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TSC1 - how often you use them does matter. You need to use them frequently enough that the issuer won’t close the account. I just set a reminder to load 50 cents onto my amazon gift card once per quarter on all my cards.
Imo target state you want to have 10 cards with no annual fee that you will keep forever. These cards will form a base for your credit score and protect you from the impact of getting new cards and canceling them in the future.
In the short term, getting new cards will hit you with hard inquiries and lower your average age of accounts, so yes it will hurt in the short term. That said, my AAOA is 1.5 years and I have 15 inquiries in the last 2 years, but I still have a 720 credit score.
The credit limit increase, debt to credit ratio decrease, and good history of on time payment outweigh the only negative thing from having lots of cards which is the number of credit inquiries. I have 18 cards and been doing "earn and burn" for the last 4 years. My score never dropped below 770 and right now at 810! If your company allows you to spend on a personal card (like Accenture, except for airfare) then it's an easy 8-10k a year with zero tax.
How often you use them doesn't matter, but yes always pay them off. There's actually upside in the long-run to having more of them, assuming you use them responsibly. For each card you open, your credit score will take a short-term hit but will increase over the long-term
Am I doing something wrong? I’m 30 with 2 credit cards - 800 credit score. Should I get more cards? Lol. Never felt the need to and was never a point junkie but after Sapphire Reserve I’ve kinda become one, haha. Any recommendations? (Random factor - going to bschool this fall..should I bother?
I had the corp amex, a visa from my bank, and the spg amex while it was good 😭
I have 11 personal cards and 2 business cards plus a corporate Amex
Is there any significant downside to having 5-7 hypothetically? Does it negatively impact your credit or is it fine so long as you use them sporadically and pay promptly?
It literally takes 10 minutes, so I feel that it’s well worth it to be sure
With every CC you open, your average credit score goes down on the short term. But you can build up with time ensuring you are prompt with every payment.
Agree with the point about mortgages. Your credit score is important but the big mortgage companies will also look at how much debt you can take on and a lot of cards means you could theoretically take on a lot of debt which makes it risky to lend to you. After trying the whole card game earlier in life I am now down to 2. My husband has about 5. My credit score is higher than his (not by much) so do not buy into the need for more cards to increase your score. I find that simpler is better for my life - and doing fine so far
20 or so at the moment 😁 i would pick your airline card based off the most likely airline you'll fly - which airlines have your home airport as a hub?
Seven.
A1, true but typically CC issuers wait until there's ~18-24 months of inactivity to close it, and even then most of the time they don't take any action. Once a quarter seems pretty aggresive but if it works for you 😁
The only reason I'd stop applying for cards is 1 year before applying for mortgage. Some traditional banks get spooked that you have so many credit cards. Other than that I sign up for cards to get the sign up bonuses and close them after. The only exception has been Amex cards since they have the very lucrative Amex offers worth keeping open with great value especially for travel offers like Delta or Hilton or SPG or Hyatt or even at nice restaurants like spend x dollar amount and get x amount in statement credit.
Which cards have the best sign up deals? Any recs? And when do you close them out?
https://thepointsguy.com/cards/
Start with Chase cards due to the 5/24 rule. If the card has an annual fee and isn't worth keeping after the first year (which is most cards), downgrade after a year to a no fee card (or cancel if there isn't one available)
Google trifecta cards for chase.