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CNBC: Americans have average of 4 credit cards

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Community Leader
Super Contributor

Re: CNBC: Americans have average of 4 credit cards

The entire article had me like, "say what?--4 cards!" Then, these two lone sentences were near the end of the article. 

If you always pay on time and in full, then you can open as many credit cards as you want. On the other hand, if you often carry a balance or miss your payment deadline, it’s in your best interest to limit the number of cards you open.

 

And, I realized, "oh okay, everything is alright in our (the forum) little part of the world." 😂🤣😆


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DEC 2018: EX 777, TU 783, EQ 799

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Message 41 of 52
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Epic Contributor

Re: CNBC: Americans have average of 4 credit cards


@CreditInspired wrote:

@GApeachy wrote:

@MaizeandBlue wrote: (did not write)

According to CNBC Select, the average American  myFico'er has four  forty credit cards

 


I fixed it ^^^^^ for yaSmiley Very Happy


Good one. 😆 Gave me a chuckle. 


"the average American  myFico'er has four  forty credit cards"

I am slightly over that. Am I on timeout in the corner?

Packing four cards per slot in the old wallet.Smiley LOL

 

Message 42 of 52
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Epic Contributor

Re: CNBC: Americans have average of 4 credit cards


@CassieCard wrote:

@Saeren wrote: I came here 9/2018 with 3 cards... lol. The BCE is a great card. If you can get a $200 bonus offer to pop incognito, there's no reason to not go for it.

That's just 3 months before me, which makes your progress even more impressive! I recently received postal mail from Amex offering me the $200 bonus. Last year at this time it was Merrick and Credit One. lol

 


@Revelate wrote:  Get it while the getting is good Cass. We're still in happy sunshine land when it comes to underwriting and lenders trying to push more money into CC portfolios.

I hear you. It will be all 'Pollyanna' on CNBC for the next several months, and then: "Well, no one saw that coming!".

 


@ImTheDevil wrote: I'll echo what @Saeren said - I don't know how @CassieCard has managed to not add to her two cards in this environment, after this much time. She definitely has more willpower (or score-affect curiosity) than most of us.

LOL @ 'in this environment'. I'm just indifferent when it comes to credit cards. Actually more jealous of @Dinosaur's Diamond than multiple cards, which in this environment makes me insane.

 


@GApeachy wrote: When Cassie apps we will all be looking to her chart...it's neat.

Thanks, @GApeachy. Smiley Happy


@CassieCard 

" Actually more jealous of @Dinosaur's Diamond than multiple cards, which in this environment makes me insane."

 

How about this;     "This would be my first new CC in over 16 years."Smiley Surprised

https://ficoforums.myfico.com/t5/Credit-Cards/Guidance-on-new-CC/m-p/5891914#M1695085

 

The Approval;

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/First-Tech-Odyssey-35K-DP-My-1st-new-card-in-...

 

 

Message 43 of 52
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Valued Contributor

Re: CNBC: Americans have average of 4 credit cards


@M_Smart007 wrote:

@CassieCard

" Actually more jealous of @Dinosaur's Diamond than multiple cards, which in this environment makes me insane."

 

How about this;     "This would be my first new CC in over 16 years."Smiley Surprised

https://ficoforums.myfico.com/t5/Credit-Cards/Guidance-on-new-CC/m-p/5891914#M1695085

 

The Approval;

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/First-Tech-Odyssey-35K-DP-My-1st-new-card-in-...


LOL Good one! That will be me someday.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

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Message 44 of 52
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Moderator Emeritus

Re: CNBC: Americans have average of 4 credit cards


@M_Smart007 wrote:

@CassieCard wrote:

@Saeren wrote: I came here 9/2018 with 3 cards... lol. The BCE is a great card. If you can get a $200 bonus offer to pop incognito, there's no reason to not go for it.

That's just 3 months before me, which makes your progress even more impressive! I recently received postal mail from Amex offering me the $200 bonus. Last year at this time it was Merrick and Credit One. lol

 


@Revelate wrote:  Get it while the getting is good Cass. We're still in happy sunshine land when it comes to underwriting and lenders trying to push more money into CC portfolios.

I hear you. It will be all 'Pollyanna' on CNBC for the next several months, and then: "Well, no one saw that coming!".

 


@ImTheDevil wrote: I'll echo what @Saeren said - I don't know how @CassieCard has managed to not add to her two cards in this environment, after this much time. She definitely has more willpower (or score-affect curiosity) than most of us.

LOL @ 'in this environment'. I'm just indifferent when it comes to credit cards. Actually more jealous of @Dinosaur's Diamond than multiple cards, which in this environment makes me insane.

 


@GApeachy wrote: When Cassie apps we will all be looking to her chart...it's neat.

Thanks, @GApeachy. Smiley Happy


@CassieCard 

" Actually more jealous of @Dinosaur's Diamond than multiple cards, which in this environment makes me insane."

 

How about this;     "This would be my first new CC in over 16 years."Smiley Surprised

https://ficoforums.myfico.com/t5/Credit-Cards/Guidance-on-new-CC/m-p/5891914#M1695085

 

The Approval;

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/First-Tech-Odyssey-35K-DP-My-1st-new-card-in-...

 

 


Remember ... @M_Smart007   "Diamonds are Forever"  Smiley Wink

Starting Score: 300
Current Score: 850
Goal Score: 850


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Message 45 of 52
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Moderator Emeritus

Re: CNBC: Americans have average of 4 credit cards


@Dinosaur wrote:

@M_Smart007 wrote:

@CassieCard wrote:

@Saeren wrote: I came here 9/2018 with 3 cards... lol. The BCE is a great card. If you can get a $200 bonus offer to pop incognito, there's no reason to not go for it.

That's just 3 months before me, which makes your progress even more impressive! I recently received postal mail from Amex offering me the $200 bonus. Last year at this time it was Merrick and Credit One. lol

 


@Revelate wrote:  Get it while the getting is good Cass. We're still in happy sunshine land when it comes to underwriting and lenders trying to push more money into CC portfolios.

I hear you. It will be all 'Pollyanna' on CNBC for the next several months, and then: "Well, no one saw that coming!".

 


@ImTheDevil wrote: I'll echo what @Saeren said - I don't know how @CassieCard has managed to not add to her two cards in this environment, after this much time. She definitely has more willpower (or score-affect curiosity) than most of us.

LOL @ 'in this environment'. I'm just indifferent when it comes to credit cards. Actually more jealous of @Dinosaur's Diamond than multiple cards, which in this environment makes me insane.

 


@GApeachy wrote: When Cassie apps we will all be looking to her chart...it's neat.

Thanks, @GApeachy. Smiley Happy


@CassieCard 

" Actually more jealous of @Dinosaur's Diamond than multiple cards, which in this environment makes me insane."

 

How about this;     "This would be my first new CC in over 16 years."Smiley Surprised

https://ficoforums.myfico.com/t5/Credit-Cards/Guidance-on-new-CC/m-p/5891914#M1695085

 

The Approval;

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/First-Tech-Odyssey-35K-DP-My-1st-new-card-in-...

 

 


Remember ... @M_Smart007   "Diamonds are Forever"  Smiley Wink


Until you take an inquiry!  /ducks

 

(or anything else that could lead to a new tradeline haha)




        
Message 46 of 52
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Super Contributor

Re: CNBC: Americans have average of 4 credit cards


@MaizeandBlue wrote:

According to CNBC Select, the average American has four credit cards

Americans have an average of 4 credit cards --is that too many?

 

I suppose I'm decidedly not average.


If you read the article, and look at the data examples, there is only one state where the residents have an average of 4.1 cards, in that state. All other states are less than 4 cards, and many get less than 3 cards average in the state.

 

So the data has to be rounded up, aggressively, and is actually like 3.5 cards to the average American. There is also not a clarification of Store cards vs Majors. The data makes sense to me, but the average of something like 2 majors is more along the lines I would believe. 

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Message 47 of 52
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Senior Contributor

Re: CNBC: Americans have average of 4 credit cards

Agreed, I know a couple of people with only 1 or 2. However, they also do not carry a balance on them. Which 50-60% of America in general probably do, thus throwing their score out of wack. Only 2 accounts with no balances? They can't even play AZEO if they wanted!

 

Plus how are they affected by having 1 of those 2 at say 60% UT? Too many accounts with high balance? etc.

 

So many people unaware. lol

 

 

 

 






Message 48 of 52
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Moderator Emeritus

Re: CNBC: Americans have average of 4 credit cards


@Janus wrote:

Agreed, I know a couple of people with only 1 or 2. However, they also do not carry a balance on them. Which 50-60% of America in general probably do, thus throwing their score out of wack. Only 2 accounts with no balances? They can't even play AZEO if they wanted!

 

Plus how are they affected by having 1 of those 2 at say 60% UT? Too many accounts with high balance? etc.

 

So many people unaware. lol

 

 

 

 


FICO 10T coming to save them!




        
Message 49 of 52
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Valued Contributor

Re: CNBC: Americans have average of 4 credit cards


@Janus wrote:

Agreed, I know a couple of people with only 1 or 2. However, they also do not carry a balance on them. Which 50-60% of America in general probably do, thus throwing their score out of wack. Only 2 accounts with no balances? They can't even play AZEO if they wanted!

Yes they can. I did it with 2 cards and the results are great with TU/EQ. Not so much with EX in general, but +6pts on EX 2 isn't bad.

 

Some FICO 9's go up as much as +27pts with 1 of 2 cards reporting a balance (50% of cards).

Here's my full report on all 28 FICO scores with score factors on each one.

 

Also I'm at AZEO (1 of 2) right now and my TU 8 score is 754, up +14pts from 740 at 2/2 reporting a balance. EQ 8 jumps even more with +19pts.

 

If someone was only monitoring EX scores, they would probably think that 'less than 50% of cards with a balance' was the only way to get a boost. It probably is with EX 8.

 

Plus how are they affected by having 1 of those 2 at say 60% UT? Too many accounts with high balance? etc.

I get 'Too many accounts with balances' on TU 8 with just 1 card at 6% utilization, aggregate at 5%. It shows up on a lot of other scores as well.

 

I'll probably get my 3rd card in March and wait until I've closed on a house to get a few more. That will be a few years from now.

27 FICO Scores + 3 VS3. MTG (Mortgage), AUT (Auto), and BKC (Bankcard) are scores 5,4, and 2 from the top.

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Message 50 of 52
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