How Many Credit Cards Are Really Needed

[Anonymous]

I personally think 2 cards are the minimum "needed" by forum standards here.  Is 1 enough?  Yeah.  Can people live with 0?  Sure.  2 though is a good start, allows you higher total credit limits above just the 1 card... lets you report a balance on one and not on the other to maximize score before you apply for a mortgage one day, etc.

[SunriseEarth]

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@Anonymous wrote:

Thanks for the input, my Util is currently 1% and i wud like to keep it there, if you charge less than 1% will it always round up and post as 1%?

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Or you could pay off a balance before it posts, if you're trying to optimize.   AFAIK, a non-zero balance of <1% would effectively be 1% for scoring purposes.   However, 1% isn't necessarily the highest spot for scoring for all profiles.

[austinguy907]

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@Anonymous wrote:

Thanks austin, im guessing discover it since its no AF and revolving 5%, not sure which amex wud do me right.

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Any of the Discover offerings are $0 AF and Double Cash Back / Points back on the first year of purchases.

AMEX - Everyday or Blue Cash Everyday are both $0 AF and are slightly different but the Blue has been a good bet for me at least with the 5/3/1% catagories that don't rotate

--- if you go preferred on either of them then there's a $95 AF but, you get some additional payback to compensate and with your food spending you might net a profit that supercedes the AF costs 

[SunriseEarth]

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@Anonymous wrote:

I currently just have a NFCU Go Rewards. I maybe spend 500 a month and all of my spending is only food, mostly eating out and some groceries, although i would like to switch that around lol. I dont really spend much money and am more so trying to save money to pay for school upfront and to invest. So if i am to get another am i right to think just 1 other cc will be enough and just keep it a zero balance while still using it?

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A good card for dining might be worth consideration.   There's always the Marvel Mastercard for 3% all dining (restaurants, fast food, bars, & caterers).  They also have some other good 3% categories like book stores, toy stores, amusement parks, movies, live events.   Overall, it's a good entertainment card.    If you get fast food frequenly, US Bank Cash + is worth considering, since you can choose 5% on fast food (and also 2% on restaurants).   They have other 5% categories that might be of use to you, like book stores or gym memberships.   

I think Discover was mentioned already.   They do have good rotating quarterly categories.   Next quarter is Amazon, department stores, and Sam's Club for 5%.   They also double your cash back for the first year, so even your 1% purchases are effectively 2%.  Overall, I'm very happy with Discover.  

If you wish to keep things simple, then perhaps you should only add one other card, maybe two.   

[SunriseEarth]

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@Anonymous wrote:

Thanks austin, im guessing discover it since its no AF and revolving 5%, not sure which amex wud do me right.

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If you're considering AMEX, BCE might be best...no AF and 3% supermarkets, 2% gas and department stores.   I'm not a great fan of how their cashback program works, but AMEX Offers can be a very good thing.  

[Anonymous]

Remember, the three cards are necessary for optimum scoring. But many people go through life never knowing that tidbit, having less than 3 cards, and they seem to survive just fine.  If you want to get the absolute highest score, get a few more cards. But your scores are already good so if you re happy with them just keep doing what you are doing.

[joltdude]

I go to the school of thought that... it takes 2..... 2 cards... if nothing else, it helps with utilization and its a backup for if they dont accept x card........

Also am a believer of the 3 cards is optimal for scoring purposes...    If you can utilize the perks and pay in full.. even more cards than that can be useful....

My score went up after the second card reported... dipped after the third but rebounded in 3 months..... 

Feel like my biggest misstep was not going for the second card sooner.. it was as if my score plateued with one card since i dont have a thick file 

-J

[bourgogne]

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@Anonymous wrote:
Based on a recent thread apparently people need 17 cards with plans to continuously app for 3-7 cards every year until their collection is complete, filled with SLs of $300-500

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^^^ thanks, I needed a good laugh - I just scanned that thread and was like huh

[Anonymous]

I think 3 is perfect.

[driftless]

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@Anonymous wrote:
I think 3 is perfect.

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I do too. I regret app'ing for PRG.