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How many major credit cards should one have?
Posted on 11/7/15 at 7:22 am
Posted on 11/7/15 at 7:22 am
Is 3 about right or is that too many?
7
Posted on 11/7/15 at 7:34 am to cypressbrake3
quote:
How many major credit cards should one have?
Theres no answer... Some people think none, others think 10.
Its all about how well you manage your finances. If you play the points game, you are going to have quite a few and it is worth it.
IMO, for someone that isn't playing the points game, two is prob the target number. A visa (because its accepted everywhere) and then an Amex.
Posted on 11/7/15 at 8:10 am to cypressbrake3
I know a guy that has over 25. Of course, he also was trying to get an eight leg first class trip through Europe for him and eight friends for free
Posted on 11/7/15 at 8:34 am to Porker Face
quote:
and eight friends for free
Ya screw that. His friends could do it on their own.
I've flown my friend to go to Cedar Point with me, and we flew a friend of my wife to our wedding to help her get here, but the points for 8 people is a little much.
Posted on 11/7/15 at 9:12 am to cypressbrake3
I only have one. 
Posted on 11/7/15 at 9:39 am to cypressbrake3
There is no "correct" answer. I have 11 but only actively use one (it happens to be M/C) and I carry a VISA for backup. The rest I just don't use, they're gathering dust in my drawer increasing my unused credit line and therefore boosting my FICO.
Posted on 11/7/15 at 10:22 am to foshizzle
I have 8 for about the same reason. I use one and pay it off every month, but my FICO score has gotten quite the boost from the open credit.
Most of the other cards are not even activated. In the safe.
Most of the other cards are not even activated. In the safe.
Posted on 11/7/15 at 10:27 am to anc
quote:
Most of the cards are not even activated. In the safe.
If the cards are not activated and put in play a little, does the issuer eventually close the card?
Posted on 11/7/15 at 10:34 am to cypressbrake3
quote:
does the issuer eventually close the card?
Depends on the card... I had an MC close the account because I hadn't used it in 3-4yrs. They waited until the expiration date and closed it. I was pissed, but it was my own fault.
Posted on 11/7/15 at 10:47 am to cypressbrake3
3 seems good.
I have 2, but I might get a third.
I have 2, but I might get a third.
Posted on 11/7/15 at 11:03 am to cypressbrake3
quote:
Is 3 about right or is that too many?
As many as you can handle responsibly. Having more cards doesn't hurt your credit, so it's simply a question of whether you can handle having a credit line and not spending the money unless you can pay off your debt every month.
Posted on 11/7/15 at 11:58 am to Joshjrn
All things being equal, a guy with five credit cards will have a higher score than someone with two or three. FICO likes multiple tradelines.
Posted on 11/7/15 at 1:06 pm to cypressbrake3
I have three personal use ones. Thats enough for me to keep track of. I'm not trying to put the effort into stacking points.
Posted on 11/9/15 at 10:54 am to TigerSaints318
I'm sure it's been discussed many times already, but to hijack a little... what are the better cards for rewards? I already have the DiscoverIt card which is decent but I know there are better to be had.
Posted on 11/9/15 at 11:33 am to jp90
What type of rewards are you looking for?
Posted on 11/9/15 at 11:55 am to VABuckeye
quote:
What type of rewards are you looking for?
Not sure honestly. I'd like something that can go towards travel, but at the same time I want to earn as much back as I can on things like groceries and gas.
No annual fee is also preferred for me
This post was edited on 11/9/15 at 11:59 am
Posted on 11/9/15 at 12:50 pm to jp90
The better cards for rewards have annual fees.
Posted on 11/9/15 at 3:14 pm to jp90
quote:
Not sure honestly. I'd like something that can go towards travel, but at the same time I want to earn as much back as I can on things like groceries and gas.
No annual fee is also preferred for me
Chase Sapphire
I have the preferred, but the annual fee of $95 is more than made up for with the option to transfer points to other companies. I transferred some to SW and came out way ahead of that.
This post was edited on 11/9/15 at 3:15 pm
Posted on 11/9/15 at 5:37 pm to TigerRob20
Does paying off two credit cards vs one credit card help with credit score? I'm assuming yes.
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