How many credit cards

[bjscheel]

is too many? DH and I now have 11. Our credit is excellent. I just got a SW Rewards card for each of us for the bonus points and I am thinking about getting one more (business card). How bad is it to have that many?

I have identified 3 I wouldn't mind cancelling, and I will soon.

 

[disykat]

We have two main ones. One for regular use, one for internet use. Then we have another that we keep for backup - mainly because we've never gotten around to cancelling it. I also have 3 store credit cards. I try to avoid getting those, but some stores make you get them to get any discounts or rewards.

That makes my total 6. I don't receive bills unless I've used them that month so it's not too bad. We don't carry a balance on any of them.

 

[MSSANDRA]

We have one major Visa, and one kohls because of the great discounts. Do not carry a balance except sometimes will split December's Bill into two payments.

 

[wiigirl]

We have 3. I really think its all about manageability.

3 or 30 it all is about debt owed and what you get in return vs give.

 

[bjscheel]

I am not worried about getting in trouble with them. We only carry a balance on 1 because we got a low rate on the Disney card we could put the pickup loan on. It will be paid off next month. More worried about how it looks on our credit.

We have just collected these for their various perks. I have a Disney card for booking Disney packages. with 0% An Amazon Chase for Amazon. A Capital One 2% fuel rewards card for DH's semi fuel. Now 2 SW cards for bonus miles. Sears card for deals at Sears, our very first Mastercard from 1996 just because it's good to have long term credit, 2 Discover cards that of course earn points. A few others that aren't good for much. I plan to eliminate the extra Discover and those that don't really have good benefits. DH charges a lot of fuel on cc every month, so it's easy to rack up cashback and points.

Just thinking if I get one more SW card we can get more free flights for a future trip or maybe some free hotel stays. It's tempting.

 

[Tinkerbellie16]

If both your credit scores are above 800, don't fret.

 

[ToodlesRN]

We had four; 2 disney and 2 Alaska airlines and I thought that was alot now were at 0 cards only debit card!!!

 

[lttlmc3]

Obviously, if your credit score is that good, then its nobody's business how many you have, you are a responsible person! I could never have 11 becauser I'm...well...er...not.

 

[trip]

I have 2, my DH has 2, and we have 2 joint cards. What ever works is best for you.

 

[tms295psu]

Be careful bit to close cards that you have had for a long time.... It's actually worse for your score than leavin ten open with a zero balance

 

[sweetdana]

1) don't close them all in the same 90 day period.. closing accounts all at once looks like you are affraid of credit. close them 1 every 90 days (barring an annual fee).

2) if they are open and active with no balance.. there is no reason to close them. but 11 is alot, if your credit were stollen I would prolly get rid of 3 over the next yr.

I think 4-5 is a good # even with all 0 (or paid off bal) here is why. DH and I have about 5

1) amex blue has the most points.. We use when ever we can.
2) amex Delta card for airline miles/free bags ect, we use this card when nanny goes out, easier to see what she spends, and we use the points for air..
3) dis visa for use when a store won't take amex.
4) back up master card ( I think it is from amazon) to use if we need to lock the other visa/lost card or something. Just incase we need a back up but never use it.
5) debit card, for use as an ATM, or get cash out when at the grocery store.


I wouldn't hesitate to get an other one if it were worth it for something, and just not use it.

 

[eliza61]

Lol, that's probably a very good question for me. Some times I look at my credit report and I'm amazed at how much credit I've had over 50 some thing years. Right now I have 3 that I use a Amex, Visa and a MC

 

[hsmamato2]

to OP,keep GOOD records,i.e. a spreadsheet with cards,numbers,date opened,etc.
Also It won't hurt your credit to keep them open, just KEEP TRACK> The flaw in not keeping track is if a creep gets ahold of your number,and uses it without your knowing b/c you don't use an old card....make it a practice to keep an eye on them....
also if you already have the 50k SWA card,and get another SWA card in your name/RR#, learn about the companion pass...it is the BEST thing you will do for yourself in the next year or so (cc-wise)
you need 110k points for the pass, but it's AWESOME.

 

[tnd]

I have 4, plus one of my husband's old cards where I am an authorized user.

I have a Costco Amex (main card), Delta SkyMiles Amex (I almost never use it but it gets me free checked bags on Delta which is the main airline I fly as I live in a hub city), a Citibank card I have had since college (15+ years); and a Disney Visa.

I may have an Old Navy card still open, but I never use it and closed all my other store cards years ago. I am thinking about getting the Target card that saves you 5% every time you shop there because I go there all the time.

I should add that we have no balances on any of these.

 

[DawnM]

We normally don't have many, but this year the deals for opening them have been good, so we have opened 5 more.

It has bitten us a bit as we are refinancing. Our credit is still right at about 800 but since we opened so many, they are asking for a written reason for so many credit cards opened in 2012 or some such stupid thing.

I told them it was ridiculous as our credit is excellent, but they said anytime a credit score is flagged or something a written explanation is necessary.

Dawn

 

[elgerber]

We normally don't have many, but this year the deals for opening them have been good, so we have opened 5 more.

It has bitten us a bit as we are refinancing. Our credit is still right at about 800 but since we opened so many, they are asking for a written reason for so many credit cards opened in 2012 or some such stupid thing.

I told them it was ridiculous as our credit is excellent, but they said anytime a credit score is flagged or something a written explanation is necessary.

Dawn

I work in mortgage and this is true. It's asked of everybody, regardless of credit score, to explain all new accounts/inquiries. If your credit is 800 they won't care, they just have to document the file. I see it all the time, letters that state "opened a new card to get bonus miles" etc, if I were to refi my own file, I'd have the same letters in mine.

 

[aclov]

I heard a financial expert say too much credit can be bad because you have all that credit at your disposal and can end up in a financial mess say if you went and maxed out all cards. But I would say that's were responsibility comes in and if there was a risk cc companies than wouldn't give cards to those that already have them.

 

[*Seanaci*]

DH and I have 1. Our credit is good...but on his income alone (I'm a SAHM) we can't afford more than 1 CC. Plus, it's through our Credit Union and we have a really low interest rate.

Plus we just got done going through debt settlement on 2 CC's I brought into our relationship and 1 that he brought.

 

[davedmaine]

With 11 credit cards, your credit is not as 'excellent' as you think it is.. You're hurting your credit score by having that many cards. Why do you think you need so many?

 

[rockawaybeachgirl]

DH and I have 1. Our credit is good...but on his income alone (I'm a SAHM) we can't afford more than 1 CC. Plus, it's through our Credit Union and we have a really low interest rate.

Plus we just got done going through debt settlement on 2 CC's I brought into our relationship and 1 that he brought.

I think some people are confusing how much credit card DEBT they have vs how many credit cards- otherwise the statement above makes no sense. With the exception of certain credit cards which come with a high annual fee (Amex platinum, ritz Carlton cards are both $395) there's nothing to 'afford' in terms of credit cards. You're talking about how much spending you can afford.

OP, Collecting points/miles/cash back is a a sort of hobby of mine, so I'll tell you that we have more credit cards then you do, and we have around the same credit score. However, we have no credit card DEBT.

We've never had an issue getting credit (although as DAwn pointed out, it is a little bit f extra documetation if you are refinancing or buying a property) and my credit score has gone UP since I started this game.

It takes discipline and organization, but one can reap hundreds of dollars of value through credit cards if you use them correctly. If you're interested, the websites www.thepointsguy.com and flyertalk.com are great resources.