Is 3 Credit cards enough

Anonymous · ‎03-13-2015

I only mainly use 3 Credit cards. I have a Quicksilver Visa Sig , Discover IT and Citi Double Cash. I have considered signing up for another card to help boost my credit score but am not sure if it's even worth it. I have a low 800 score right now. Any advice from those with high 800 scores?

mitchblue · ‎03-13-2015

@Anonymous wrote:
I only mainly use 3 Credit cards. I have a Quicksilver Visa Sig , Discover IT and Citi Double Cash. I have considered signing up for another card to help boost my credit score but am not sure if it's even worth it. I have a low 800 score right now. Any advice from those with high 800 scores?

3 cards is generally enough. Obviously with your scores you're doing things right.

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)

SecretAzure · ‎03-13-2015

I had 2 credit cards + 1 secure card until last weekend. I was nearing the 800 but not quite there yet. I applied and was accepted for 2 cards last weekend.

I may be wrong but Credit Karma suggest 5 cards minimum so I aimed for just that because I want to hit 800 but want at least 810 and want to maintain at least that. Also am looking for the OP's answer.

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Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MC

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Anonymous · ‎03-13-2015

I want atleast one more card to increase my total available credit, but I'm wondering how many points its going to dock me. I'm also torn on what card to get. I've researched so many!

SecretAzure · ‎03-13-2015

@Anonymous wrote:
I want atleast one more card to increase my total available credit, but I'm wondering how many points its going to dock me. I'm also torn on what card to get. I've researched so many!

I lost 7 points off of Equifax for the inquiry, 11 more points for the new card being added. The CL being added seems to have countered my AAOA dipping below 2 years. (I planned this to happen, I'll be above 2 years again in October). So you'll dip below 800 but probably only for a short time.

"Show your thanks with action! Hit the "Kudos" button (the stripe with the star) for every post you find helpful to show your appreciation to the community of great individuals who help you on these forums" -Me

Active Cards: Chevron Texaco, Amex BCE, Barclays Ring, Chase Freedom, Chase Freedom Unlimited, Best Buy Visa, Marvel MC

Must garden until 2/1/2022 to hit my goal AAOA.

Anonymous · ‎03-13-2015

Inquiries only hurt your score in the short run by a few points. You already have an 800 score so if you want a few more cards to give you the future flexibility to run a large balance and still keep an 800 score go for it.

An AmEx card would be a good choice. Maybe two. You can get the limits bumped up 3x after 61 days.

Anonymous · ‎03-13-2015

I was definitely looking into an AMEX. I had read that they don't report limits ..I had second guessed it because I thought that it would be necessary for them to report limits in order to help a total Available credit to keep my score going up in the 800s.

onstar · ‎03-13-2015

@Anonymous wrote:
Inquiries only hurt your score in the short run by a few points. You already have an 800 score so if you want a few more cards to give you the future flexibility to run a large balance and still keep an 800 score go for it.

What I was gonna say ...

How many? Obviously this will vary depending on your usage. Whether I spend $1000/month or $10,000/month, I think having 5-6 cards is good. Maybe 2 Visa (with 1 Visa Signature), 2 MC, Discover It, Amex.

The Visa Signature gets you various Signature-Only deals. For example, last year, they had BOGO on Fandango tickets on Fridays when you purchased with a Visa Signature. This ran for several weeks. Discover It is great for rotating 5% categories plus Disover Deals. And Amex has the Amex Offers. Right now, I'm getting $10 back per month since I pay my phone bill with my Amex; done this twice already and the limit is 3x ($30 back).

BK DC 4/9/2018
FICO 08 (4/9/2018): EQ 647 EX 609 TU 620
FICO 08 (01/27/2025): EQ 725 EX 736 TU 745

Anonymous · ‎03-13-2015

From a score perspective, just 3 is fine. Also, there is no practical difference between an 800 and an 850 (when it's 850 your score report will list no negative reasons, but that's not impotant!).

For any other purpose, this is the popular "How many cards is enough /too many" that is posted at least once a week. Depends on your spend, your spending pattern, your goals, and how many cards you are comfortable dealing with.