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Confusion about the amount of cards we should have..

Vita36
Established Member

Confusion about the amount of cards we should have..

Why do people have multiples of the same card?  I am starting to see from this forum that the magic number for a solid foundation is 3 CCs (aside from installment loans, mortgage, etc.) I'm just speaking to CCs right now. 


Is more than 3 cards harmful or beneficial? I see some profiles on here with 10+ cards. Some people even show multiples of the SAME card. I can understand that opening new cards may be helpful to get the rewards associated with it, like 0% APR for a time, bonuses, etc. However, how is it beneficial to have, for example, 2 Discover IT cards? From what I see, the rewards are only applied to brand new account holders, so already having the card at all would exclude you. I'm so confused! I only have one CC in my name right now, and I'm an AU on another. I'm waiting until next month when defaulted Student loans switch to current on my report to boost my score. Then my goal is either the UBER card or Discover IT, or both. 

Starting Score: about 500
Current Score: 629
Goal Score: 720


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Message 1 of 8
7 REPLIES 7
FortifiedHM
Valued Contributor

Re: Confusion about the amount of cards we should have..

having 2 will double the reward cap. It card ( and freedom) quarterly 5% has a spending cap, having 2 can up that cap.

 

regarding the number of cards, most people just trying to max reward possible. After big SUB, keepers are low or no (effective) AF cards with minimum 2% cash back on general spending, plus 3-5% bonus on category spending.

 

personally, I think having 4-5 routinely used card is appropriate.

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Message 2 of 8
OmarR
Established Contributor

Re: Confusion about the amount of cards we should have..

2 player mode also brings additional benefits in *some* cards.

 

For example, my Vantage West Rewards VISA offers 5% on multiple categories all year round, but you only get to select one. So I choose 5% dining as my category and my wife's card gets 5% utilities.

 

Some banks allow you to have 2 different cards in your own name.

    EQ=850        TU=839         EX=837      INQ=0/0/0     UTIL=$1        AZEO


Message 3 of 8
FinStar
Moderator

Re: Confusion about the amount of cards we should have..

OP, there's a variety of threads (and reasons) citing an adequate number of cards (FICO scoring purposes) in addition to what individuals prefer and personal life goals.

Here are some links to similar topics dating back to 2015 to provide you with some context:

https://ficoforums.myfico.com/t5/Credit-Cards/Credit-Cards-How-many-to-have/m-p/4043220#M1137245

https://ficoforums.myfico.com/t5/Credit-Cards/How-many-is-too-many/m-p/5305804#M1571647

https://ficoforums.myfico.com/t5/Credit-Cards/How-many-cards-is-too-many/m-p/4874127#M1422425
Message 4 of 8
tcbofade
Super Contributor

Re: Confusion about the amount of cards we should have..

Every person/every profile is different.

 

I recently acquired a 2nd Discover IT for the 18 months 0% offer... having no offers available on my 1st Discover.

 

I image I'll combine them at some point in the future, but not in the next 18 months.  Smiley Happy



04/01/21 Fico 8: EX 723, EQ 745, TU 750.
04/03/21 Fico 9: EX 714, EQ 724, TU No idea.

Zero percent financing is where the devil lives...

Firmly in the garden since 13 February, 2021 until whatever comes next. Smiley Happy
Message 5 of 8
budugu
Regular Contributor

Re: Confusion about the amount of cards we should have..

At least in my experience, it seems to plateau from about 3 credit cards. My FICO score definitely drop when i just had only 1 active (from 7-8 cards .. I swung to the other extreme i guess).  Utilization was low (2K/30K line) even then. 

amex - plat + bcp, Apple Card, Citi Prestige (AU)
Message 6 of 8
longtimelurker
Mega Contributor

Re: Confusion about the amount of cards we should have..

Also remember that people on here tend to love credit cards, so they have more than other people.  That doesn't mean you SHOULD have have that  many, or even that the people here with lots are getting some advantage.  Some are just collectors!

 

 

Message 7 of 8
BrutalBodyShots
Super Contributor

Re: Confusion about the amount of cards we should have..

I've always been a go against the grainer on this forum regarding number of cards, having gone with only 1 CC for around 15 years of my life and possessing 790-800 scores for the majority of that time.  The only reason I ever got more cards was because that 1 card (all eggs in one basket) got closed on me, leaving me without anything.  For that reason I always recommend people keep 2-3 cards, but for me it has little to nothing to do with FICO scoring benefit, where that seems to be one of the main reason people on this forum grab additional cards. 

Message 8 of 8
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