How many credit cards can you handle?

For just about anything you want to get off your chest about credit cards.
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thom02099
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Postby thom02099 » Wed Jan 14, 2015 11:40 am

16 cards currently, and I handle them quite well! All a matter of keeping track of what cards are currently in use.

Like others, I don't use/carry all of them. Some are in the ol' sock drawer and come out only when needed. Cards like Lowes and Home Depot come out only when I'm working on a project and may need to charge a large amount on the card and take advantage of some of their promos. Otherwise, they stay put, along with the CITI Diamond Preferred, the Chase Slate, the IberiaBank Select, and the 1st Command Plat Visa. Those are permanently in the SD, others join them occasionally, like the BofA Cash Rewards Signature Visa. I tend to use the ML+ card more, when I use a BofA product.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016


ingramjuan
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Postby ingramjuan » Thu Jan 15, 2015 1:50 am

5 for now and adding 2 more this year.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
Store Card: Lowes

kelvSYC
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Postby kelvSYC » Thu Jan 15, 2015 9:33 pm

For me, it depends on whether or not I have to a cross-border money transfer to pay off my Canadian cards. Also depends on how fast I can print out statements.

Otherwise, I can comfortably handle all of mine, and I can probably take on another "situational use" card.
Current Credit Scores:
VantageScore 3.0 - 760 TU, 764 EX (11-19-16, Credit Karma)
FICO 8 - 747 EX (10-22-16, AmEx statement)
Discover - 750 TU (11-4-16, Discover statement)

Current Credit Cards:
RBC - $8000 CAD
BoA - $13500 USD
Capital One - $2750 USD
AmEx BCE - $4000 USD
Discover It - $8000 USD

Brad Bishop
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Postby Brad Bishop » Fri Jan 16, 2015 5:46 am

In my financially irresponsible days, which I'm not proud of, I think I topped out at around 8-10.

I cleaned that up and, soon after, was divorced. During the divorce I wanted to keep it as simple as possible, because of dealing with all of the divorce nonsense, and also wanted to put some restraints on myself so I didn't go stupid again and just got had one MasterCard.

Over time I added an American Express and a Visa and, just recently, a Discover It because of a promotion and a Delta Gold Amex because I live in their hub.

Now, I haven't gone back to being stupid with credit. That's long in my past. 5 cards is what I'd say my limit is and I think I'd be more comfortable with 4 (one of each).

I go back and forth whether I carry them all in my wallet - sometimes it just seems silly like having a keyring with every key you'd ever use on it. I'm minimalist and only want the keys on the ring that I'd normally use in any given day. Same goes for my wallet. I normally pay with cash but I do use Discover for the cash back deals so it's normally in my wallet. I also keep at least a Visa or MasterCard in there as a backup.

I'm sure that if I had a dozen cards that I could certainly keep up with them and pay them, with the trick being not to carry balances on them, but I don't need that much credit nor do I want my life that complicated. I like things to remain simple. Simple is good.

TheSwarm
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Postby TheSwarm » Fri Jan 16, 2015 6:49 pm

I think 3 is the right number for me, but I currently have 4 just because I like having a relationship with AMEX.

Sallie Mae + Arrival+ cover everything for me but Chase Freedom sometimes makes it into my wallet for certain 5% categories.

AMEX BCE sits in the sock drawer.

I do like to churn cards for signup bonuses though. 2014 I churned a CSP and a PRG. Planning on churning an AAdvantage Platinum and a Hyatt this year to hopefully get 50k American miles and the 2 free nights at a Hyatt.

flroots
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Postby flroots » Mon Jan 19, 2015 6:56 am

I have 16 more as a result of natural accumulation than a strategy. We limit the number of cards we carry to 3. Going forward we expect to carry two SallieMae MasterCards (one for each of us) and the Citi Double Cash MasterCard. The other cards are tucked away for safekeeping. Our credit utilization is only 3%. I haven't found a reason to close out the unused cards? We carry two Sallie Mae cards to double the cap on groceries. The Citi card earns 2% cash back and will be used whenever the 5% from Sallie Mae is not available.

popamode72
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Postby popamode72 » Mon Jan 19, 2015 8:11 am

Now I'm currently trying to work out some AA issues with Citi with their EO. They closed all my accounts right after I got approved for their Home Depot card. I really didn't realize just having two store cards with them could trigger something like that (it also apparently happened to someone who had gone for three CapOne cards in a day and had all of them shut down. Citi approved me for their Best Buy card earlier this month and none of this happened and a day after HD was approved, that's when they decided to shut down my accounts) but I'll be much much more careful in the future. Thankfully none of the other lenders I have cards with have shut me down like that but I'm a lot more grateful for what I have and that I've diversified myself for this reason and others.

