Is it bad to have too many credit cards?

For just about anything you want to get off your chest about credit cards.
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jbman04
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Is it bad to have too many credit cards?

Postby jbman04 » Mon Apr 02, 2012 4:26 pm

Is it possible to have too many credit cards? At what point does the stress of simply keeping track of them, outweigh the benefit?

Do you own a credit card that you do not use?
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Crashem
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Postby Crashem » Wed Apr 04, 2012 12:31 pm

Nope, but you need to keep track of them. In fact, lots of credit cards can be good for your credit score if you are using them right.

Personally, i would look through your cards and figure out which have annual fees and whether you should keep them or not. 2nd, put a bunch into a sock drawer and rotate some cards in. that way it will be easy for you to keep track.
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Casanova
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Postby Casanova » Wed Apr 04, 2012 7:59 pm

Assuming a card benefits my lifestyle in some way, I'll hold onto it. So, for example, since I travel a lot I like to keep cards that have nice flyer miles/point programs and no foreign exchange fee (Amex, Capital One).

As long as you can track your cards, pay them off on time and fully reap the benefits -- it's definitely worth it to carry around a bunch.

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Postby Money card » Wed Apr 04, 2012 11:07 pm

When the bank sends you a letter saying you have too many cards, that's when you know it's bad for you.

I have a capitol1 card that I'm not happy with.

agp
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Having lots of cards

Postby agp » Tue Apr 24, 2012 6:57 pm

I read somewhere on MyFico forum that says that "don't get new credit cards unless you need it" is a myth. Is it really? Of course, having lots of credit cards and having balances carry over on all of them will hurt your credit, but if you pay off your balance every month, does having multiple (more than 4) credit cards really hurt your credit? If so, how and by how much?

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JCarter
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Postby JCarter » Tue Apr 24, 2012 8:31 pm

agp wrote:I read somewhere on MyFico forum that says that "don't get new credit cards unless you need it" is a myth. Is it really? Of course, having lots of credit cards and having balances carry over on all of them will hurt your credit, but if you pay off your balance every month, does having multiple (more than 4) credit cards really hurt your credit? If so, how and by how much?


False. I have many multitudes of credit cards/charge cards and have not felt a ding due to it.

agp
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Postby agp » Tue Apr 24, 2012 9:08 pm

If you wouldn't mind me asking, which/how many cards do you have?

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Moneytalks
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Postby Moneytalks » Tue Apr 24, 2012 10:08 pm

HAHA! If you wanna know Carter's cards, look at the credit card king thread, it's insane
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Postby agp » Tue Apr 24, 2012 10:22 pm

Wow... well I'm not a boss, I'm just a worker and an earner. So I feel like, with a lower income (but enough to pay all the bills on time), applying for credit cards would be a different story.

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Postby FastSRT8 » Wed Apr 25, 2012 1:58 am

When I was younger, I went on this bend on trying to get as many credit cards as possible to see how many I can collect (like sports cards) LOL. Then I guess I got smart and decided less is more and for the past 2 decades, I have been trying to stick with 2 if possible
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