange in the design mix:

Spectra Credit Union

https://creditcardlearnmore.com/11t3/index?ecdma-lc=29489&ecid=FI_28694

 

You mentioned purple cards in another post.  When I was looking into the Elan Max Cash FI options, I came across this one and thought it was quite eye pleasing:

 

First Midwest Bank

https://online1.elancard.com/oad/learnMoreCorrespondent.controller?locationCode=26029&offerId=V83BHD...

 

This one is a rather unique design (lt. blue, lighthouse):

Liberty Bay Credit Union 

https://creditcardlearnmore.com/11t3/max-cash?ecdma-lc=22613&ecid=OTHE_25940

 

I'm unfortunately not in an income bracket to support a card collection hobby 😂

 

 

Message 34 of 45
PoggersSlayer
Member

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


Do you put them in a binder like trading cards?

Message 35 of 45
kittycreditmeow
Frequent Contributor

Re: Credit Cards- How many is too many?

@mark3038 

 

I want to say that is the case for a lot of people here but not sure tbh. I notice a lot of people have 300,000+ in credit lines and don't use any of it so it makes me question why do you want credit or have credit if you don't plan to use it unless it's a hobby or something your passionate about, you know, just for the sake of having amazing credit and being proud of what you built. Nothing wrong with that at all. I don't think your alone in that, all these 700-800 clubs. I've always been extremely stupid with my credit but I've also lived this idea that you only apply for credit when you need it and then you use it and pay it off. So when I first came on this forum and saw all these people with so much available credit and then telling people not to use it at all or only use 10% of it, it makes me wonder why. I now realize why people only use 10% when building and the utilization and all that but again what is the ultimate goal for having so much credit? It definitely has to be a hobby or an addiction for a lot of people. Not saying it is for everyone but even me at my lowest, I'm fairly addicted to credit and making it better. 

Credit Cards, Loans & Store Cards

Bank and Credit Union Memberships

FICO 8 as of March 2022                    FICO 8 March 2021                             FICO 8 Post-Bankruptcy
    
Available Credit - $5,000 | Util: 16%. Inquiries: 17 (Experian) | Gardening Until: March 28, 2023 | AaOA: 3 Years (Based on Experian) | Bankruptcy Discharged: November 1, 2019
Message 36 of 45
CreditExpressNJ
Established 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


@mark3038 

LOL you just gave me a huge laugh LOL literally had a real LOL moment.. I swear i was this same way my first time around before BK i thought I had a lot when i had 34 credit accounts LOL but you got me beat lol its definitely addictive.  I think BK being on my  report is humbling me but it is also teaching me restraint  til now I dont desire so many I just want a what i have now maybe 1 more just for utilization X1 or AOD or both Smiley Very Happy but thats it after that. 

CH7 Filed (3/29/17) - 483 EX 516 EQ 517 TU Discharged (5/31/17) - 559 EX 538 EQ 501 TU Current (1/18/22) - 690 EX 683 EQ 671 TU
Current Cards

Message 37 of 45
okurosetta
Contributor

Re: Credit Cards- How many is too many?


@PoggersSlayer wrote:


Do you put them in a binder like trading cards?


Business card holders work great! Here's one that holds 120 credit cards.

 

I used one for a while, but lately my cards have been in semi-organized piles Smiley LOL



Future Chopping Block
Banking

Message 38 of 45
expatCanuck
Super Contributor

Re: Credit Cards- How many is too many?


@Who_wuda_thought wrote:

@mark3038 



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


If you decide later you no longer wish to pay the $39 AF and still need an "orange" flavor card for your color palette, you might want to take a look at these options below.  Some of them are Elan cards, so there wouldn't likely be a geofence issue:

 

Incredible Bank

https://creditcardlearnmore.com/11t3/index?ecdma-lc=17297&ecid=OTHE_25940

 

Think Bank

https://creditcardlearnmore.com/11t3/index?ecdma-lc=27815&ecid=OTHE_25940

 

Meriwest Credit Union

https://online1.elancard.com/oad/begin?locationCode=20450&preparerType=customer

 

MidFirst Bank - Oklahoma State Cowboys (Pistol Pete)

https://www.midfirst.com/personal/midfirst-bank-cards/osu-cowboys

 

* ETA another Elan with orange in the design mix:

Spectra Credit Union

https://creditcardlearnmore.com/11t3/index?ecdma-lc=29489&ecid=FI_28694

 

You mentioned purple cards in another post.  When I was looking into the Elan Max Cash FI options, I came across this one and thought it was quite eye pleasing:

 

First Midwest Bank

https://online1.elancard.com/oad/learnMoreCorrespondent.controller?locationCode=26029&offerId=V83BHD...

 

This one is a rather unique design (lt. blue, lighthouse):

Liberty Bay Credit Union 

https://creditcardlearnmore.com/11t3/max-cash?ecdma-lc=22613&ecid=OTHE_25940

 

I'm unfortunately not in an income bracket to support a card collection hobby 😂

 

 


Might the SavorOne be sufficiently 🍊?

2022 Goal: save 3 months' net income

Starting FICO8: 666 (give or take)  [ Last INQ 15-Mar-2022 ]
EQ8195 INQ (2 CC 2 mort, car)7y0m
EX7946 INQ (4 CC, 2 mort)6y10m
TU8222 INQ (2 mort)6y5m
4/243/12AoYA 2m | AoOA 23y3m< 2%
Message 39 of 45
socalchef00
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


Wow, 91 open cards! 


TransUnion FicoScore 8 : 815 | EquiFax FicoScore 9 : 794 | Experian FicoScore 8 : 792
Total Credit Limit Of : $342,750 | Avg Cr Age : 6 Yrs., Oldest card : 17 years, Youngest card : 1 Year
Message 40 of 45
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