How many CC is best to have

[Anonymous]

Trying to understand having CC and using them in a correct way.  So far this forum been helping me understand a bit more about credit and Im trying to understand more and more as rebuilding credit score.

My understanding is best to have 3 CC right?  used all 3 CC paid off 2 and 1 leave low balance less then 9% each month? Am I correct?

[myjourney]

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@Anonymous wrote:

Trying to understand having CC and using them in a correct way.  So far this forum been helping me understand a bit more about credit and Im trying to understand more and more as rebuilding credit score.

My understanding is best to have 3 CC right?  used all 3 CC paid off 2 and 1 leave low balance less then 9% each month? Am I correct?

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Yep correct 2-3  but you can have as many as you like as long as you apply the same process of pay all but one off and have it report < 10% if applying for more credit 

Other than that pay as you like if your not seeking any new credit 

[Shock]

My end goal is 5 cards and 100k in credit lines.

My friend has had only one wells fargo card ever, open for seven years and his score is 795..

[Shock]

not sure. he started low and it sits around 4000 or so

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@Laddi wrote:

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@Shock wrote:

My end goal is 5 cards and 100k in credit lines.

My friend has had only one wells fargo card ever, open for seven years and his score is 795..

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That's a nice credit score for your friend. What is his credit limit.

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[takeshi74]

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@Anonymous wrote:

My understanding is best to have 3 CC right?

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2-3 for scoring purposes but beyond that it's all about your specific needs/wants.

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@Anonymous wrote:

used all 3 CC paid off 2 and 1 leave low balance less then 9% each month? Am I correct?

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If you're trying to optimize reported utilization you need to pay prior to the dates that the accounts report.  For most cards that's the statement date.  If you're paying after the statement date and by the due date then you're not affecting the reported utilization.

[ddemari]

I have 10 cards, 11 when amex hits my reports
This month with 11 years of backdating. I have an equifax account and under their scoring system when my freedom hit the report last month i went from types of credit to saying fair to saying good. Then the next day my report showed a merrick bank card i closed and types of credit went from good to poor. I say have as many as u want that u can manage but i am slowly downsizing and want to have 6
Cards in the next year and then apply for amex BCE.

[red259]

I would say you want at least 3 cards for best possible credit score. You can have as many as you want beyond the three as long as you PIF etc. There is really no difference between having 3 cards and 20 cards for the most part. With more cards you have more credit and therefore its easier to keep util down. With too many cards you can start getting rejections from lenders if your profile isn't thick enough. In the end the best number of credit cards to have is 3 (or however many fit your needs). 

[jamesdwi]

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@Shock wrote:

My end goal is 5 cards and 100k in credit lines.

My friend has had only one wells fargo card ever, open for seven years and his score is 795..

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minimum of 2-3 cards is needed for scoring, the main problem with having only 1 card, is it some issue arrise with the company you may not have access to any credit. Not what I want should I be on vacation or out of town. Or if you are at a location and they don't take your credit card. Don't put all your eggs in one basket.