How many CC's is the norm?

[Amarie003]

I currently have 1 CC and would like to apply for another, but how many CC's is the norm? I see a lot of people on here with any amount ranging from 1-9 with great scores in the upper 700's.. Is this common?

[user5387]

I don't know what the norm is.

However, for optimizing scoring, mortgage applications, and so on, a typical figure is at least 3 CCs.

The demonstrated ability to handle unsecured credit benefits the score.

[milkshakes]

as user5387 mentioned, the norm definitely varies. You'll hear a lot that at least three open credit lines help optimize your "types of credit" part of your score as far as revolving lines go ("types of credit" gauges how many types of credit you have: mortgages, auto loans, revolving lines, student loans, etc). I've also read a couple of articles about 820+ scorers who average around 4-6.

With that said, there are quite a few churners here as well as "credit card hobbyists," or collectors if you will. Our forum, or any CC forum (flyertalk, etc.) probably isn't the best representation of what the "norm" is. There are equally, if not more (and I'd expect more) people out there who are afraid of credit / don't manage credit well and only have 1-2 CC's, if that. Then there are the minimalists who prefer to just have one 2% cashback card and avoid the headache of tracking.

You'll probably get this from the majority of people who comment: the norm is what suits you and what you're comfortable holding.

[pizzadude]

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@milkshakes wrote:

You'll probably get this from the majority of people who comment: the norm is what suits you and what you're comfortable holding.

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+1.   You decide what's best, based on your needs and the CC benefits / rewards / terms.

As mentioned above, FICO likes to ideally see several open revolving tradelines.

[bettercreditguy1]

I read an article yesterday on Credit.com. They stated two cards. One cash back and one rewards. I'm not sure I agree. In my opinion, I believe you should have 2 or 3 major banking cards, ie: Mastercard, Visa, or Discover because each card is not accepted everywhere. Also, when traveling sometimes your favorite card may not work if you don't call in first, thus the logic/reasoning for a back up card. If you are a business person, than a Revolver Card like Amex or similiar would be good as they don't have a credit limit per se. The limit is based on your ability to pay and must be paid in full (generally speaking) each month. Some of my cards are AMEX (business) Chase Visa reward points, Chase Visa cash back, Capitol One Quicksilver Master Card, and Discover.

[Revelate]

Based on stats I saw a few years ago, think average was 3.5 or 3.6 at the time.  Actually 3.5 after just googling for it:

http://www.statisticbrain.com/credit-card-ownership-statistics/

For FICO and underwriting purposes, you likely want 3 (and probably at least 4 overall tradelines mix of revolving and installment) minimum.  In terms of what you individually need, +1 to everyone else's comments.

[takeshi74]

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@Amarie003 wrote:
I currently have 1 CC and would like to apply for another, but how many CC's is the norm? I see a lot of people on here with any amount ranging from 1-9 with great scores in the upper 700's.. Is this common?

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Is it common for number of credit cards to vary?  Yes.  Needs/wants/goals/priorities/credit/situation/responsibility etc all differ and all those can affect how many credit cards one might have.  Instead of aligning yourself with an average you need to determine what you need and what works for you.  Let that determine your number of cards instead of just collecting an arbitrary number.

For optimal scoring at least 2-3 cards are generally recommended.  However, there are various other factors that come into play for number of cards.

[Revelate]

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@Amarie003 wrote:
I currently have 1 CC and would like to apply for another, but how many CC's is the norm? I see a lot of people on here with any amount ranging from 1-9 with great scores in the upper 700's.. Is this common?

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No, it's not compared to the consumer base.  This is an incredibly small segment of the population and our habits are anything but normal as far as credit usage and building goes.  Really the vast majority of humanity can do just fine even rewards-wise with maybe 4 cards maybe even 3 for most even.

Something like 1/3 of the adult population doesn't carry a credit card at all, many others just get a card or two where they bank.