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[Amory]

I got my first credit card when I was in college. A $2000 limit, no benefit Bank of America card that I don't even carry anymore.

A few years later, I got a Discover card which actually netted me some cash back and had a higher limit, but is still a pretty crappy card when you consider alternatives. A couple years after that, I opened a Chase Amazon rewards card, and then a few years after that I had built enough credit to get a good quality cashback card with Citi. I maintain balances on the Amazon, Discover, and Citi cards and pay them off in full every month. I also have a car loan and a mortgage.

The thing is, the only card I carry that has what I would consider "better than average" benefits is the Citi card. And there are so many other great options these days, especially since I've built a good credit history.

I don't want to have 5 credit cards. It just seems like too many. But the way credit works, you're actively discouraged from closing old shitty accounts, even if they're in good standing. Pretty much every advice article I've read said you really shouldn't ever close a credit card account.

So I guess my question is, should I just keep all of the accounts open, get the travel card, put one recurring charge on each of the 3 I'm not using, and just primarily use the 2 newest cards with the best benefits? Is there any harm in that?

 

[chalkitdown1]

1

 

[xxracerxx]

Five cards? Jesus.

I think my max has always been two.

 

[HvySky]

I have three, two of which are store specific and never even used, and that seems like too many.

 

[……forgetit]

1 is the joke answer, but you gotta build credit somehow. I'd say if you have 3 you really need to stop. I personally have 1, but I could see having 2, with one for credit building and another for emergencies. As viable.

 

[HellforLeather]

Two is too many. I have an 800 credit score and Ive never had more than 1 credit card. Not only that but Ive never ever kept a balance on the card. It gets paid off every month.

 

[Massicot]

It doesn't really matter if you keep them paid off. Unless I'm underthinking something. I have 5 cards too for different perks and stuff. I have a Citi Double Cash card for general purchases, a Chase Freedom for 5% back categories, Amazon Chase for amazon purchases..

Never paid any interest on any of those.

 

[Amory]

So, I kind of expected these sort of responses, but nothing I've seen actually says you're penalized for having a variety of cards. Just that you can't close them once they're opened.

Which seems backwards, but those seem to be the rules

 

[Skellig Gra]

3 is borderline, 4 is too many.

 

[Zach]

I have two even though Credit Karma -- and the expertz if you read up on it -- tell me to get more to improve my credit score.

I can live with my 802, though.

 

[bjork]

I keep three, but only use the one for regular purchases and pay it down. I would like to get rid of the others, but I don't want to delete that part of my credit history.

 

[nhlducks35]

As many as you want

I have 6 and have never paid any interest

 

[Orkidea]

Damn I have 3 and I'm in my late 20's. I must be doing something wrong. Gonna remove 1 of them

 

[Kusagari]

You can have 20 cards. It doesn't really matter as long as you're not opening them in mass at once and not leaving balances on them.

 

[Extra Sauce]

You should have as many credit cards as you have cars.

 

[fakefaker]

I have two, but the one is for in case I lose the other and emergencies.

 

[brandywine]

I have 6 that I use.

Citi double cash for general 2% back
Discover It for rotating 5% cash back categories and discover deals.
Chase Freedom for its 5% rotating categories thar are usually different from discovers.
Amazon Visa for 3% back when Discover doesn't have 5% back periods
Bank America Travel Rewards for international travel and foreign purchasing. No foreign transaction fees
Target red card for 5% off at Target and free shipping.

 

[Skellig Gra]

So, I kind of expected these sort of responses, but nothing I've seen actually says you're penalized for having a variety of cards. Just that you can't close them once they're opened.

Which seems backwards, but those seem to be the rules

Well you are penalized every time you open a card because they pull your credit report and thats a ding. The reality is having a ton of credit cards would be a red flag to any decent lender. It won't mathematically lower your score but there is more to it than that. Another thing to consider is annual fees. Chances are if you have 20 credit cards a couple will have annual fees and you are wasting money.

 

[Stallion Dan]

When you cannot pay one of them off, it is too many.

 

[Vincent Grayson]

I've got a total of 3, but one of them is a Target red card that got converted into a proper CC, which we only use when actually shopping at Target. The other two are normal cards, one with a great rate (though we don't use it anymore really), and the other is the one I stick a few of our monthly expenses on and pay off each month.

At this point, we have $0 in debt, so I'm not too worried about how many cards I have.

 

[Skellig Gra]

Damn I have 3 and I'm in my late 20's. I must be doing something wrong. Gonna remove 1 of them

You should never close credit accounts if you don't have to.

