How Many Credit Cards Should I Have

Author: Wayneb
Posted: Wed Jun 09, 2004 7:37 pm
Post subject: How Many Credit Cards Should I Have
11/15/2002 1:37 pm CDT

I have an AMEX Cash-Back Card and a Cash-in Visa from First USA. Both have high limits. I also have a couple others, but I was cleaning out my wallet and thought maybe I could get by on the above two. I use the AMEX when I can, with the Visa as a backup. If I carry just those two, is that enough to cover all circumstances? I am a little nervous carrying more than a couple major cards, but I just want to make sure I am covering myself adequately. I pay off my balances every month, but I am just coming back to credit in the last 18 months after a long absence (ten years) and need a little advice.

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Author: mouseb
Posted: Wed Jun 09, 2004 7:38 pm
Post subject: How Many Credit Cards Should I Have

11/15/2002 2:52 pm CDT

No it is NOT enough. Try for like 2 or 3 more.

Also you should have a store card or two.

4 or 5 BANK cards (VISA/MC/DISCOVERCARD/AMEX) for the best F.I.C.O. score.

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Author: Eugeneb
Posted: Wed Jun 09, 2004 7:41 pm
Post subject: How Many Credit Cards Should I Have

11/15/2002 7:04 pm CDT

I saw a chart on it...YES IT IS BAD TO HAVE TOO FEW.

I would agree with you that "too few" is bad, however nobody knows how few is too few.

If you mean this chart http://www.ftc.gov/bcp/creditscoring/present/sld008.htm, then it is a sample of a scorecard that kinda, sorta represents FICO. See pages 17-18 of this -
http://www.ftc.gov/bcp/creditscoring/index.htm for more details.

Nobody really knows FICO criteria, as Fair Isaac guards it better than Pentagon guards its secrets.