05.21.10 | How Many Credit Cards Should a Person Have?
There are three types of people when it comes to credit card use. The first type abstains from any and all cards. The second type has so many cards their wallet is the size of a cinder block. The third type have a few credit cards, but sometimes wonder if they have too many or too few. So what is the “right” number of credit cards?
For starters, there is no right amount. How many credit cards you should have is related to your ability to manage debt and make payments. If you are a responsible card user, the amount of cards in your wallet is more or less irrelevant.
Second, the amount of credit cards you have will affect your credit score, but not necessarily in the way you think. The amount of cards you have is more informational than anything. If you have a high amount of debt, the credit report will seek the number of cards in your name and interpret that as a basis for your debt. Again, if you have a good rating and low debt, having a high number of cards won’t matter. Check your credit score today!
How many cards you have is based on you. If you have a card, you might have a gas card. You might have a card only for emergencies. You might have a card with sweet rewards benefits that you use for everyday purchases. Make a list of the items in your life for which a credit card will be useful and go from there. Also, if you have credit cards to pay off other credit cards to pay off other credit cards, you might be in need of a debt consultation.
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Well how much interest are you paying? A lot. It hurts when I look at what they charge me in a month for interest, but in some ways I do not care. I have no student loans so how would I ever had built up credit? In a few years I am going to want to buy a condo and I know my credit score will be beneficial to me then.
11 months, do you wish you can pay that before then? Of course! I wish I could pay it in 6 months, but I realize now that I need to build up a savings account while paying off my credit cards because some things in life still want liquid cash like rent and utilities.
Would you do anything different? No, I did what was right for me. I estimate that by the time I pay off my cards I would have spent over a thousand in interest, but you spend a lot more than that when you do not have a good credit rating or credit.
July 25th, 2010 | #
Will I ever go to one? Probably not, I feel that I manage my credit cards very well. Plus, two of my major credit cards have great perks.
Do I want more? I really want a gas credit card, but my job is very close by my apartment so i may not need one. However, I wish I would have got one in college because I spent hundreds of dollars on gas a year.
What do I recommend? Know yourself! If you are a shoe craving female that can't walk away and say no, perhaps you should stick with cash. If you need the credit to get over a rough patch and you know that you will be out of that soon, why not?
July 25th, 2010 | #
I just graduated from college and my credit score is excellent. How many cards did I have? Well that is going to take a moment to do some counting. I have 2 visa 1 mastercard 1 american express and four store credit cards. Too many some will say, but I think it was the right decision for me. It helped me get through college. I know what you are thinking, four store credit cards helped you get through college? No, those are actually at zero all four of them, but they have amazing benefits. My strategy is to always pay the balance in full. If I won't be able that means I do not need that skirt or shirt. Well for the major credit cards, I needed them. Being in college is expensive and there are many fees that appear. So for me, my strategy was to use as little as I can and always keep my balance in my mind.Well I have a balance on three of my major credit cards, which will be paid off in 11 months. My credit score is high and when I need something I do not have to check my checking's account.
July 25th, 2010 | #
i have three credit cards that i am trying to pay off. i will just stick with only one when i get them paid off
June 24th, 2010 | #
I think having 3 credit cards is the maximum for a college student because you do not want to have bad credit and be in debt by the time you want to find your own place and even relocate if looking for a certain career within area of your interest.
June 19th, 2010 | #
right now i have 2 credit cards im trying to pay off, once their paid i think i might just have to cancel them although 1 card seem good for emergencies and such
June 19th, 2010 | #
I feel that you really don't need any. It makes it too easy to just blow through your money. The only reason I would ever get a card would be to build credit.
June 19th, 2010 | #
I don't have any credit cards at the moment but i plant to have 2 one for everyday things and the other for gas and groceries.
June 18th, 2010 | #
I only have one and that is enough. But I have been thinking of another in order to pay for classes and once work refunds pay it back but I am still not sure
June 17th, 2010 | #
i think one is enough… no more than one, otherwise could become a hassle
June 16th, 2010 | #
Just one should be enough
June 16th, 2010 | #
Just one is fine.
June 16th, 2010 | #
I think one credit card for emergencies only is a good idea to have.
June 16th, 2010 | #
I think 2 is enough
June 15th, 2010 | #
I do not have a credit card, but i plan to have two credit lines in the future. One for an emergency, and one designated just to build a credit score, my personal preference is to just use cash.
