How many credit cards is too many?

One

Signed,

Dave Ramsey

Go read the credit card thread... Short answer is as many you want. Just pay the bill off every month. If you can't do that then the answer is none.

I have the Freedom+Sapphire combo. I like it. Never worried too much about gaming the credit card incentives but since I already banked with Chase I figured this was pretty easy and painless to put into effect.

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opened 32 in the past 2 years.

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I have opened 32 in the past 2 years. 22 this year itself. FICO score is 770+

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You just say to the 5/24 rule huh? Lol.

I typically only use 1 and pay it off each month. However I see no problem in getting anymore if it suits your needs. About to buy a house and I'm gonna get one of those 15 month no interest cards because I'd rather pay it off monthly before the interest kicks in than pay it all off at one time. I need lots of stuff

As long as you pay them off in full every month, I think perhaps 2 to 3 major credit cards and perhaps 1 or 2 store cards that you use frequently is probably ok and a good way to build credit.

I have 2. No store cards.

There is no need to limit the number.

I have a stack. No clue and don't feel like counting. 20+ easy.

In the end, it should not be about the credit score, but the available credit. Available credit is a good place to be. Obviously for emergencies, fronting yourself money to start a business, home renovation loan, help out a friend in need,etc, etc. Shoot, back in the free balance xfer days, I could take out a 12 month, zero cost, zero interest, $100,000 balance transfer to my checking account, invest it for 11 months, bank interest, and then payoff the loan. Rinse and repeat. Now you can do this, to the tune of 2, 3, or 4%....Still. for those devastated by this flood, being able to give themselves a 12 month, no interest - $40,000 advance for 2% might be pretty helpful.


Additionally, just having the available credit lowers your credit utilization - which raises your score quite a bit. What is a positive catch-22 called? All i can think of is symbiotic relationship.

IMO, open up a card whenever you need. Have a 4% gas card, but now there is a new 5% option -- get it. Using a 1.5% cash back, but want that 2%? Of course - get it. One downside is opening up too many, quickly, will lower your average length of credit - which hurts, but not a ton. Other than this, there is not a lot of downside that I can think of.

Now of course, everything I am saying is assuming that you pay off your entire balances every month. (not on the large advances - those are interest free, just the everyday living), and obviously being able to be money and credit responsible.

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One Signed, Dave Ramsey

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I think Dave would say 0.

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