How many credit cards should you have?

[Tuscani]

Great article!

http://www.mint.com/blog/credit/how-many-credit-cards-should-you-have-052012/?utm_source=feedburner&...

[Anonymous]

I found this quote to be VERY interesting:

"Having fourteen credit cards, like me, that are all paid on time and have $0 balances is very helpful to your credit scores. The last time I checked my FICO scores my lowest was 801."

[Anonymous]

I've always lived by this model. I've had coworkers ask me how many cards do I have and I say as many as I can handle. I tell them all the time there is no right or wrong amount of credit cards that one person can have. As long as you can manage them correctly you wont hurt your FICO score in any way.

For those that haven't read this, read it! It is very informative.

Good Read. :-)

[marty56]

LOL I can't afford to pay a 10k CC bill so 100k of credit is not for me.

Back in my subprime days, 1 was way too many for me.

[Anonymous]

simple ........... as many as will fit in your wallet and sock drawer combined

no cards --> low FICO

some cards (no balance) --> good FICO

you're not required to use any of them, much less all of them

[injustifiiable]

14 credit cards would be nice. I wouldn't be using 12 of them, though. :-)

[Anonymous]

I have 9 tradelines on my credit report right now in good standing (1 VW Credit car loan the rest are Credit cards, a macys store card and Jared/kays cards). Just waiting for some baddies to fall off from when I was 18 and stupid (24 now) If you can manage I think they're great. If you can't keep it to 1 or 2.

[injustifiiable]

A safe deposit box is a good option to store credit cards you won't use...out of sight, out of mind I say! lol

[Anonymous]

I really wouldn't want $100K in limits but can see how it would render worrying about a balance posting moot.

[Anonymous]

For many people, I think 14 is too many to keep track of.   I think 12 would be the most I would want.