For me it was never about more cards, as much as it was about maximizing rewards. Generally speaking I'm getting somewhere between 3% and 10% back on nearly all spends. I have a few situations where I have a 3% cash back situation, and I've got my eye on a card that would increase that to 5%. I've also collected a few SUBs along the way.
@xenon3030 wrote:Any number >3 is fine. There is no optimum number.
3 or more helps with FICO scores if you need to help them, but it's possible to have great scores with 1 or 2, or even no cards, depending on your profile.
In my case, adding a 4th card seemed to help a lot more than adding a 3rd. Even being on a new account scorecard for the 1st year, my scores are a lot higher during the first year of my 4th card than it was in the first year of my 3rd. I'm curious if my scores will jump at all when my newest account hits a year. I don't know if it was the 4th card, total number of accounts, AAoA, or higher TCL/lower utilization that was the factor, but I'll take the added time to manage a 4th card (which frankly, I don't use often but I wanted for its great SUB) to have optimal scores that don't need constant AZEO to keep them in the "exceptional" range.
I have a hunch adding a 5th in my case would do little to nothing for my scores, so I'm not going to bother for that reason. 4 is my optimal number.
But, unless you're planning on a mortgage or refinance in the near future, or other important application, there's little need to micromanage your credit score anyway. Add cards if there are cards you want to add for their rewards, perks, benefits, SUB or additional CL, rather than for FICO. Based on OP's signature, they already have 5 cards, 4 of them revolvers, so adding more cards won't help FICO other than for padding utilization.
As I mentioned before, the optimum number of cards is how many are right for YOU. Whether it's 1, 3, 5, 10, or 1,500. 
I think diminishing returns starts to kick in after 6 or so. Or is that 60?
@CreditMarathoner wrote:
@xenon3030 wrote:Any number >3 is fine. There is no optimum number.
3 or more helps with FICO scores if you need to help them, but it's possible to have great scores with 1 or 2, or even no cards, depending on your profile.
In my case, adding a 4th card seemed to help a lot more than adding a 3rd. Even being on a new account scorecard for the 1st year, my scores are a lot higher during the first year of my 4th card than it was in the first year of my 3rd. I'm curious if my scores will jump at all when my newest account hits a year. I don't know if it was the 4th card, total number of accounts, AAoA, or higher TCL/lower utilization that was the factor, but I'll take the added time to manage a 4th card (which frankly, I don't use often but I wanted for its great SUB) to have optimal scores that don't need constant AZEO to keep them in the "exceptional" range.
I have a hunch adding a 5th in my case would do little to nothing for my scores, so I'm not going to bother for that reason. 4 is my optimal number.
But, unless you're planning on a mortgage or refinance in the near future, or other important application, there's little need to micromanage your credit score anyway. Add cards if there are cards you want to add for their rewards, perks, benefits, SUB or additional CL, rather than for FICO. Based on OP's signature, they already have 5 cards, 4 of them revolvers, so adding more cards won't help FICO other than for padding utilization.
As I mentioned before, the optimum number of cards is how many are right for YOU. Whether it's 1, 3, 5, 10, or 1,500.
This was immensely helpful and I do appreciate the thorough response. I've seen "Sub" referred to frequently. What does that mean?
With the five cards I have I've been thinking that between managing all the cards, and wanting to vary what I have I don't want to take on anymore anyhow. I moreso wanted to ensure I wasn't hurting my progress by having >3 cards.
My strategy within the next year is to sit on what I have and garden. I'd like to upgrade the Green Card to a Gold card within the next year and then apply for the Platinum card as I think both of those cards will fit my needs from a rewards standpoint very well. If that goes as I planned I intend to close out the Cap 1 QS with the $600 SL to maitain the 5 cards.
@creditguy321 wrote:This was immensely helpful and I do appreciate the thorough response. I've seen "Sub" referred to frequently. What does that mean?
SUB = Sign Up Bonus.
With the five cards I have I've been thinking that between managing all the cards, and wanting to vary what I have I don't want to take on anymore anyhow. I moreso wanted to ensure I wasn't hurting my progress by having >3 cards.
My strategy within the next year is to sit on what I have and garden. I'd like to upgrade the Green Card to a Gold card within the next year and then apply for the Platinum card as I think both of those cards will fit my needs from a rewards standpoint very well.
You're in a good spot to garden now, with 5 tradelines in good standing. This will let your accounts age and any baddies on your report to age as well. Over time you may get automatic CLIs, or approved CLI requests to raise your limits, and in time you'll be able to get into even better cards like the Amex Gold/Platinum.
How old are your accounts now?
@CreditMarathoner wrote:As I mentioned before, the optimum number of cards is how many are right for YOU. Whether it's 1, 3, 5, 10, or 1,500.
With the possible exception of rewards redeemed for premium travel (and the real value of that is another discussion!) I think diminishing returns starts pretty quickly, probably quicker than many of us are willing to admit. Yes, I have $500 a year spend on [choose your own special category] and I currently use my catch all 2% on that. But LTL Bank has a new card that gives 3% on that and $100 SUB! That's $105 the first year and $5 every year after that, be an idiot to turn that down, right?
Now IMO SUBS are the real driver. I doubt if many of us would bother with a card that gives an extra $5 a year. (Well...., maybe..) I think the issue is to realize that for many of us, $100, $200, even $300 SUB, while nice, isn't really that much money in the scheme of things. While busy applying for it and managing it, and applying for CLIs every other day, we could be doing other (perhaps less enjoyable things to us) that would bring similar returns
So get the first few cards that really matter, where you have high spend and the cards offer a good % (But realize even then this is unlikely to all that valuable). Then consider, if I didn't enjoy it, would I bother with this card? And the decide if the enjoyment is worth it, which it well might be!
@CreditCobra wrote:I have a few situations where I have a 3% cash back situation, and I've got my eye on a card that would increase that to 5%.
which card you got your eye on?
13Oct22 Exp F8: 812
@calisig wrote:
@CreditCobra wrote:I have a few situations where I have a 3% cash back situation, and I've got my eye on a card that would increase that to 5%.
which card you got your eye on?
Elan Max Cash (or two) would change out my cable, power, phone, streaming, from 3% to 5%, so that's one card (or maybe two). I can pay my insurance (State Farm) through Apple Pay, so the Ralph's (or any other Kroger card) would take me to 5% there too. Lastly, the Chase Freedom Flex would add to my growing collection of rotators.