How many credit cards do you have? - Page 3

Jess · 01-02-2008, 11:14 AM

I have but one - an Amazon Rewards Visa. Can I ask what the advantages/pros of having more than 10? I'm not criticizing...merely curious!

frozemud · 01-02-2008, 02:09 PM

Jess, I just kind of collected them over the years. Most of them I got before I became more wise about money and saving and personal finance. A couple had a 0% introductory interest rate, which we used when we were getting out of debt. Now that we have no debt, we intend to close most of the accounts.

Rebecca · 01-02-2008, 04:07 PM

Well, yesterday I cut up 6 store credit cards. So now I have 2 credit cards and my debit card. Which I am handing over to my parents to put under lock and key.

Gootsy · 01-03-2008, 11:47 AM

1 credit card. Just for some points and to keep the # of monthly transactions in my bank account as low as possible (if I break 15 or so, they charge me 1.50 each one after). Also since I have this, my RRSPs, and my chequing/savings account at the same bank, they don't charge me the monthly fee (4 bucks) for the bank account.

tricia_v · 01-04-2008, 06:07 AM

I'm pretty sure too many credit cards is a negative, at least that's what our FICO reports that we've seen always say, and we're about 14-15 cards.

From our years of being self employed, I can tell you a lot of ways not to improve credit, but I don't really know what are the good ways. I know they like you to have some credit use, but not too much. I think 5-6 was the average.

But another thing they count is how long credit accounts have been opened, so if one goes about closing any, close the younger ones. We closed almost all our accounts once in an effort to get back on the wagon and we'll never get that "seniority" back.

JeanPatricia · 01-04-2008, 06:20 AM

Currently, I have two cards. Only one is used regularly. It's a cash back rewards card, and the balance is paid immediately.

Now, don't ask me how much real estate those "store rewards" plastic cards take up in my purse!

JP

Joanne · 01-04-2008, 06:28 AM

I couldn't answer the poll because we don't have any. We paid off our cards about two years ago and have decided not to apply for anymore. We also just paid off our house and are now 100% debt free.

farley2k · 01-04-2008, 12:57 PM

I feel almost unamerican with only 1!

Julie Rains · 01-04-2008, 02:46 PM

Quote:

Originally Posted by tricia_v

I'm pretty sure too many credit cards is a negative, at least that's what our FICO reports that we've seen always say, and we're about 14-15 cards.

From our years of being self employed, I can tell you a lot of ways not to improve credit, but I don't really know what are the good ways. I know they like you to have some credit use, but not too much. I think 5-6 was the average.

But another thing they count is how long credit accounts have been opened, so if one goes about closing any, close the younger ones. We closed almost all our accounts once in an effort to get back on the wagon and we'll never get that "seniority" back.

I thought Nora did a particularly good, and thorough job on credit with credit cards; I have heard what seems to be conflicting information and this clears up a few things for me.

amandajane · 01-04-2008, 04:06 PM

I only have one credit card and as it's accepted pretty much all over here I cut up my old mastercard over a year ago. I have the minimum balance as well, and I've only ever paid $8 in interest since I got this card a long while back. I tend to be a bit impulsive when shopping though, it's a habit I'm trying to reel in, and I don't use it on the net, that could be too dangerous, lol.

View Poll Results: How many credit cards do you have?
1-5	42	72.41%
5-10	10	17.24%
11-15	5	8.62%
15+	1	1.72%
Voters: 58. You may not vote on this poll

01-04-2008, 06:20 AM	#26
JeanPatricia Junior Member Join Date: Jan 2008 Posts: 1 Reputation: (10)	Down to 2 Currently, I have two cards. Only one is used regularly. It's a cash back rewards card, and the balance is paid immediately. Now, don't ask me how much real estate those "store rewards" plastic cards take up in my purse! JP

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01-02-2008, 11:14 AM	#21
Jess Member Join Date: Jan 2008 Location: Rochester, NY Posts: 82 Reputation: (20)	I have but one - an Amazon Rewards Visa. Can I ask what the advantages/pros of having more than 10? I'm not criticizing...merely curious!

01-02-2008, 02:09 PM	#22
frozemud Member Join Date: Dec 2007 Posts: 50 Reputation: (10)	Jess, I just kind of collected them over the years. Most of them I got before I became more wise about money and saving and personal finance. A couple had a 0% introductory interest rate, which we used when we were getting out of debt. Now that we have no debt, we intend to close most of the accounts.

01-02-2008, 04:07 PM	#23
Rebecca Member Join Date: Jan 2008 Posts: 96 Reputation: (32)	Well, yesterday I cut up 6 store credit cards. So now I have 2 credit cards and my debit card. Which I am handing over to my parents to put under lock and key.

01-03-2008, 11:47 AM	#24
Gootsy Senior Member Join Date: Jan 2008 Posts: 222 Reputation: (19)	1 credit card. Just for some points and to keep the # of monthly transactions in my bank account as low as possible (if I break 15 or so, they charge me 1.50 each one after). Also since I have this, my RRSPs, and my chequing/savings account at the same bank, they don't charge me the monthly fee (4 bucks) for the bank account.

01-04-2008, 06:07 AM	#25
tricia_v Junior Member Join Date: Jan 2008 Posts: 1 Reputation: (10)	I'm pretty sure too many credit cards is a negative, at least that's what our FICO reports that we've seen always say, and we're about 14-15 cards. From our years of being self employed, I can tell you a lot of ways not to improve credit, but I don't really know what are the good ways. I know they like you to have some credit use, but not too much. I think 5-6 was the average. But another thing they count is how long credit accounts have been opened, so if one goes about closing any, close the younger ones. We closed almost all our accounts once in an effort to get back on the wagon and we'll never get that "seniority" back.

01-04-2008, 06:28 AM	#27
Joanne Senior Member Join Date: Jan 2008 Location: Originally from New York City, now in Florida since 2002. Posts: 131 Reputation: (43)	I couldn't answer the poll because we don't have any. We paid off our cards about two years ago and have decided not to apply for anymore. We also just paid off our house and are now 100% debt free.

01-04-2008, 12:57 PM	#28
farley2k Member Join Date: Jan 2008 Posts: 43 Reputation: (14)	I feel almost unamerican with only 1!

01-04-2008, 04:06 PM	#30
amandajane Senior Member Join Date: Jan 2008 Location: New Zealand Posts: 347 Reputation: (116)	I only have one credit card and as it's accepted pretty much all over here I cut up my old mastercard over a year ago. I have the minimum balance as well, and I've only ever paid $8 in interest since I got this card a long while back. I tend to be a bit impulsive when shopping though, it's a habit I'm trying to reel in, and I don't use it on the net, that could be too dangerous, lol.