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IMO over 3.
I'm currently in escrow on a house and when I applied for the loan I had 17 CCs, 1 Auto loan, and it was not an issue with the lender. I allow only 1 card per month to show a balance on my CBRs though and that balance is generally <$200. As long as you manage your debt well and demonstrate responsible behavior with your debts you'll be in good shape no matter how many cards you have. Speaking of an obscene amount of CCs... anyone hear from Concorduser any more?
There's no "one size fits all" for how many CCs one person should have or becomes too many to handle. It depends on your ability to manage debt, your income level, and how responsible and capable you are at juggling sock drawer occupants.
For some people 1 is too many. Then again I have friends on other boards that have 40+ to 50+ credit lines and $million plus total credit available to them. Yet they have zero revolving debt. I have CCs with $50k+ credit limits, and it's no big deal...it's not debt...it's just credit and no new creditor seems to bat an eye when I apply.
If someone's comfortable with a couple, hey great for them. I have *cough* a few more than that, and could juggle 100 if I wanted. It's cool because I enjoy it. At some point, one can get so much credit that it sort of becomes a hobby or game managing and maximizing rewards. I take my credit very seriously, but it's still a fun game to me at this point in what I'm collecting. I've long since past the point of having what I need...by many multiples. And I wouldn't reduce one penny of it, because it gives me options when dealing with creditors. Enjoy!
I agree with TangMeister,
I personally am comfortable with the 6 (soon to be 5) cards that I have. I am only comfortable using 2 as primary spenders, just keeping the others active as backups.
Some people can juggle more daily spenders, and more backup cards, but to me, I prefer simplicity. (I don't get people who have 40+ cards, 3 from BofA, 4 from Chase, 2 from Citi, 5 from Amex, etc..., one from each lender max IMO, but as always, different strokes...)
@smc733 wrote:I agree with TangMeister,
I personally am comfortable with the 6 (soon to be 5) cards that I have. I am only comfortable using 2 as primary spenders, just keeping the others active as backups.
Some people can juggle more daily spenders, and more backup cards, but to me, I prefer simplicity. (I don't get people who have 40+ cards, 3 from BofA, 4 from Chase, 2 from Citi, 5 from Amex, etc..., one from each lender max IMO, but as always, different strokes...)
Like you, I like having 1 card from each lender, especially credit unions where I can get the total credit card limit all on one card, since they usually have caps. The exception is Amex, who I now have 3 cards with simply because I'm taking advantage of backdating to boost my avg age of accts. I'll probably reduce that to 1 or 2 long term. 1 card from each lender, and lots of different lenders...sounds about right.
I've also slowed down on adding new credit A LOT the past 2 years compared to prior years. Now I'm quite deliberate in who I add to my portfolio and why. I have a credit plan in place and follow it for the most part, without exception. I do hiccup occasionally, though. One should always have a credit plan, short and long term.
I have 25 credit cards, 3 installment loans, one line of credit and my scores are in the 750 to 770 range constantly. Once they jumped to around 780 and then went back down for whatever reason. I alternate their use monthly or semi monthly and pay in full 95% of them . I keep 0 balance on most of them. I have 4 american express cards ( 3 Amex charge cards) and one line of credit. I watch what I use them for and do not ever use them on anything that brings up a flag......not even a liquor store. Some things I only buy with cash. My utilization I keep between 4 and 7 %. When traveling I notify every CC Company that I know I will be using and advise them I will be on the road and using their card. With Amex I never check my spending limit, I simply call them and let them know I will be making a sizable purchase as a courtesy. They always say ok over the phone and check for you. I have kept alot of starter cards from 5 or 6 years ago to increase my AAOA, but will be dropping several in about one more year, because I knew three years ago they would never grow with you and what their real purpose was. That is why I probably ended up with so manay cards. However I believe that when anyone reviews my credit that they often see more than just too many accounts...they sometimes see someone with an AAOA of Seven Years and Oldest account of 32 years and managing this many accounts....never late...never over the limit....never balance transfers....never cash advances....no frivilous spending...never carrying a balance more than a few months...who is serious about their credit rating. My point is that you can have many CC's and your score can be high. It is how you manage them....not just a few...but all of them. Remember..when CC Companies monitor your credit......they really monitor your other accounts more than the one you have with them. In closing I will add though that fewer is better.....because managing this is a daily routine...it becomes very easy after time....but your time could be better spent. You can have a high score with a few cards or alot of cards......