It also forced me to trim my cards down and seriously slow down too, with getting rid of Lowes for now. It was a PITA doing that but at the same time, with the break I'm taking from applying for cards and focusing on what I really want in the future (the Ink Cash), I realize that I could potentially get something a lot better down the line. Also makes me glad that Amex backdates my PRG and HHonors cards to January of last year so that really came in handy too because my Citi card was my oldest card and all.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Jan 19, 2015 9:18 pm

flroots wrote:I have 16 more as a result of natural accumulation than a strategy. We limit the number of cards we carry to 3. Going forward we expect to carry two SallieMae MasterCards (one for each of us) and the Citi Double Cash MasterCard.


Sallie Mae and Double Cash are great cards to carry for everyday use. Are your others travel cards, store cards, or 'inferior rewards' cards (like BCE or B of A Cash rewards when compared to Sallie Mae)? Do you have a good system for 'rotating' your third card?

popamode72 wrote:They closed all my accounts right after I got approved for their Home Depot card. I really didn't realize just having two store cards with them could trigger something like that (it also apparently happened to someone who had gone for three CapOne cards in a day and had all of them shut down.


I have no history with Citi, so I can't speak from personal experience, but I wouldn't assume that it was just the fact that you had two store cards that upset them. You have a lot of cards - open and closed - for someone with 17 months of history. I could see the amount of new credit you have - or a low AAoA - being a bigger concern than having two store cards.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

popamode72
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Postby popamode72 » Mon Jan 19, 2015 10:05 pm

CarefulBuilder14 wrote:Sallie Mae and Double Cash are great cards to carry for everyday use. Are your others travel cards, store cards, or 'inferior rewards' cards (like BCE or B of A Cash rewards when compared to Sallie Mae)? Do you have a good system for 'rotating' your third card?



I have no history with Citi, so I can't speak from personal experience, but I wouldn't assume that it was just the fact that you had two store cards that upset them. You have a lot of cards - open and closed - for someone with 17 months of history. I could see the amount of new credit you have - or a low AAoA - being a bigger concern than having two store cards.


In their closure document, they used information from my Experian report to close the accounts down so maybe my last Amex inquiry could have also been a trigger too. I'm just amazed that it wasn't Barclays at all that did this either and really glad it wasn't Chase or Amex either and that I've gone this whole time without ever facing that kind of AA before.

There's not much from Citi that interests me outside of their Double Cash (which they still won't allow any product changes to on their discontinued Forward cards) or Thank You Premier cards anyway but the only significance for me was that they closed my oldest account so I'm not sure what effect that's gonna have on my credit if that's been closed. I know it will stay on my reports for 10 years though.

I'm not so sure lenders are actually looking at AAoA when making these decisions (I heard that's more of something that could have an effect on your FICO score though) but I wouldn't be surprised if even the Lowes account that I had possibly scared them the most because of the very high limit compared to what I had before.

What I'm pretty annoyed at though is that I think it would have been less trouble if they had just denied me for those store cards in the first place rather than approving me for them and then shutting down all of my accounts afterwards like that. I've also been with Citi the longest and had their checking account even before I ever had a card with them and they have a record of my long running payment history and everything. Bank loyalty sadly doesn't seem to mean much to them and as someone said, never marry your cards.
Macy's TLs (21k), Lowes (17k), CSP (10k), Sam's Club (10k), Nordstrom (5k), AARP (4.2k), Freedom (3k), Discover (1.5k), Quicksilver (2k), BoA (3k), Barclaycard Arrival (2.5k), Amazon Store (6k), Paypal (4.9k), Sam's Club MC (3.6k), Walmart MC (1.2k)

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Jan 19, 2015 10:53 pm

popamode72 wrote:In their closure document, they used information from my Experian report to close the accounts down so maybe my last Amex inquiry could have also been a trigger too.


Did they give a reason that they were closing the account - something specific from your credit report like inquiries or too much available credit? Or it just said something like "based on your Experian report, we have decided to close these accounts"?
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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