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Charge your phone OP !
The hero we need
I’ve 12 credit cards including store credit cards such as (Bestbuy & Macy’s), which total $150k credit line all combined. Is that bad? My debt ratio is always 0-1 %. Always pay off my balance each month so I don’t pay interest!
I am the 7%
I was going to ask which one you were so thanks for getting ahead of the q
If you can manage your finances we’ll using cash or your debt card is throwing away money
It’s that you used “we’ll” and “debt” instead of the words you meant(and have no punctuation)
Having more than one card is huge. I’ve had times where my primary card was compromised and had to fall back on another while replacement shipped
I never once had a problem getting $$ back when my debit card was stolen or “skimmed,” in the past. Maybe BoA is just so great..
I have 25 🙃
Though I obviously don’t carry them all, all the time. I carry 6 daily, which rotate based on the need
I have 9 at this point and 8 of those all came with a sign on bonus. Hell I just bought my new motorcycle on one because of the $500 cash back, 1.5x points and 12 months 0% interest.
And not CSR????
Ftw. I pair it with the freedom card to get the seasonal bonus. I spend so much of my discretionary budget on eating out and travel the CSR is a no brainier.
Your credit score will be lower if you have only one credit card. I have three - main (all purchases) backup (never used but there in case main is down) and credit booster which is used to pay a couple of monthly bills automatically (this one boosts credit as it reports as paid as agreed). Otherwise you’ll get too few accounts paid as agreed showing up even though you have no late payments. It shows up because you don’t have enough payments. I used to have only one card and boosted from
780s - 820 by opening a couple more accounts and arranging things this way. Note: I don’t have a mortgage or car payment so I’m dinged for not having an installment line of credit.
If you never use a credit card, you run the risk of the account being closed. Best to use each card occasionally.
All serve different purposes
I am in the 7 or more category
The median is only 1-2 cards
I think I have 5 but I only use one with the best cash back, the rest were to raise my credit limit artificially when I was younger(so I could carry a higher balance w/o hitting credit).
I have two credit cards
Less worried about the number of cards as I am the amount of debt people are actually paying interest on
IMO 3 is pushing it, unless you want CC to be your hobby.