Comments on: The Age Old Question: How Many Credit Cards Should I Have?

By: KG

KG — Wed, 18 Feb 2009 00:29:03 +0000

It is hard to find any rules about how many credit cards you should have. Usually you will find you should have more than one and you should not have 12. A "healthy mix" of credit will help your credit score, but that includes installment loans, auto loans, and a mortgage not just credit cards. My FICO puts it best by saying if you don't need the account don't add it. It will not improve your credit standing so there is no point. Their tip is to only add accounts if needed. KG's last blog post..The Personal Effects of a Good Credit Score

By: The 55th Carnival of Money Stories - Tax Day Edition — The Baglady

The 55th Carnival of Money Stories - Tax Day Edition — The Baglady — Tue, 15 Apr 2008 05:02:52 +0000

[...] presents The age old question: How many credit cards should I have? posted at My Investing [...]

By: Paul @ MoneyAnswerTree

Paul @ MoneyAnswerTree — Thu, 27 Mar 2008 13:48:34 +0000

“most likely to get fraudulent activity” are you serious?

Where are people shopping?

By: Rachel @ Master Your Card

Rachel @ Master Your Card — Thu, 27 Mar 2008 13:34:58 +0000

I think the fewer the better. It is probably best to keep one just for online purchases with a low credit limit as you are most likley to get fraudulant activity on that one. Then one for general use. I think if you have more you are just asking for trouble – there is always the temptation to use them you see!

By: hank

hank — Tue, 25 Mar 2008 02:56:33 +0000

@Paul – it varies from what people have said, I got my information from my mortgage broker when trying to get the best deal for my house. But we agree on the fact that creditors certainly don’t wan to see maxed out cards…

By: Paul B@moneyanswertree

Paul B@moneyanswertree — Tue, 25 Mar 2008 01:13:02 +0000

I read that it’s a good idea to have your debt ratio less than 50% across all your cards. Creditors don’t want to see almost maxed out cards.

As long as you are responsible with your cards, no number is unreasonable.

I have several cards but I only use 2 at a time. Chase Freedom and my Shell Citibank card.

By: Prime Time Money: Happy Easter Roundup | Prime Time Money

Prime Time Money: Happy Easter Roundup | Prime Time Money — Mon, 24 Mar 2008 14:59:49 +0000

[...] My Investing Blog asks how many credit cards one should have. [...]

By: Bendz

Bendz — Fri, 21 Mar 2008 20:39:31 +0000

I guess 2 is enough for personal use Bendz's last blog post..Make More Money Through Gaming