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.
ScholarshipPoints code: HOWMANYCARDS
5 Most Recent Student Credit Card Blog Posts:
The Student Credit Blog is sponsored in part by:
Cash should always be first choice since having the credit card increases all chances of fraud, not to mention it ability to build credit!
One or none should be enough.
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!
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.
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!
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.
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.
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.
I think 2 is enough
I think one credit card for emergencies only is a good idea to have.
Just one is fine.
Just one should be enough
i think one is enough… no more than one, otherwise could become a hassle
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
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.
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.
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
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.
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
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.
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?
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.
Discover is a hard credit card to get in general. They market to college students for sure, but they are really saying…we want a graduate college student with established credit history. Your best bet would be to try capital one or possibly bank of america. Simply look for a general rewards college student credit card. To be honest though, the interest rate will eat up all your rewards because it will be a high interest rate. The best financial decision in this situation would be to forget about rewards and just look for a decent college credit card with a decent rate. You will have to look around. Really be aware of what they are charging you before your commit and do your research before you apply. Dont apply for many, especially if you keep getting denied because thats a sign. So, start researching different banks that offer student credit cards and find the best one and then apply for it. If you dont get it, then dont keep applying. Simply get a secured card instead. Some banks you could check are capital one, bank of america, first financial bank usa