How many Credit Cards should I have?

For just about anything you want to get off your chest about credit cards.
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lbrother517
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How many Credit Cards should I have?

Postby lbrother517 » Sun Apr 06, 2014 3:33 pm

I'm a firm believer in credit cards, as i'm sure most of you all are. Right now I have about 5 Credit Cards, My first ever (Capital One Student Rewards) My second: Case Freedom My Third: Case Sapphire Preferred, Case Marriott Rewards, and finally my AMEX Premier Rewards Gold Card.

From my understanding this is a healthy lot of cards to have. Mixed Rewards, Travel, and general Use cards. I nearly always pay off my cards 100% of the time. I have a purpose for each card. I Have read that 5 cards is where you should be but it can very from person to person? So my question is. Whats the perfect number? How many should I have?

Little about me. 23, Credit Score 775, 5 Credit Cards, Available Credit 70K, my credit Utilization is around 7% And I always pay off each card on time. Normally I only use 2 during any given month unless i'm traveling. Than i cash in on my travel Cards like the Marriott :)

Any advice would be great!


Obi-dan
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Postby Obi-dan » Mon Apr 07, 2014 12:52 am

With all due respect to Takeshi, this is a question only you can answer for yourself. The perfect number is the amount that best suits your needs, as everyone's needs are different. If you week your strategy is working for you than it sounds right. If it is not, then you might need to make a change.
Cards:
Chase Sapphire Preferred
Marriott Rewards
Citi Hilton
Barclay Arrival
AMEX BCE (member since 95)
Chase Freedom
Discover It
Wells Fargo Platinum
Barclaycard (Apple)
Local Credit Union Visa (buy local!)


FICO Scores:
TU: 824 (Aug 2014)
Experian: 789 (Aug 2014)
Equifax: 807 (Aug 2014)

MemberSince99
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Postby MemberSince99 » Mon Apr 07, 2014 6:50 am

With all due respect to Takeshi, you should always consider utilization and AAoA too.


I mean seriously have as many or as few as you can manage and care to have. There is no magic limit that will suddenly cure cancer, whiten your teeth in your sleep and get you laid with a model every night. It's a credit card. For best SCORE 2 to 3 cards with prime lenders is optimal. But the "ideal" number is just a myth perpetrated by morons - "ideal" for what, maximum rewards? Having a card on every network? Most of the people telling you 5 probably can't even tell you why that's why you are asking.


I think you meant to say "Chase" not "Case".

takeshi
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Postby takeshi » Mon Apr 07, 2014 8:11 am

I'm going to have to change up my reply a bit this time...

lbrother517 wrote:I Have read that 5 cards is where you should be but it can very from person to person? So my question is. Whats the perfect number? How many should I have?

IIRC it's 2-3 for scoring purposes but you can certainly have more than that.

You'd have to tell us if you think you're lacking something or need to prune.

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FastSRT8
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Postby FastSRT8 » Mon Apr 07, 2014 1:14 pm

I vote for 2!
Carpe diem quam minimum credula postero!

linuxmachine
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Postby linuxmachine » Mon Apr 07, 2014 1:18 pm

I have 3 that I carry. 2 more set up for online shopping + utilities. several more that are just hanging out in my desk. my guess is that if i dont use them anytime soon, they will get closed. debating whether I should at least use the oldest one to keep it open (my cap1 from way way back)

rockyrock
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Postby rockyrock » Mon Apr 07, 2014 11:09 pm

I have 12 but I'm trying to get it to 8 by the end of the year.
American Express (2005): Premier Rewards Gold & Blue Cash Preferred
Chase: Freedom & UA Club USAA: Signature Visa & American Express
Discover it Bank of Hawaii Hawaiian Airlines WEMC Synchrony Sam's MC
Navy FCU Platinum Visa Citi Double Cash & AT&T Access MC

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nismoZtuner
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Postby nismoZtuner » Tue Apr 08, 2014 3:06 pm

MemberSince99 wrote:With all due respect to Takeshi, you should always consider utilization and AAoA too.


I mean seriously have as many or as few as you can manage and care to have. There is no magic limit that will suddenly cure cancer, whiten your teeth in your sleep and get you laid with a model every night. It's a credit card. For best SCORE 2 to 3 cards with prime lenders is optimal. But the "ideal" number is just a myth perpetrated by morons - "ideal" for what, maximum rewards? Having a card on every network? Most of the people telling you 5 probably can't even tell you why that's why you are asking.


I think you meant to say "Chase" not "Case".


Obi-dan wrote:With all due respect to Takeshi, this is a question only you can answer for yourself. The perfect number is the amount that best suits your needs, as everyone's needs are different. If you week your strategy is working for you than it sounds right. If it is not, then you might need to make a change.


What happened with "Takeshi"? I keep reading about his username before they even go ahead and write what they want to say..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

MemberSince99
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Postby MemberSince99 » Tue Apr 08, 2014 4:29 pm

He posts a lot on here and usually mentions utilization and AAoA and also a common theme I've noticed is deciding for yourself what Is right to do.

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nismoZtuner
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Postby nismoZtuner » Tue Apr 08, 2014 5:27 pm

MemberSince99 wrote:He posts a lot on here and usually mentions utilization and AAoA and also a common theme I've noticed is deciding for yourself what Is right to do.


I see...

Thanks..
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710

BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]

American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]

Chase Sapphire Preferred[7.3]

Inquires: TU(?) EX(?) EQ(?)

TCL-$19,800

Age-22



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