Is Five cards Too Many?

For just about anything you want to get off your chest about credit cards.
9 posts
Michael
Platinum Member
Platinum Member
 
Posts: 75
Joined: Sat Jun 07, 2008 6:11 am
Location: Illinois

Is Five cards Too Many?

Postby Michael » Mon Jun 23, 2008 7:02 pm

I carry five credit cards around in my wallet- AMEX Blue, Citi Professional, Discover More, Chase Freedom Visa, and BP Visa.

All get used at one time or another for a specific purpose.

Is five cards excessive to carry in your wallet?

I have two more at home in the sockdrawer.


magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Postby magyar1045 » Tue Jun 24, 2008 8:28 am

It's good to have 5 or more cards in use all the time - usage, not going anywhere close to your limits and prompt timely payments builds up credit scores.

User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Postby Mogul of Pineapples » Tue Jun 24, 2008 3:20 pm

Magyar is right. He hit the nail on the head. It's good to have several cards with minimal normal usage.

If you're still worried, as pointed out on another post on here money man Ben Stein has several dozen credit cards and I'm sure he has top notch credit haha.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

Michael
Platinum Member
Platinum Member
 
Posts: 75
Joined: Sat Jun 07, 2008 6:11 am
Location: Illinois

Postby Michael » Tue Jun 24, 2008 4:49 pm

Thanks, but is it stupid to carry all of these cards (5) around with you daily?

magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Postby magyar1045 » Tue Jun 24, 2008 5:10 pm

Michael wrote:Thanks, but is it stupid to carry all of these cards (5) around with you daily?


Well - not really stupid, but unsafe. If you lose your wallet or some pickpocket gets it you will have one major league headache with possible stolen/used by others issues to deal with.

User avatar
fffresh
Centurion Member
Centurion Member
 
Posts: 416
Joined: Sat Apr 26, 2008 9:12 pm
Location: the edge of the world

Postby fffresh » Tue Jun 24, 2008 7:15 pm

I recommend only carrying around one or two. For me one is a gas rebate credit card and the other is a card that gives the highest rebate on everything else. Then I have a few others that I take out and use every few months so they keep getting reported but I don't carry them in my wallet.

Part of your credit history is how long you've had accounts open so if a card has no annual fee never close it. Just use it once in a while so it keeps getting reported to the bureaus.

The thing about Ben Stein - don't do that because he carries all of his on him! I saw the video clip and he had a pocketbook that was 2 inches thick with credit cards. That wouldn't be recommended. ;)

1bootcamp
Centurion Member
Centurion Member
 
Posts: 103
Joined: Wed Apr 16, 2008 2:07 pm
Location: Big Island, Hawaii

Postby 1bootcamp » Tue Jun 24, 2008 11:22 pm

I know FICO claims there's no "magic number" of cards to have but a lot of things I've seen said that around 7 is a good number... Probably any number more than just a couple is good.

Like you guys said though the most important thing is how you treat your cards... not how many you have....

AnthonyBarone
Centurion Member
Centurion Member
 
Posts: 123
Joined: Thu Apr 17, 2008 2:04 pm
Location: White Plains, NY

Postby AnthonyBarone » Wed Jun 25, 2008 6:50 pm

I remember seeing most folks in America have 5 to 10 credit cards. The new Fico scoring that started this year is supposed to be more flexible with letting folks open up more cards and have more cards. They realized that is how it is now -we have a lot of cards.

bikermike
Platinum Member
Platinum Member
 
Posts: 66
Joined: Thu Apr 24, 2008 9:17 pm
Location: Georgia

Postby bikermike » Sun Jun 29, 2008 4:16 pm

You guys are right there's no set number but as far as averages the typical American has 11 lines of credit but that number includes a mortgage or car payment too.

What would you say out of those 11 maybe 2 or 3 are fixed? Then the rest would be credit cards.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests