Comments on: How Many Credit Cards Should You Have?

By: moe money

moe money — Tue, 28 Apr 2009 20:21:45 +0000

i have a citi diamond preffered card with thankyou points, a chase card, and a capitol one miles master card.
but all of them have bad customer service. this realy matters.
when ever i call the customer service line i have to wait atleast 10 minutes. but then i cant close them because it will effect my credit score.

By: Salli818

Salli818 — Fri, 11 Jul 2008 19:35:25 +0000

Yes I think 3 the max is fine. I have a AmEx, Bank of america world points and then a discover card. Its just a waste of time having so many cards, I would say its just a headache. Not to mention having 5-10 monthly statements rolling in every month if you hold so many cards and use them.

By: Mr Credit Card

Mr Credit Card — Sat, 08 Mar 2008 14:10:48 +0000

To James

Technically, yes, one of the criteria of your credit score is your present balance to available credit. So if you have large credit limits on the cards you do not use, then yes, your score may go down a little. If you are not paying any annual fees on them, then just put them in a drawer but do not cancel them. Just don’t use them.

By: James

James — Fri, 22 Feb 2008 03:15:41 +0000

Unfortunately,

I have quite a few credit cards and department store cards (being a young naive kid at the time) but I only use 2 of them at the moment (and I never carry a balance on any cards). My AMEX green card, and for places that don’t accept AMEX, my Chase Freedom card.

I was thinking about closing all of my other unused credit cards, but that may hurt my credit history. It’s not right to close them, right?