 

[ChaosZeroX]

I have 3 currently, but only use one which is my amazon one

 

[Triangle]

1

neogaf always delivers

 

[Nester99]

I have the main one and a back up one from another company for the few places that won't take my main one......

 

[Guevara]

Two feels right to me.

The primary, with the best rewards, that I use 95% of the time.

and a secondary when needed.

 

[BadWolf]

I have 4 but really only use 1. The one I use I always pay off at the end of the month and the other 3 are pretty much always at zero balance.

1 of the 3 that I don't use much has an annual fee. Would it really be a big deal if I canceled it?

 

[QuantumBro]

As long as your not in debt and can manage your money, just get as much as you want to maximize cashback. More cards improve your credit score by increase your total number of accounts and total available credit.

I have six right now and here's the rewards I get...
2% back on everything
5% back on gas
5% back on assorted categories (Costco and department stores this quarter)
10% back on PSN purchases
3% back on restaurants and groceries

I've collected around 200-250 in cashback this year without paying a cent in interest since I pay everything off within a week of buying it and none of the cards have a annual fee as well.

I have 4 but really only use 1. The one I use I always pay off at the end of the month and the other 3 are pretty much always at zero balance.

1 of the 3 that I don't use much has an annual fee. Would it really be a big deal if I canceled it?

You can ask the company to downgrade it to no fee card. It'll reduce your credit score if you cancel it.

 

[Codeblue]

I've got three. One is not an option. My student loan holder won't take Visa and Discover is pretty hit or miss elsewhere. I've replaced my Chase Freedom with an Amazon Rewards card, so I just need to wait for that to expire to get back down to two.

 

[eroze]

I don't consider 5 to be too many. It is a good thing to have a number of accounts open and in good standing.

What really kills you is opening several accounts in short periods of time as your Average Age of Accounts is measured in years.

It's also beneficial to have a credit mix, which your car and mortgage payments take care of.

If you keep total balance monthly below 30% (10% even better) then you are in very good shape.

 

[DOWN]

I can't tell if people in this thread are misinformed or just adamant about their preferences?

You're absolutely fine having several well managed cards. It's often Beneficial as it increases your overall credit line. You also shouldn't close accounts in the USA, as it hurts the average age of your credit lines and also drops your total eligible credit and ups your credit usage ratio.

 

[BadWolf]

You can ask the company to downgrade it to no fee card. It'll reduce your credit score if you cancel it.

Thanks, I'll try.

 

[kendrid]

We have 5 and our credit score is 822. Having cards does not hurt your credit score.

All have a $0 balance at the end of the month.

 

[Zach]

You should never close credit accounts if you don't have to.

I closed my oldest account a year or two ago because it had an annual fee that I couldn't get rid of/convert into a fee-less card. I took a hit, but quickly recovered.

Not that this is bad advice. A lot of people probably don't realize closing an account will negatively impact your credit score, even if only temporarily. They should probably teach these things in school. I've had many college-educated friends who are confused about/fearful of credit cards. It's weird.

 

[Flo_Evans]

You want as many (positive) credit lines as possible on your report. Doesn't really matter if they are open or closed.

The bad thing about closing cards is it lowers your total available credit so it raises your utilization, the #1 thing that effects your score (after missed payments).

I have 7 open CC accounts 2 installment loans and a mortgage. $80k in available credit.

 

[Amory]

As long as your not in debt and can manage your money, just get as much as you want to maximize cashback. More cards improve your credit score by increase your total number of accounts and total available credit.

I have six right now and here's the rewards I get...
2% back on everything
5% back on gas
5% back on assorted categories (Costco and department stores this quarter)
10% back on PSN purchases
3% back on restaurants and groceries

I've collected around 200-250 in cashback this year without paying a cent in interest since I pay everything off within a week of buying it and none of the cards have a annual fee as well.

And this is where I'm at. I collect a ton of cash back and pay zero interest.

But everyone always says don't have too many credit cards. As long as you're paying them off, though, I don't see why it matters. I just wanted to make sure I'm not missing something.

 

[God Dayumm]

I have 5 right now, a couple of which I opened because they had nice introductory rewards and no annual fees. I've been tempted to open more for those $150-$300 they give you at the beginning

 

[marrec]

2 Credit Cards is a good number. 3 is a bit excessive but not crazy. 4 is p. crazy calm down.

 

[ZanDatsu]

This must be an American thing, I've never had or needed a credit card. I've had the same VISA/Debit card my bank gave me 14+ years ago, they just send me a new one when the old one expires.

