How Many Credit Cards Should You Have?

mkfarnam · 05:53 PM

" Capital One" is my provider.
I do have a question, But I don't want to go off topic so I'll take it to another thead or open a new one.

Mogul of Pineapples · 12:06 AM

Capital One probably has a plan like that. Most of them call it a "payment protector" plan or something along those lines. I believe they charge around 1% of new purchases each month for it but double check on that.

You can go ahead and ask it here. I've found everyone on this forum is very accommodating. Well except to the spammers, we eat them for breakfast when they come here.

sjohnson2 · 10:30 AM

My experience has taught me to always read the fine print for things like credit cards. When I first started to use them as one of my tools to build credit up my credit ... those introductory offers really fooled me. Same with the balance transfer offers, which I do take advantage of often, but now know to watch for those transfer fees. Sometimes they are so much, the transfer isn't doing you any good in the end. But my credit score keeps going up & up so I must be doing something right.
Sam

jaynser · 11:18 AM

I have 3 credit cards. I would probably be to scared to get any more. I have excellent credit because I always pay them off completely. I never only pay a minimum payment because, I'll only be paying interest

HYENA · 02:37 PM

In approving mortgages for years the magic number is two. Too many and it affects your score. It's the average balance versus that individual credit card's available credit line NOT all added together. So if you've gor a limit of 5k and you've charged 3k it's going to hurt. If that one limit is 10k and you've charged 3k it will help your score.

I've never seen 7-8 card holders with credit scores over 850 unless they've had lots of credit for decades. Those with fewer tend to be higher. I'm going off those I've seen with scored above 800 and how they do it. Since I made it my business to get my score over 800, it's worked.

jeffysdad · 10:55 AM

All of them are cashback with no annual fee. I only use 2-4 during any particular month and only carry 2 in my wallet. All are major credit cards (Visa, MC, Amex, Discover). Credit limits for each range from $5k to more than $40k. I pay balances in full every month. There are five that I don't use at all. If I tailor my usage to optimize cashback I can get roughly a nominal 2.5% cashback. For large or non-everyday purchases I check the websites to see if any of the cards offer coupons, etc. for the seller I'll be using.

ajdv · 02:01 AM

I just have only one visa card.

12:06 AM	#12
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	Capital One probably has a plan like that. Most of them call it a "payment protector" plan or something along those lines. I believe they charge around 1% of new purchases each month for it but double check on that. You can go ahead and ask it here. I've found everyone on this forum is very accommodating. Well except to the spammers, we eat them for breakfast when they come here. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

11:18 AM	#14
jaynser Banned Join Date: Mar 2009 Location: Arizona Posts: 1	How Many credit cards I have 3 credit cards. I would probably be to scared to get any more. I have excellent credit because I always pay them off completely. I never only pay a minimum payment because, I'll only be paying interest

10:55 AM	#16
jeffysdad Platinum Member Join Date: Apr 2009 Location: Texas Posts: 98	I have 10 All of them are cashback with no annual fee. I only use 2-4 during any particular month and only carry 2 in my wallet. All are major credit cards (Visa, MC, Amex, Discover). Credit limits for each range from $5k to more than $40k. I pay balances in full every month. There are five that I don't use at all. If I tailor my usage to optimize cashback I can get roughly a nominal 2.5% cashback. For large or non-everyday purchases I check the websites to see if any of the cards offer coupons, etc. for the seller I'll be using.

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05:53 PM	#11
mkfarnam Green Member Join Date: Aug 2008 Location: Oklahoma (just moved here from SoCal) Posts: 4	" Capital One" is my provider. I do have a question, But I don't want to go off topic so I'll take it to another thead or open a new one.

10:30 AM	#13
sjohnson2 Green Member Join Date: Nov 2008 Location: Seattle,WA,US Posts: 1	My experience has taught me to always read the fine print for things like credit cards. When I first started to use them as one of my tools to build credit up my credit ... those introductory offers really fooled me. Same with the balance transfer offers, which I do take advantage of often, but now know to watch for those transfer fees. Sometimes they are so much, the transfer isn't doing you any good in the end. But my credit score keeps going up & up so I must be doing something right. Sam

02:37 PM	#15
HYENA Green Member Join Date: Oct 2009 Location: UNITED STATES Posts: 9	In approving mortgages for years the magic number is two. Too many and it affects your score. It's the average balance versus that individual credit card's available credit line NOT all added together. So if you've gor a limit of 5k and you've charged 3k it's going to hurt. If that one limit is 10k and you've charged 3k it will help your score. I've never seen 7-8 card holders with credit scores over 850 unless they've had lots of credit for decades. Those with fewer tend to be higher. I'm going off those I've seen with scored above 800 and how they do it. Since I made it my business to get my score over 800, it's worked.

02:01 AM	#17
ajdv Banned Join Date: Nov 2009 Location: china Posts: 2	I just have only one visa card.