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CNBC: Americans have average of 4 credit cards

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Senior Contributor

Re: CNBC: Americans have average of 4 credit cards

So I'm guessing they arrived at the number based on how many people are signed up to Experian? 

The only other way to find out would be to poll people, and that could be skewed based on person's willingness to be truthful on how many they have. 

 

A lot of people probably feel that 2-4 is all you need, because that's the number that's constantly mentioned on CC blogs. That's why I assumed I only need 4, was by reading an article on how many "should" you have. Thus I carried around 4 cards for many years, then one day i realized that I had 10. And during my research to find out if that's too mnay, hence negative affecting my score. I found MyFico.

 

I now have 14 open accounts. One of my friends only has 1 CC. We're not that close enough to get into the whole talk etc. So i've never discussed the penalty he had when he went for his Auto Loan, because he hadn't had one of those for 10+ years either.

 

My other friend only has about 5-6 cards all chase 1 Citi and a Cap1. He tells me every time we get on the subject, because I'm alwasy trying to "refer" him for the SUB, that he's got too many and is considering closing 1 or 2. 

 

TBH, I really should think about closing a few. Got carried away with SUBs for a spell.






Message 11 of 52
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Established Contributor

Re: CNBC: Americans have average of 4 credit cards

I have only 4 credit cards. I fluctuate between 3-5 cards; I don't want to manage more than that.  The few cards that I have fit my needs, so I close a card whenever I get a new one -- except my oldest account. 

Message 12 of 52
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Super Contributor

Re: CNBC: Americans have average of 4 credit cards

Before my BK I had US Bank and BoA major credit cards and Best Buy, Kohl's and Amazon store cards. I never in a million years thought people could have 20 cards like I have now. 

I am getting kind of sick of managing so many cards but I really struggle when I start thinking about axing them. 




Message 13 of 52
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Moderator Emeritus

Re: CNBC: Americans have average of 4 credit cards

What amazes me is that even though I'm 4x the national average something like half the people in this thread have more credit cards than I do Smiley Happy

 

MyFICO admittedly doesn't skew the averages much for that even I'm likely a massive outlier.  Just not that many people on the forums compared to the what, like 200 million credit files in total?




        
Message 14 of 52
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Epic Contributor

Re: CNBC: Americans have average of 4 credit cards

 

I'm guessing? I am a hair above the AverageSmiley Tongue

 

41 Open Accounts

14 Closed Accounts

3 Store Cards

1 NFCU SSL (Open)

No Open Mortgage Loans

No Open Auto Loans

No Baddies/Lates/Derogs/BK's or CO's

popcorn eating emoticon.gif

Message 15 of 52
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Frequent Contributor

Re: CNBC: Americans have average of 4 credit cards

^ When you apply they can go on lunch when they pull your report...😁
Message 16 of 52
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Regular Contributor

Re: CNBC: Americans have average of 4 credit cards

Just for fun i googled the record for most active accounts and its held by a man in China who has 1,562 open valid accounts. A man to look up to lol

Discover it: 10,700
Amex BCP: 5,000
BCU Cash Rewards: 8,000
23k student loan
Ficos 8's ~790
Inq: EX:3 EQ:1 TU:1
Message 17 of 52
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Frequent Contributor

Re: CNBC: Americans have average of 4 credit cards


@M_Smart007 wrote:

 

I'm guessing? I am a hair above the AverageSmiley Tongue

 

41 Open Accounts

14 Closed Accounts

3 Store Cards

1 NFCU SSL (Open)

No Open Mortgage Loans

No Open Auto Loans

No Baddies/Lates/Derogs/BK's or CO's


😮


20 open, 12 closed:

3 store

6 AmEx (incl. one issued by Wells Fargo)

1 Disco

5 each of MC and Visa

 

And no baddies here, either

Message 18 of 52
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Epic Contributor

Re: CNBC: Americans have average of 4 credit cards


@Wrigley2172 wrote:
Just for fun i googled the record for most active accounts and its held by a man in China who has 1,562 open valid accounts. A man to look up to lol

He must have at least 100 micro managersSmiley LOL

popcorn eating emoticon.gif

Message 19 of 52
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Frequent Contributor

Re: CNBC: Americans have average of 4 credit cards

Looks like I'm below average, but I'm just getting started 😈
Should be at 7-10 by 2025 and then I should have every category covered unless something new and shiny gets released



Goal: Mortgage/Chase Trifecta






Message 20 of 52
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