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Too Many Credit Cards?

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Valued Contributor

Re: Too Many Credit Cards?

As most posters have concurred, "too many" is subjective and everyone's needs are different. 

 

However, some food for thought, if your 5 cards were acquired recently, Chase, one of the largest credit card issuers would essentially automatically deny you for any more credit cards for the next 2 years. So according to there scoring matrix, you have acquired too many credit cards.

 

Best credit wishes to you!


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 11 of 13
Valued Contributor

Re: Too Many Credit Cards?


@SCCarte wrote:

will be adding my boyfriend as an authorized user who has an annual income of around $70,000 and spends a lot more money than I do, 


Be very cautious with this move.  Your very young, and I'm assuming so is your boyfriend. It would be very easy for things to go "south" between the two of you and you can be left "holding the bag" for a balance that could prove difficult to pay on your income alone.

 

For what it's worth, I'm just giving you the same advice I would give my own daughter.  

 

Best credit wishes to you!


Current Scores 3/2016 Equifax 676 Transunion 697 Experian 648 Goal Scores: 720's accross the board. Gardening Goal: 3/2017
Message 12 of 13
Established Contributor

Re: Too Many Credit Cards?

My 2 kids are a few years older than the OP and i would tell them this :

 

- You have  1 years worth of income available to you as credit . What happens if you lose your job ?

- I'm not a big fan of credit cards and think 2 major,,,maybe 3 cards might be enough.

-College students are the fastest growing segment of the market filing BK.

- But i would ask - why on earth do you need 5 credit cards ??

 

But what do i know, i'm just an accountant in my 50's who was a licensed advisor at one point for one of the major investment banks.

 

Also, adding AA is , in my opinion , a bad idea.

Message 13 of 13
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