Credit Cards - How many to have?

[tufa4311]

Basically that's my question - how many credit cards is the right number to have? I know that this depends on a number of factors and I'd like to know what those factors are so I can make that decision.

My current:

AMEX Corp (which doesn't matter as it doesn't report on my CR)

AMEX Blue

GAP Visa

Wells Fargo Visa

CapOne Mastercard

Barclaycard Mastecard

Discover IT

Patelco Visa Paltinum (credit union)

I think I have 3 premium cards here (AMEX Blue, BarclayCard MC, Discover IT) - correct?

If I were to apply for another I'd only do it with anohter premium card.

And lastly, if I should have anohter which whold it be?

[Anonymous]

Seven is the correct number.

[Anonymous]

How many cards you have depends on your needs and what you consider prime may not be prime to others. And to answer this question...

And lastly, if I should have anohter which whold it be?

That is like asking someone do I need oxygen...  What your other card should be is entirely up to you and your need.  What are your spending habits? Is it is need or a want etc...

[Anonymous]

---

@Anonymous wrote:

Seven is the correct number.

---

DANG!!! I have 6 cards to close up!

[CarbonCard]

---

@tufa4311 wrote:

Basically that's my question - how many credit cards is the right number to have? I know that this depends on a number of factors and I'd like to know what those factors are so I can make that decision.

My current:

AMEX Corp (which doesn't matter as it doesn't report on my CR)

AMEX Blue

GAP Visa

Wells Fargo Visa

CapOne Mastercard

Barclaycard Mastecard

Discover IT

Patelco Visa Paltinum (credit union)

I think I have 3 premium cards here (AMEX Blue, BarclayCard MC, Discover IT) - correct?

If I were to apply for another I'd only do it with anohter premium card.

And lastly, if I should have anohter which whold it be?

---

Some people may disagree with this--As much as you can handle really. If you want to go big like CreditAddict, go ahead and knock yourself out.

If you hate micromanaging then 7 like what CAPTOOL said works great.

As far as what card you should have for your next one, I second Yes.. There's just too many factors..But if I have to pick for you, I think Sallie Mae WMC is a start (for low spenders).

[tufa4311]

---

@Anonymous wrote:

And lastly, if I should have anohter which whold it be?

That is like asking someone do I need oxygen...  What your other card should be is entirely up to you and your need.  What are your spending habits? Is it is need or a want etc...

---

Actually, do I need oxygen is a yes/no question thus has no similarity to my question. I understand what other card is entirely up to me - just as which car I want to buy, when to buy a house, or where to invest my money - however, people have different strenghts in different areas and thus can offer insight based on their experiences that I may not have.

To respond to your specific questions: my spending habits are to use my cards for everyday purchases such as eating out, retail purchases, gas, and other standard services. This is a not a want or a need. I have enough credit for my current lifestyle. That said, that is not the only factor. For example, I would have enough credit in one credit card with a limit of 50K however limiting myself to only one credit card would not lend itself to maximizing my credit score thus one card would not be enough. Since we know one card is not enough we then need to determine how many cards would be enough, be enough for what you ask? Be enough to maximize my credit score - thus the basis for my question.

With regard to what is and is not a premium card - yes, there will be differing opinions on what may or may not be a premium card which is why I asked the question.Community Boards such as this exist, in part, to access the opinions and suggestions of others. I am looking for individual opinions here - perhaps clarifying the question would assist you - what is a premium card to You, list a few out.

If you require any further information to provide a response please let me know.

[toi34]

---

@CarbonCard wrote:

---

@tufa4311 wrote:

Basically that's my question - how many credit cards is the right number to have? I know that this depends on a number of factors and I'd like to know what those factors are so I can make that decision.

My current:

AMEX Corp (which doesn't matter as it doesn't report on my CR)

AMEX Blue

GAP Visa

Wells Fargo Visa

CapOne Mastercard

Barclaycard Mastecard

Discover IT

Patelco Visa Paltinum (credit union)

I think I have 3 premium cards here (AMEX Blue, BarclayCard MC, Discover IT) - correct?

If I were to apply for another I'd only do it with anohter premium card.

And lastly, if I should have anohter which whold it be?

---

Some people may disagree with this--As much as you can handle really. If you want to go big like CreditAddict, go ahead and knock yourself out.

If you hate micromanaging then 7 like what CAPTOOL said works great.

As far as what card you should have for your next one, I second Yes.. There's just too many factors..But if I have to pick for you, I think Sallie Mae WMC is a start (for low spenders).

...that guy is a crack-up...I can't wait for him to chime in on this post! I think he gives Ron1 a run for his money -- I believe they both have upwards of 100+ cards! 

[longtimelurker]

It is believed that 3 cards is enough to maximize score (to avoid too few/too many cards with balance(

You probably want at least two issuers and at least two networks, which can be accomadated in three cards.

Anything else depends on goals (cashback, travel etc) and spending patterns

[tufa4311]

---

@longtimelurker wrote:

It is believed that 3 cards is enough to maximize score (to avoid too few/too many cards with balance(

You probably want at least two issuers and at least two networks, which can be accomadated in three cards.

Anything else depends on goals (cashback, travel etc) and spending patterns

---

Please expand - issuers/networks? What specifically are these and what are the differences between the two?

[SirAlphonse]

---

@tufa4311 wrote:

---

@longtimelurker wrote:

It is believed that 3 cards is enough to maximize score (to avoid too few/too many cards with balance(

You probably want at least two issuers and at least two networks, which can be accomadated in three cards.

Anything else depends on goals (cashback, travel etc) and spending patterns

---

Please expand - issuers/networks? What specifically are these and what are the differences between the two?

---

The issuer is the bank/creditunion who issues the card for example Chase, Bank of America.

The network is who handle the processing of the credit card transactions, they act as gateway between merchants and credit company. For Example Visa, MasterCard, American Express