June 15th, 2010 | #
I personally am the first type which 'abstains from any and all cards.' I constantly observe individuals misusing them. I think the reason they misuse them and don't keep track of how much they're spending is because the credit cards make them feel like they have control and power with no limits. I'm probably going to sound like I am too apprehensive and need to loosen up with my next statement, but has anyone considered theft? Correct me if I'm wrong, but I feel like the more credit cards you have, the more likely it is for credit card fraud. Once I am older, I may get one credit card for absolute emergencies only.
June 13th, 2010 | #
I think 1 credit card is enough, considering you need to be very responsible and able to maintain a good payment plan to ensure that you pay it on time.
June 13th, 2010 | #
One student credit card, one gas card for when I'm back home– that's how I roll. No credit is actually worse than any credit (though the main goal is to have good credit, lol). If you don't think about investing in even at least one credit card, future lenders won't be sure whether to accommodate you because you've got nothing on your record to prove to them. I use my student card for emergencies and the yearly trip back to my home. The payments keep my credit in high standing, and it's been that way for awhile, now.
Woo!
June 12th, 2010 | #
I've read in many articles that it was a bad idea for college students to have credit cards. I don't think I'll get one till I graduate or till I have a good standing on my financial status.
June 11th, 2010 | #
I think everyone should have at least one credit card. I was totally against having a credit card, until my mom talked me into getting one. I only use it for emergencies. It's good to have!
June 9th, 2010 | #
One or none should be enough.
June 8th, 2010 | #
Cash should always be first choice since having the credit card increases all chances of fraud, not to mention it ability to build credit!
June 4th, 2010 | #
i agree only one just for emergencies, good to build up credit if ur responsible.
June 4th, 2010 | #
1 for real emergencies only!
June 3rd, 2010 | #
one is good and safe enough
June 3rd, 2010 | #
It is important that one never becomes too dependent on credit cards
June 3rd, 2010 | #
It actually depends on your debt to income ratio. you should actually have 3 revolving credit lines to increase your score all should be paid on time. so if you have a carnote and two cards would be ok. too many cards hurts your credit and especially if you have too many and your not using them. Just transfer your balances if you have too many try to stick with two then let the cards expire.
June 2nd, 2010 | #
One credit card and one debit. try to always use debit.
June 1st, 2010 | #
I think a person should have at least 2 credit cards.
May 31st, 2010 | #
Its definitely best to have an amount of cards that wont allow you to get confused… I'd say to stick with one debit and one credit for some time… then move on…
May 31st, 2010 | #
awsome
May 29th, 2010 | #
very good.
May 28th, 2010 | #
I only have one card/debit for gas etc., tied into an account that my parents put money into
May 27th, 2010 | #
i only have a student credit card, and i definitely agree with the fact that only one is enough.
May 27th, 2010 | #
I totally agree with the last sentence of this article.
May 27th, 2010 | #
A person shouldnt have over 5 cardes. how the economy is now.
May 26th, 2010 | #
I agree with Brandon all the way. NO DEBT!!
May 25th, 2010 | #
only one is enough
May 25th, 2010 | #
I think people should only have no more than three credit card. One for emergency, another one for school or job, the other one for saving money. I personally do not like credit card because I don't know I will be able to pay of by the end of the month or not.
May 25th, 2010 | #
Don't use a credit card. Try to stay away from it as much as possible.
May 25th, 2010 | #
I think credit cards just get people into trouble:( Gives them the feeling that they have all the money in the world, if they abuse it.
May 24th, 2010 | #
As long as you're not using one credit card to pay off another its fine to have more than one. I think its best to have just one with a high limit.
May 23rd, 2010 | #
I dont really want any credit cards dont want to be in debt.
May 23rd, 2010 | #
Thanks!
May 22nd, 2010 | #
i think a person should have atleat two.
May 22nd, 2010 | #
Good advice and other credit card articles here should also be read by all.
I have 3 credit cards. Only 1 do i use – to buy groceries, etc. and I pay off monthly (I use it because I get rewards…- is like free money)
After reading articles here, I decided I should use one of the other credit cards & just paid that one off. So now I'll use the 3rd credit card & pay it off quickly. (these 2 i keep in a safe place)
May 21st, 2010 | #
Only spend money that you have and you will always be free of credit card debt.
May 21st, 2010 | #