Is More Better?

[Angie]

Is it better to carry a wide selection of cards (AMEX, Mastercard, Visa,Discover, gas cards,dept.cards, etc.) to be prepared for any situation, or only a couple?

I have about ten cards, including AMEX, Mastercard, and Visa, but only use two on a regular basis.

Should I only carry those two (Mastercard and American Express), or more?

[Ira]

There's no one answer to the question. I use a number of targeted cards. For instance, I use a Shell MasterCard fro Citibank to get a 5% rebate on all my Shell purchases. I use a AAA MasterCard from First USA to get a 5% rebate on any other brand of gas where I can pay at the pump. I have various and sundry other cards which offer rebates of one sort or another. Careful usage of the right card in the right situation can maximize your benefits. How many cards should you carry? You'll have to figure that one out based on your credit standing and life style.

[munster]

I have 21 prime cards and 5or6 store cards and don't have a problem plus my utilization looks good

[Eugene]

Munster, your credit-to-balance ratios look good (if you're not maxed out on all the cards), but you get a bunch of other problems.

You probably need to make sure you use each card at least once every six months or so, or you risk that the issuer will close the card as incative, and that's not good for your report. On the other hand, spreading the use of cards means getting less or no rebates/rewards for your spending.

Kepping track of such number of cards is a nightmare. If you move, you have to call them all, change the address and then make sure that it is changed. If your card expires, you should expect a new one, and if it does not come, it's easy to miss that, and that may mean missing fraud.

Paying all these bills instead of just a couple is more difficult, there is more potential for error, and it may be more expensive (more stamps or more expensive electronic bill pays).

I bet your average credit line is much lower than what it would have been if you had fewer cards. Issuers see you have a lot of credit already available to you and keep you at a relatively low credit line for each of their cards. It's much nicer to have three cards with $10,000 credit line each than 10 cards with $3k limits each if you ask me.

I would close most of them if I were you. Why do you even NEED so many cards?

Eugene.[/list]

[Verne]

A variety of cards or types of loans is good but more than 5 has a negative impact on the Equifax (Fico) score.

I have 12 cards (some closed) and Equifax lists ""too many bankcards"" as the second most important negative factor impacting my score. (697) That many cards may indicate ""debt juggling"" which they deem riskier. They go on to say that 4 or 5 cards is average - that's open or closed.

Transunion and Experian don't seem to have near as much a problem with too many cards. (731, 709) Although TU cited ""too many accounts with balances"" as a negative factor.

Verne

[munster]

Thanks for the advice eugene if I ever recieve a card with a 3000 limit I'M sure I wouldn't activate it anyway. I do rotate my spending to different cards but its never really a hassle. I use delta plat the most .. and I'm close to 200000 in cls eugene with all three scores above 724 which is my lowest. do you think i'll be ok?????????????

[db619196]

My philosophy is similar to others here. I carry 4 cards. I never carry a balance, but I use the cards for rewards and discounts. When I buy gas, I use the AAA card to get 5% back. When I shop at amazon I use their card, to get triple points. I also use a general rewards card and the amazon card when making regular purches. I might even get an Old Navy card when I shop there for fall clothes, to get their discounts. I view my cards as "paying cash with benefits." In other words, I use the card instead of cash and pay it back in full at the end of each month. However, this way requires self-control. My girlfriend admits she could never do what I do, as she would be tempted to spend more. She is just fine with one card with a low limit thank you. Not me however, because one way I get by on a smaller budget is to earn rewards for money I'd spend anyway (now if only rent and student loans could be paid with credit!)

David

[assets3000]

I am trying to build my credit back up. i have hire a credit lawyers for accounts that has not been open by me and almost finsh paying the small amounts of money that i own to my former credit issuers. i have just open up a secure credit card and just sent out to open another secure credit card; so my question is by opening these secure credit card account will they help me boost up my credit score and if so how many secure credit cards should i open up to help boost my credit score (if they are helpful) i was thinking about four or five,and will it help if i open the secure credit accounts so close together. i am a college student am trying to have enough credit to finally move out on my own and rent a house, and get a car on my own to all who replys i thank you for your time and input

[willgator]

WHAT????????