How many credit cards is too many?

[Anonymous]

My fico is 800+ but i'd like to get some new accounts for promotional offers and rewards i'd gain for my day to day spending. Just wondering if having too much revolving credit will in the future affect me applying for a mortgage? Or if too many credit cards will negatively affect my score. Average age of accounts is 9 years. I currently have 6 credit cards, would like another 4. just cause I can. any thoughts?

[Anonymous]

congratulations on your 800+ scores sir. There is no definite answer to your question. Well you already mentioned you have 6 cards just like me and I always thought this is it I have six from good lenders all I have to do is nurture them good for rest of my life. So here I am content with 6!

But you mentioned you looking out for perks and rewards and bonuses, so everything comes at a cost so if you believe you have nothing major financial decisions requiring CR's in foreseeable future you can go ahead and get few more cards. Also note, you would be taking a small ding in scores for lowering your average age of credit history, again this is only temporary.     

[xaximus]

I would make a spreadsheet with your current cards (if you havn't done it already). Then also, put down what you are looking for and what cards apply to what you are looking for. Check and see whats out there.

As far as too many - YMMV - I have many cards but I keep track of them and use them for each of their benefits. If you can justify each card you want and actually use it, go for it. If not, I wouldn't. (my criteria for any card is that, unless it has a special benefit, I want to be able to use it atleast 5x a month, otherwise, it's hard for me to justify getting it.)

[creditfan]

if I do a quick search, the result will

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

https://ficoforums.myfico.com/t5/Credit-Cards/Why-So-Many/m-p/5190537

https://ficoforums.myfico.com/t5/Credit-Cards/Too-Many-Credit-Cards/m-p/5289302

https://ficoforums.myfico.com/t5/Credit-Cards/How-many-new-accounts-is-too-many/m-p/5248832

https://ficoforums.myfico.com/t5/Credit-Cards/Why-so-many-cards/m-p/4999066

https://ficoforums.myfico.com/t5/Credit-Cards/Too-many-credit-cards/m-p/5087510

https://ficoforums.myfico.com/t5/Credit-Cards/How-many-cards-is-too-many/m-p/4874127

and so on

[Anonymous]

Great idea to look at those past links.  Always recommended to try that first.

As far as your specific concern with mortgage lenders, most have no problem with you having a dozen cards or more.  Every once in a while you do find lenders who don't like that, but that seems often tied to a person having demonstrated difficulty managing them (either he goes into the mortgage app with a good deal of CC debt or he's had late payments).  Even if you were to run across a lender who wanted you to have fewer cards, and you really liked that particular lender, worst case is the lender will just ask you to close a few cards.

Opening a few more cards is fine if you see a financial advantage to doing so.  (Huge bonuses you can obtain while not increasing your spending at all, for example.  Bonus chasing is a bad idea, however, if it gives you an excuse to spend more -- e.g. go on vacations, etc.)

[Anonymous]

I think if you have more than 100 cards, it's probably too much.

[Medic981]

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@Anonymous wrote:
I think if you have more than 100 cards, it's probably too much.

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+1, LOL

[Anonymous]

When I looked in my purse and realized I had two large wallets

[joltdude]

This is an example of too much too fast

https://ficoforums.myfico.com/t5/Credit-Cards/Less-than-7-months-in-the-credit-world-with-nearly-17-...

https://ficoforums.myfico.com/t5/Credit-Cards/UPDATE-Girl-with-17-credit-cards/td-p/4756241

[Anonymous]

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@joltdude wrote:

This is an example of too much too fast

https://ficoforums.myfico.com/t5/Credit-Cards/Less-than-7-months-in-the-credit-world-with-nearly-17-...

https://ficoforums.myfico.com/t5/Credit-Cards/UPDATE-Girl-with-17-credit-cards/td-p/4756241

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What was the final outcome?