How many credit cards is too many?

[sixerfan82]

I think my credit scores are in the 750+ range. Recently bought a house and my credit card will be paid off in the next month or so.

I think having 2 is too many. The purpose(as I see it) is to use it when you plan to spend a lot of money and you dont want to carry around several hundred in cash or you have to use it because it's much easier.

For example, xmas shopping, dinner out in the city or you're in a real bind.

[JohnFreeman]

You shouldn't have any until you can pay it off

[NBAplayoffs2001]

more than 3 cards are excessive for an adult whose working. For a college student? More than 2 cards and I make the assumption you spend a lot more money than you should be.

[GimmeThat]

from what I remember of what I was told when I got my first credit card.

it doesn't really matter how many cards you have, but really which one you use the most recently.

i.e. having a card from 2013 then you got another card with a higher credit limit therefore you stopped using it. it doesn't matter.

however, if you cancel the service, it might actually hurt your credit score.



remember, credit card company wants to make money off of you too.

however you want to look at it as a cheap way to boost your credit score.


this is not that of a verified or reliable source by the way.

[enayes]

I think my credit scores are in the 750+ range. Recently bought a house and my credit card will be paid off in the next month or so.

I think having 2 is too many. The purpose(as I see it) is to use it when you plan to spend a lot of money and you dont want to carry around several hundred in cash or you have to use it because it's much easier.

For example, xmas shopping, dinner out in the city or you're in a real bind.

This makes no sense at all. I earn MONEY on every single purchase I make, I will swipe my credit card if I am buying a $1.39 bag of chips.

For example with the Captital One Quicksilver card you earn 1.5% cash back on EVERYTHING YOU BUY. So I NEVER pay full price for anything, I'm always paying 98.5% of the final price. Why would anyone not do this?

[sixerfan82]

This makes no sense at all. I earn MONEY on every single purchase I make, I will swipe my credit card if I am buying a $1.39 bag of chips.

For example with the Captital One Quicksilver card you earn 1.5% cash back on EVERYTHING YOU BUY. So I NEVER pay full price for anything, I'm always paying 98.5% of the final price. Why would anyone not do this?

I'm not sure why I dont do it, I just dont. Credit companies BANK on the idea that people will either spend too much or forget things.

As I clearly said in my post 'the purpose(as I see it), etc. It was formed as an opinion although maybe not clearly stated that way. The less I put on my credit card, the less chance I'll overspend or forget how often I use it.

I am not interested in cash back. I do not believe the idea that companies will simply 'give' you money, or lower the price of something without a catch.

As I said, it's just an opinion.

[enayes]

I'm not sure why I dont do it, I just dont. Credit companies BANK on the idea that people will either spend too much or forget things.

As I clearly said in my post 'the purpose(as I see it), etc. It was formed as an opinion although maybe not clearly stated that way. The less I put on my credit card, the less chance I'll overspend or forget how often I use it.

I am not interested in cash back. I do not believe the idea that companies will simply 'give' you money, or lower the price of something without a catch.

As I said, it's just an opinion.

You don't need to believe it for it to be true. It's a fact. It's awesome to see your cash back build up and then you can just apply it to your balance whenever you want.

So far, credit card companies have not made a dime off of me while I've made over $700 in bonuses and cash back rewards. Most people are not as careful and calculated as myself and I guess have those individuals to thank for allowing credit card companies to offer these deals.

[sixerfan82]

You don't need to believe it for it to be true. It's a fact. It's awesome to see your cash back build up and then you can just apply it to your balance whenever you want.

So far, credit card companies have not made a dime off of me while I've made over $700 in bonuses and cash back rewards. Most people are not as careful and calculated as myself and I guess have those individuals to thank for allowing credit card companies to offer these deals.

You might be right. Being able to use a credit card and pay it off every month without fail is probably part of building up your 'cash back'. The very second you pick up an interest charge is when the cash back might be negated.

Once my credit card is paid off in full, I might see it in a different way.

[enayes]

You might be right. Being able to use a credit card and pay it off every month without fail is probably part of building up your 'cash back'. The very second you pick up an interest charge is when the cash back might be negated.

Once my credit card is paid off in full, I might see it in a different way.

Yeah once you have to pay any interest on a credit card the cash back rewards lose their value. You would still earn the rewards but chances are the interest you are paying would be higher than the rewards.

Once you pay interest/carry a balance the credit card company has officially "won" and made money off of you. But if you can prevent this from ever happening (as in don't buy things you can't afford) there is money to be saved by using credit cards for all of your purchases.

[sixerfan82]

Yeah once you have to pay any interest on a credit card the cash back rewards lose their value. You would still earn the rewards but chances are the interest you are paying would be higher than the rewards.

Once you pay interest/carry a balance the credit card company has officially "won" and made money off of you. But if you can prevent this from ever happening (as in don't buy things you can't afford) there is money to be saved by using credit cards for all of your purchases.

This is where I and probably most people don't do so well. When I first started using a credit card(I was 18?), I paid it off without fail. What was I really going to buy that I couldn't pay off? A few comic books? Some movie tickets? A TV?

Nowadays, it's dinner in the city, birthday gifts for friends/parents/girlfriend. ballgame tickets, vacations. Not as easy to pay off.

The credit card will be paid off soon in October. Then the money I'd normally use to pay off that will be shifted towards student loans.

[PHX_Phan]

I don't have any. Opened up a discount tire card once and bought a set of tires on credit, paid that off within the zero interest period. Also financed a car and paid that off a year later.

I've been denied applying for most loans, which I'm not sure why. My credit history is limited but I have never had a late payment or an outstanding loan. When I bought my current car I had the cash but I wanted to build on my credit, so I tried getting a loan through my credit union. Denied. Thought the concept that I could be denied for credit was dumb if I could just turn around and ask to withdraw the cash from my account with them. So much for building credit.

[enayes]

I don't have any. Opened up a discount tire card once and bought a set of tires on credit, paid that off within the zero interest period. Also financed a car and paid that off a year later.

I've been denied applying for most loans, which I'm not sure why. My credit history is limited but I have never had a late payment or an outstanding loan. When I bought my current car I had the cash but I wanted to build on my credit, so I tried getting a loan through my credit union. Denied. Thought the concept that I could be denied for credit was dumb if I could just turn around and ask to withdraw the cash from my account with them. So much for building credit.

I was denied for 4-5 cards before I finally got approved. I sent in a handwritten note with my application, stating how I was going to use the card and why I wanted it (to build credit) and I was approved for that one. I think it was the personal touch that got me through.

After that first one, I had no trouble getting my next 4 and taking advantage of the awesome bonus offers floating around.

[nathanjizzle]

i have 7. 3 closed and in good standing 4 active. i dont really use them for anything but business. It feels good to have spending power. If i ever wanted to buy some equipment for my business to make more money i could do it.

[nightprowler10]

The debt-to-ratio income thing is real. I was under a huge microscope while buying a house because mine was too high (I co-signed on my parents' first house... big mistake). It took me 3 months to get the property where it should've taken 30 days. It was hell.

EDIT: I should add that closing 4 low balance credit cards significantly improved my ratio.

[Real14]

2.

end thread.