How many credit cards???

Discussion in 'The Pub' started by SKYHIGH, Jan 25, 2015.

  1. SKYHIGH

    SKYHIGH Member

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    I have always beloved in just having ONE...maybe two credit card incase of emergency or to rack up points. However I have recently joined MYFICO forum only to realize many if not most of the members on that forum have minimum of 3 cards with many having 5 or more. I read and read and to my surprise, most recommend MINIMUM of 3 cards to increase your credit score. Wow!!! Really?!?!?!

    How many credit cards do you have??? What are they?

    I have two cards from Chase and am thinking of getting Am-Ex only because that forum suggest I do to increase my credit score. Contrary to what I have known to increase credit score.

    Cheers!
     
    Last edited: Jan 25, 2015
  2. lefort_1

    lefort_1 Nuzzled Firmly Betwixt Gold Supporting Member

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    1 for work (I own the biz)
    1 for me at home
    1 for dental/vet emergencies

    and 1 more if you count Home Depot (has been idle for more than 2 years, may be defunct.)
     
  3. SteveO

    SteveO Member

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    Just two, and one of them never gets used.
     
  4. Totally Bored

    Totally Bored Member

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    I've always had just 1 and I have excellent credit. Pay on time or early and pay it off if you can is my motto.
     
  5. Jon C

    Jon C Silver Supporting Member

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    Just one is not the best idea, a second in case of emergency is a good idea... Use it once a year to keep it going and lock it away til you need it.
     
  6. sixty2strat

    sixty2strat Member

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    had 4, lost my job and got buried in debt. Paid them off and have none. saved enough cash to make then redundant. NEVER AGAIN.
     
  7. tbp0701

    tbp0701 Member

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    I went a long time using only a debit card, but I became worried about, say, using a card at gas pumps that were attached directly to my bank account. I also learned that living debt free without credit cards can have a detrimental effect on credit.

    So now I have three. One I use for gas, and about only gas. Another is an AmEx I use for many things, but especially while traveling. The third I use on occasion but mainly have recurring charges, like Netflix or other subscriptions go to it. And I pay off all three every month (and the detrimental effect of not using any credit for a decade has been erased).
     
    Last edited: Jan 26, 2015
  8. SKYHIGH

    SKYHIGH Member

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    So those of you with 1 or less, is your credit score above 800?
     
  9. badhorsie551

    badhorsie551 Member

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  10. cratz2

    cratz2 Member

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    Three.

    One for most normal, personal purchases, one for business purchases and one for gas for the work truck. The two business cards get paid off every month.

    I've read that - while it might be spiting hairs for folks with otherwise great credit - having a card that only gets used once or twice a year and paid in full slightly hurts your credit rating, esp if there is $20,000+ available.
     
  11. bgmacaw

    bgmacaw Member

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    None. I avoid debt except for the mortgage. The last time I checked, I had a rather low credit score because the only credit I've used in the past 15 years or so is the mortgage on my home.

    Remember a credit score isn't primarily a reflection of your ability to pay back a loan. It's a reflection of how much credit you use, how well you pay it back and how profitable you are to lenders. Someone who uses 5 credit cards a lot and barely manages to pay the minimum on time each month will have a better credit score than someone who is more financially stable who only uses a single credit card paid off fully each month.
     
  12. SKYHIGH

    SKYHIGH Member

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    Yeah...but it's the system. It's the system which allows us to finance car, mortgage, etc. Wouldn't it be important to play the game?
     
  13. t***9

    t***9 Silver Supporting Member

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    None thank you.
     
  14. EricPeterson

    EricPeterson Member

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    2, one is primary, the other is a backup or used for work stuff I will be reimbursed for. Never run a monthly balance on any of them, they are basically paid off weekly.
     
  15. Jon C

    Jon C Silver Supporting Member

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    This is not necessarily correct. Your credit utilization ratio is important. If you use 5 cards and carry large balances it will ding your score significantly.

    Better than 1 card paid in full is 2 or 3, with one paid in full and the others not used -- no interest paid, lower credit utilization ratio, higher scores. And you have cards (credit line) in reserve if needed.

    This gets you a high score and top tier (lowest) mortgage rates, for ex., without paying any credit card interest.
     
  16. fusionbear

    fusionbear exquirentibus veritatem Gold Supporting Member

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    None, in 18 years.... really...

    All I have is the mortgage... that's enough!
     
  17. sleewell

    sleewell Member

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    We have one main card but it's an Amex and they arent accepted everywhere so we each have a visa too.
     
  18. Gillespie1983

    Gillespie1983 Member

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  19. Matt McGriff

    Matt McGriff Member

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    I have a corporate amex that I use to travel for work. We have a discover card and a visa that are both going away this month. Then we will begin to pay them off along with all of the other stupid debt that we have accumulated and keeps us living paycheck to paycheck each month. Then we will begin to put money in the bank so when an emergency comes along we can pay for it and not have to finance it. All that does is make the emergency worse. I look forward to the day when I have a zero credit score.
     
  20. bgmacaw

    bgmacaw Member

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    I stopped playing the consumer debt game right after the dotcom crash in 2001 when I realized just how badly it was rigged against people. It's a game I'm going to avoid as much as possible and I recommend others avoid it as well.
     

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