How many credit cards?

[Anonymous]

How much is too much?  I have a Wamu card.  I have a BofA card and an amex on the way.  I also have a retail and gas card which I seldom use.  Is that too many cards?

What is the average amount of credit cards people have? 

[Tuscani]

IMO there is no "too many". What's important is that you manage them wisely. I have well over 20+.

[Anonymous]

KDM - Why worry about what the average American does?  The Jones are deeply, deeply in debt. You don't want to be them.  You've got 2 revolving cards plus AmEx -- what's the need for more? The more cards you have, the more bills you have to pay, and the more vigilant you have to be to make sure you pay them all on time.

If you think you don't have enough credit, why not ask for a credit limit increase on one of your existing cards? If your account is in good standing, they will probably give it to you.  And it won't generate a hard inquiry like applying for a new card will.

[fused]

KDM:

According to the folks at Transunion, a perfect 850 score would need these tradelines (and of course probably a ton of "satisfactorily paid" accounts and real estate tradelines).

2-4 revolving cards (i.e. BOA, Chase, FIA, CITI, etc.) with two or so with high credit limits

1 charge card (AMEX, Diners Club)

1 department store or gas card

Cannot image having 20 cards, how does one manage not to forget paying one of them.

I have:

Amex Blue

Amex Gold Rewards Plus (charge card)

FIA Visa Platinum (formerly MBNA)

A Visa with my local Bank

Macys (which is a total rip off at 25% APR)

[Anonymous]

My post was not about wanting more credit cards.  My post was about me worrying that I have too many. 

[Anonymous]

You don't have too many. The number of cards you have is quite moderate.

[Anonymous]

Sorry, KDM, I misread your post.  I thought you wanted more credit cards.  Sounds like you have mastered the Goldilocks approach (not too many, not too few).

As for statistics, this is straight from the horse's mouth (myfico site):

Number of Credit Obligations

"On average, today's consumer has a total of 13 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, or bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a credit bureau). Of these 13 credit obligations, 9 are likely to be credit cards and 4 are likely to be installment loans."

[Tuscani]

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fused111 wrote:

KDM:

According to the folks at Transunion, a perfect 850 score would need these tradelines (and of course probably a ton of "satisfactorily paid" accounts and real estate tradelines).

2-4 revolving cards (i.e. BOA, Chase, FIA, CITI, etc.) with two or so with high credit limits

1 charge card (AMEX, Diners Club)

1 department store or gas card

Cannot image having 20 cards, how does one manage not to forget paying one of them.

I have:

Amex Blue

Amex Gold Rewards Plus (charge card)

FIA Visa Platinum (formerly MBNA)

A Visa with my local Bank

Macys (which is a total rip off at 25% APR)

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ha.. I use maybe 2 of them.

[fused]

Hey Tuscani:

I only keep the Macys and Visa from my bank cause they are my oldest accounts.  Charge both of them once in awhile and pay them off to avoid a fin charge.  Amex Gold Rewards is the best for me, tons and tons of points with this card which is linked to my frequent flyer account.  2 points for every dollar spent if I make purchases with their "partners."

[Tuscani]

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fused111 wrote:

Hey Tuscani:

I only keep the Macys and Visa from my bank cause they are my oldest accounts.  Charge both of them once in awhile and pay them off to avoid a fin charge.  Amex Gold Rewards is the best for me, tons and tons of points with this card which is linked to my frequent flyer account.  2 points for every dollar spent if I make purchases with their "partners."

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Sounds like you are on the right track. I only keep the ones I have for the age.