I'm 21 and I have 8 credit cards

[alphatarget1]

I'm starting to have trouble keeping up with how many cards I have. I only use 1 pretty much, with another one sitting in my ING account for free $$$ and the BMW card I just got because they don't charge foreign transaction fees.

 

[Saint Nick]

I'm 21 and I have 8 credit cards...is that too much?

OMG YES!!!!!!!!

 

[alien42]

Originally posted by: alphatarget1
I'm starting to have trouble keeping up with how many cards I have. I only use 1 pretty much, with another one sitting in my ING account for free $$$ and the BMW card I just got because they don't charge foreign transaction fees.

i predict lots of debt in your future

 

[EvilPaper]

Originally posted by: alphatarget1
I'm starting to have trouble keeping up with how many cards I have. I only use 1 pretty much, with another one sitting in my ING account for free $$$ and the BMW card I just got because they don't charge foreign transaction fees.

If you don't have a need for them, get rid of them - the logic is simple.

 

[saahmed]

You should have two at most.

 

[DaiShan]

Yeah you'll probably end up 50grand in debt with 8. I've got 5 debit cards and 1 credit card debit > credit

 

[FoBoT]

if you are carry balances, then it is too many and you may be doomed

if you pay them all off every month, then i guess that is ok

 

[Viper GTS]

No, it's not too many.

Obviously if you were using them all & racking up debt it would be a problem, but having lots of cards open is not a big deal.

Viper GTS

 

[JulesMaximus]

Thanks for the update. Be sure to let us know when you have 9 credit cards. :roll:

 

[Tu13erhead]

Originally posted by: alphatarget1
I'm starting to have trouble keeping up with how many cards I have. I only use 1 pretty much, with another one sitting in my ING account for free $$$ and the BMW card I just got because they don't charge foreign transaction fees.

That's what'll get you in trouble.

On the other hand, you'll boost your credit score by having a higher total credit line, as well as having accounts open for a longer period of time. If you've got no running balance, I'd say leave the account open anyways. It'll be better for your credit score, I think. I could be wrong.

 

[intogamer]

If you cancel like 6 of them... it will hurt your score?

 

[shortspanishguy]

Originally posted by: Viper GTS
No, it's not too many.

Obviously if you were using them all & racking up debt it would be a problem, but having lots of cards open is not a big deal.

Viper GTS

Agreed I have 12 cards in my name and I only use my chase rewards card. My credit score was recently pulled and I have a 760. Just dont be stupid.

edit: I am 24

 

[Ketteringo]

Don't listen to people who don't know what they are talking about.

It's good to have a lot of available credit as long as your utilization is low, you're building up a great credit rating quickly.

The only time this would hurt you is if you were applying for a mortgage and they wanted you to have less exposure.

Just pay them off every month and you are fine. You're getting some great average credit lengths and this will really put you ahead when getting loans and whatnot in the future.

 

[DVK916]

I have lots of cards open and I am 22. There is nothing wrong with having a lot of cards open if your not carrying a balance on them.

 

[ShadoWing]

lol jus try and keep urself balancd, don't wanna get raped by debt

 

[cpals]

Originally posted by: shortspanishguy

Originally posted by: Viper GTS
No, it's not too many.

Obviously if you were using them all & racking up debt it would be a problem, but having lots of cards open is not a big deal.

Viper GTS

Agreed I have 12 cards in my name and I only use my chase rewards card. My credit score was recently pulled and I have a 760. Just dont be stupid.

edit: I am 24

12? What the heck man... do you apply for every application you get in the mail?

 

[shortspanishguy]

Originally posted by: cpals

Originally posted by: shortspanishguy

Originally posted by: Viper GTS
No, it's not too many.

Obviously if you were using them all & racking up debt it would be a problem, but having lots of cards open is not a big deal.

Viper GTS

Agreed I have 12 cards in my name and I only use my chase rewards card. My credit score was recently pulled and I have a 760. Just dont be stupid.

edit: I am 24

no lol... 6 of them are dept store cards that I never use.
12? What the heck man... do you apply for every application you get in the mail?

 

[RossMAN]

Yes.

IIRC when I was 21 I had 2 and my credit wasn't bad but it wasn't established either.

 

[deepred98]

as long as your not maxing them out you should be fine

 

[DaWhim]

nope. I have 11 and 21 y/o

HSBC
Discover
Providian
Citi - Professional
Citi - Dividend
Chase - Universal
Chase - Sony
Amex - Blue
Amex - Starwood

2 store credit cards.

 

[alphatarget1]

Besides student loans and the 0% APR from AMEX for 5k (still sitting in ING) I'm debt free. I only use my MBNA card for purchases so I can get 25k points (20k right now) for an airline ticket. All my other cards have $0 balance.

I kinda want to cancel some cards, I just don't feel like cancelling my oldest cards and end up keeping them.

 

[ultimatebob]

Originally posted by: intogamer
If you cancel like 6 of them... it will hurt your score?

Yes, it would. He should keep most of cards with no annual fees open, but keep a zero balance on them.

 

[LikeLinus]

Originally posted by: DaWhim
nope. I have 11 and 21 y/o

HSBC
Discover
Providian
Citi - Professional
Citi - Dividend
Chase - Universal
Chase - Sony
Amex - Blue
Amex - Starwood

2 store credit cards.

That's just retarded. Only a 21yr old would open 12 CC accounts. There's no point in it. Open 1-2 good cards and keep your credit in good standing.

I've got two cards and a corporate card (only used for company travel or procurement). There's seriously not ONE valid reason for having 12 cards.

 

[intogamer]

Won't you earn better rewards if you spend a lot of money on one card?

 

[Baked]

WTF... The most I had was 4. I have a 850 credit score.