 

[brandywine]

You should have as many cards as you can responsibly manage to maximize your benefits. I never pay interest and I also never get less than 2% off a purchase. Sometime I get up to 10% cash back. I'm at ~$700 cashback for the year.

 

[Lord Frieza]

I have 3, two regular and a store card that I rarely use. My credit score is just under 750, and I've built that up from no credit score in less than three years. I think I'm doing okay. I've thought about canceling the store card since I barely use it, but I've been advised not to cancel a credit card unless you feel you absolutely have to.

 

[Forerunner]

As long as you manage them correctly there is nothing wrong with multiple cards.

 

[WorldStar]

6 cards, 790 FICO

 

[Heavy Iron Industries]

You should never close credit accounts if you don't have to.

This. It shows that you can't handle having a credit card and its a negative on your credit history. Stupid but its the truth.

I have a PlayStation Visa Card that I enjoy. I get points and i can spend those points on Sony products like PSN gift cards. Also, during certain times, PSN has 5X multiplier on stuff you buy from PSN so those points stack up real quick. Its like a fucking game.

 

[LQX]

I have about 20 cards with depth on only on two. Reason I have so many is because of sign up incentives like "get $200 Cashback after spending $500". I ended up saving a ton on my non-essential items like my 3D TV, consoles, etc. And I still have a credit score over 800.

 

[Stevey]

>1

 

[Lan Dong Mik]

I have 5 but I'm about to be paying them all off. Trying to build up my credit. Never had any credit cards before this year and I'm 36 lol.

 

[Skel1ingt0n]

First off - don't trust CreditKarma to get a perfect picture of your credit score. Pull a real FICO - you can get a free one a variety of ways. Your real square can easily fluctuate (often for the worse) by ~25+ points from CK.

Credit Karma, for example, puts me at 820. Whereas a real pull put me at 805.

Secondly, you're right - more credit cards just equal, assuming you don't spend more, a lower revolving utilization. The more "available credit" you have, looks better for your score and odds at being a good loanee.

Each new CC does a hard pull on your account. 1 a year is no biggie. 2 is pushing it a bit, especially if you are looking to buy a car or a house. That said, pulls don't terribly effect your score.

The problem with CLOSING a CC is two fold, really: One, it's absolutely going to lower your available credit, and thus also likely demonstrate a higher utilization (even if you pay off regularly). Secondly, if it's an older card - well, now your credit HISTORY isn't as long. And CC history actually does have a pretty significant effect on your score.

Don't go open a new card every six months for kicks. That's a bad idea. But assuming you don't see credit cards as "free money," there's no harm whatsoever in having a bunch of cards.

Like you, I got one right as I turned 18. Another a few years later. Another a few years later. AT 27, almost 28, I have five cards. But just got married, and my wife has four. So that puts us at nine cards. Together, we have about $200,000 of available credit, lol. Thing is, we usually put about $3,000 on one or two cards each month and pay them off, and another ~$3K on business expenses that I get paid back on - so yay points.

Just be mindful that if you have too many cards, and end up not using one for an extended amount of time, the card may be closed on you without your input - which has a negative effect. So even a shit card, I'd use it once or twice a year.

Lastly, if you do have several cards and one is just driving you nuts - you'll never use it - it's likely not going to kill you if you close it. The temporary hit to your credit score is better than either being tempted to overspend or making otherwise bad decisions with credit.

 

[Lord Frieza]

This must be an American thing, I've never had or needed a credit card. I've had the same VISA/Debit card my bank gave me 14+ years ago, they just send me a new one when the old one expires.

What about your credit score? Have you ever gotten something that required inquiry to that, or have you built it up in different ways?

 

[NOLA_Gaffer]

General use cards like Visa, Master Card, etc?

I personally don't go over one. I have a Amazon Visa from Chase that I use for all my credit card purchases.

I do have a Visa card issued through my bank that I keep getting sent but I don't think I've used it in literally a decade.

I also have store cards for Best Buy and Target, but that's about it.

I think I also have a Toys R Us Master Card under my name that I was sent a few years back when the clerk accidentally signed me up for that instead of their store card, but nothing has ever been charged to it.

 

[Dougald]

Doesn't really matter as long as you are paying the balance in full each month. Credit cards are simply a tool and are only bad if you misuse them

I have 2, one for cashback that I use for everything, and one spare that has commission free purchases abroad