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How many credit cards should you have?
Posted on 7/30/17 at 2:10 pm
Posted on 7/30/17 at 2:10 pm
I have two. The situation is I wanted a higher credit limit on one of my cards simply to help my overall credit score.
They told me no because there was too much activity (CapitalOne). Which I thought I was doing good by keeping it active. When I upgraded to the one that got me cash back with purchases I started using that one more than the other. I would use it in place of my debit card and just pay the balance every week. It was currently at 0 when I requested a limit increase.
So my credit dropped into the 600's because I just purchased a new truck so I know that will go back up after paying on it.
What's the "sweet spot" with how many cards you have? and since when is it not good to use your credit card a lot?
They told me no because there was too much activity (CapitalOne). Which I thought I was doing good by keeping it active. When I upgraded to the one that got me cash back with purchases I started using that one more than the other. I would use it in place of my debit card and just pay the balance every week. It was currently at 0 when I requested a limit increase.
So my credit dropped into the 600's because I just purchased a new truck so I know that will go back up after paying on it.
What's the "sweet spot" with how many cards you have? and since when is it not good to use your credit card a lot?
11
Posted on 7/30/17 at 2:14 pm to RBWilliams8
All of them.
Capital One is extremely annoying when it comes to credit cards. I have somewhere between a half dozen and dozen cards and use them for literally every purchase I can. My credit has been no worse for the wear.
Capital One is extremely annoying when it comes to credit cards. I have somewhere between a half dozen and dozen cards and use them for literally every purchase I can. My credit has been no worse for the wear.
Posted on 7/30/17 at 2:19 pm to RBWilliams8
I have Chase Freedom I've had for 14 years, Capital One venture for 2, Chase Sapphire for 5, and Delta sky Miles I just opened for the points/miles.
Posted on 7/30/17 at 2:26 pm to RBWilliams8
How many depends on needs. We had six because we opened 2 a little while back to transfer balances on to them. We decided to close them both, then open an American Airlines card since we will be traveling more. Keeping our 2 oldest (cap one) open for age, amex for some perks, and citi costco. So we are at 5, with my wife's business having 4 also. Both credit scores are around 800, after bottoming out at 540 in spring 2009.
Posted on 7/30/17 at 2:33 pm to tduecen
I've had this cap1 card for 12+ years so I'm going to keep it for the account history/ duration alone.
I only have them for credit score purpose but I do notice I budget better when I use a credit card and pay total for the week instead of always just using my debit card at every turn. Keeps me in check like "I have to pay ____ next week". And if I don't no harm no foul.
I only have them for credit score purpose but I do notice I budget better when I use a credit card and pay total for the week instead of always just using my debit card at every turn. Keeps me in check like "I have to pay ____ next week". And if I don't no harm no foul.
This post was edited on 7/30/17 at 2:35 pm
Posted on 7/30/17 at 3:29 pm to RBWilliams8
about tree fiddy
Posted on 7/30/17 at 11:51 pm to Fat Bastard
2 personel.
1 business.
1 business.
Posted on 7/31/17 at 8:08 am to RBWilliams8
There is no ideal number that is best for everyone. I have two for personal use and go with whichever has the better benefits at the time. One for business. And about a half-dozen more that I don't use anymore.
Posted on 7/31/17 at 8:31 am to foshizzle
How many free vacations do you want?
Posted on 7/31/17 at 2:13 pm to RBWilliams8
I have 8. 5 with Chase (2 Slate, 1 Freedom, 1 Freedom Unlimited, and Sapphire). The two Slate ones I don't use anymore. I mainly use the Freedom Unlimited for the cash back rewards. Only use the Freedom when they have the 5% cash back rewards (it changes every quarter). About to receive the Sapphire credit card. I'll get 50000 points if I spend $4000 dollars in the first 3 months. Points can be used for cash or travel through the Chase website. The other three are with Citi. I used those mainly for balance transfers and I'm paying those off currently. Citi has some great balance transfer offers. The ones I've used had 0% APR for 12-18 months and the transfer can be deposited directly into your bank account.
With all that said, it is helpful to have multiple credit cards to help your credit score. It is referred to as credit utilization - the amount of your credit card balances compared to your credit limits. So if you have low balances and high credit limits, that will help your credit score.
With all that said, it is helpful to have multiple credit cards to help your credit score. It is referred to as credit utilization - the amount of your credit card balances compared to your credit limits. So if you have low balances and high credit limits, that will help your credit score.
Posted on 7/31/17 at 3:44 pm to Red5LSU
Mint says I've had 52 credit card accounts between my wife and I 
I'm sure a few of those are from getting issued new numbers but I'm sure we're well over 30.
I'm sure a few of those are from getting issued new numbers but I'm sure we're well over 30.
This post was edited on 7/31/17 at 3:46 pm
Posted on 7/31/17 at 9:38 pm to RBWilliams8
I have two. I really only need one, but I travel a good bit on business and had my primary get compromised a while back resulting in it getting shut down without warning while I was staying in a hotel. I decided to get another as a backup in case that happens again.
Posted on 8/1/17 at 7:39 am to RBWilliams8
I'm of the very minority opinion(on this board at least) that one with a decent limit is plenty. That's all I have, though my wife has a second one in her name only that she's had for years. But I really don't play the rewards game like so many here do.
Posted on 8/1/17 at 7:55 am to Teddy Ruxpin
quote:
Mint says I've had 52 credit card accounts between my wife and I
Whoa
I'm still fairly new to the game. Slowly dipping my toes into the post 5/24 world. New Citi Prestige just came in yesterday. Puts me at 11 cards..
Posted on 8/1/17 at 11:48 am to RBWilliams8
3, but one was my first card and I kept it strictly so it doesn't hurt my credit when I cancel it.
I use an amex blue for most everything, and a chase freedom unlimited for costco and a few bills
I use an amex blue for most everything, and a chase freedom unlimited for costco and a few bills
Posted on 8/1/17 at 1:03 pm to RBWilliams8
I have two. Amex Gold I have had since 2008. I really just keep it for early access to tickets/events. I break even with the $100 airline credit and something else I can't think of right now.
I also have a USAA Visa Limitless Cashback Rewards. Got it when Costco dropped AMEX. 2.5% back on everything. No cap. I use it primarily now.
I also have a USAA Visa Limitless Cashback Rewards. Got it when Costco dropped AMEX. 2.5% back on everything. No cap. I use it primarily now.
This post was edited on 8/1/17 at 1:04 pm
Posted on 8/1/17 at 1:30 pm to RBWilliams8
We have 1.
I would stress myself the frick out if I had to track multiple cards.
I would stress myself the frick out if I had to track multiple cards.
Posted on 8/1/17 at 1:33 pm to Salmon
quote:
I would stress myself the frick out if I had to track multiple cards.
I stress out about making sure I'm eligible for bonuses.
Tracking/Paying them is easy with software today.
As a guy noted above, you should probably have 2 just in case you ever need a backup. I think that is reasonable.
This post was edited on 8/1/17 at 1:34 pm
Posted on 8/1/17 at 2:55 pm to Teddy Ruxpin
quote:
As a guy noted above, you should probably have 2 just in case you ever need a backup. I think that is reasonable.
Not a bad idea, but only time I was out of town and something happened with my card(I lost it), they overnighted me a new one so I wasn't in too big of a bind.
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