How many cards is too many

[Anonymous]

Hello!

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.

[austinguy907]

4 CC's in a year around here is child's play!

Now, if you're planning on these being your last 2 for a couple of years while they age and grow you should be fine.  Since you're looking at a CHARGE and a REVOLVER you can usually get both of them for a single HP.  I would go for whichever you want more first and then pull the trigger on the other.

You might want to consider picking up Discover as well while you're at it since you can get double rewards for the first year and shopping through the Disco Deals portal can net you 5-10% more in rewards in addition to the normal rewards and they get doubled as well.

[morgacj2004]

There is no one right answer to your question. There are people on this board who have 50 + cards. There are others who have 4-5. It depends on your income, spend and many other factors. If u r a churner u will have a lot more than others. My only advice is that how ever many accounts u choose to have u must handle them responsibly and have a way to track each account.  My wife and I have about 20 accounts between us. We r at our max so when we open up a new account it is with a plan to close one. To each his own. 

[Creditplz]

"4 CC's in a year around here is child's play!"

That is very true 😂 Last year I added 10.. (I do NOT recommend that).

As stated above there's no right answer, if you think you have a shot (and I think you do) I'd go for it.

[Anonymous]

If I may make a recommendation, call Capital One. And ask if they will let you product change to the no annual fee version of the Quicksilver before it hits you next month. Your Freedom gives 1% on everything for no annual fee, so don't be afraid to mention this as many banks are willing to make the customer happy if they have a reasonable request like that. And I don't do app sprees like many on this forum, but I do apply when a good card/deal comes along. I think I have 4 new cards in the past year or so, but I had about half that before, and am thinking about cancelling 2-3 of the cards I had before these apps. You probably would be fine with AMEX, just make sure that the annual fee is worth it to you and that you get the best signup possible as AMEX has a once a lifetime signup bonus for every card you have/had with them. And know upgrade offers from the no annual fee version to the annual fee version of the card are common with AMEX. I hope this helps.

[Anonymous]

"too many" is more than you want, will use, or can handle.

For some people, they want as few as possible while still benefitting from their normal spending habits. 

For others, they want as many as possible to cover all possible categories of spending.

Then there are crazy folks like me who mostly just enjoy trying out different types of points, perks, etc and like seeing how far decent FICO scores can take us.

[Anonymous]

I would definitely say it's okay to apply for the Amex.

For me I have about 10 student loans through one servicer. My fiancée and I between both of us have about 12 Cards (4 of which are store cards: Walmart, Target, Kohl's and Victoria's Secret). Our combined income is about 55k so definitely don't see a problem with you getting one more.

We don't put a lot of utilization onto our cards (meaning we try not to carry balances) we use them for their perks then pay in full so we're not getting interest but at the same time we are getting benefits.

[Anonymous]

I'm 23 and opened up 9 accounts this year. I have 14 cards in total + student loans. 750+ credit score across all 3 bureaus.  I get cards specifically to category spend. The Golden Rule is don't spend what you don't have. Amex is basically accepting anyone with a credit score it seems. Just got approved for BCE. If you find a legitimate use for the card and don't plan on getting a mortgage or auto loan within the next 2 years just go for it. You have nothing to lose. Good luck!

[trant3]

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@Anonymous wrote:

Hello!

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.

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What's "too many" is subjective, like others have said. I've added 3 just this month (shame on me).

[SouthJamaica]

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@Anonymous wrote:

Hello!

I am in my early 20's and relatively new to credit cards. My credit score is in the 730s. I have about nine student loan accounts that are 6+ years old now (from when I was a freshman in college to now) and all my payments have been on time. I got my first credit card last March, which was the Quicksilver One (now 2700 CL). Since then, I have also gotten the Chase Freedom (2500 CL) and CSP (5000 CL). I am also interested in applying for an Amex, specifically the PRG or BCP.

I know four cards is a lot for one year, but I make on-time payments and I am responsible with maintaining low balances (I keep my utilization below 20% at all times). I am still in my into APR period for all cards except the CSP, so I haven't had to worry about carrying over balances yet.

Is it a bad decision to apply for an Amex right now? I prequalify for both and don't think that I would be denied. My salary is approx 50,000/year.

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It depends on what your objectives are.

It certainly won't help your scores any, but if you feel you would enjoy one of those others, what the heck.