How many credit cards do I need?

[ukey]

I have about 6.....but I only use 2 of them.........and pay up every cent........the interest they charge aghast me

[Hermes]

Why do you keep the four that you don't use?

Doesn't make any sense to me to pay even the slightest annual fee for something I never use.

[Easy To Get Credit Cards]

Only get 3-4 OPEN accounts without any Fees. Make SMALL purchases on them each where you can and will pay them off every month. Build your credit...not a hole.

[Easy To Get Credit Cards]

I figure the amount YOU want is the correct number.

[juan20]

In my opinion I would have up to three. Not saying that you need to have them all maxed out or tons of money spent on them, but have them just in case.

[vanman2099]

3 is the suggested number to have for raising your credit score above 720 because the fico scoring system algorithms are constantly updated to reflect what an average consumer has.

So that is why you have read a ton of things recommending 3. The actual formula suggested for the fastest way to 720+ credit in an audio program I listened to once on credit was 1 mortgage, 1 installment loan, and 3 credit cards or revolving accounts.

If you keep the payments current and don't fall behind, as well as, pay all of your other bills, that is supposed to reflect the types of credits the "average consumer has" and you will get a good credit score by making all your payments on time.

That doesn't mean you can't have 300 credit cards or 1 credit card, no installment loans or 5 installment loans, 3 mortgages or no mortgages, and still have good credit. It's simply the current average consumer trend right now, which is probably going to go through another modification because a lot of people are now carrying more than 3 cards!

[layla17]

Great thoughts vanman2099. I agree it all depends are your situation. The number credit cards doesn't necessarily relate what you're trying to do, especially if you can't manage them well.

[sweetlou]

i think 1 credit card is enough for us, and yes i also use visa.

[marsel]

Its best to not have more then 4 credit cards, having too many credit cards can be be hard to keep track of your spending. You don't want to find yourself in credit card dept up to your heck!

[ryan07]

Only one ..
but the best one...

[stan3243]

My wife and I have one Amex that we use for the following reasons,

1) Security vs. debit card (insurance on purchases, etc)
2) Cashflow - float a small amount of money for emergency purchases but pay it off fast
3) Rewards in the form of airline miles

We pay it off regularly and try to never carry a balance beyond 30 days. The debit cards barely gets used and NEVER online.

I also have another card in my name only that really never gets used. Only when its my wife's birthday or Christmas and I want to buy presents and now have her see them on statements.

[nathanw83]

Originally Posted by unique

A person can never have too many when it comes to credit card. How many credit cards do you have? Would you prefer a Visa or Mastercard?

The correct answer is "0". Being in debt is stupid and 99% of Americans don't pay their bill in full each month. You are slave to the lender when you have a debt. Imagine what you can do with no debt and with a good chunk of money in good growth mutual funds and roth ira's. It takes me about 1 1/2-2 years to save for a new car, but instead of financing it, I pay cash. In todays society cash is king. If you are worried about having no credit, well what do you need credit for? Besides a house (because you shouldn't finance anything else). If you buy a house put 20% down and get on a 15 year fixed conventional loan, I guarantee you they would approve you.