How many credit cards are too many?
I have 5
Dezi Dean
Stealth
a year ago
The more the better but with t&c
1. If you have many credit cards there is a good chance that you wouldn't cross the 30% of the credit limit on any of those. This has a good impact on the credit score.
2. You obviously took those for specific reason, swiggy card for swiggy orders, tata neu for spends on tata, SBI for cashback and e-com sale. So you would save money for sure.
3. One thing that might not go your way is the membership and renewal fee. Too many cards mean costs on those.
4. Lounge access - many cards just give 2-3 lounge visits per quarter, so having more cards cover your multiple trips.
Coy Carmden
Stealth
a year ago
Agree completely to everything! Like perfectly summarized.
Jordon Gabriel
Stealth
a year ago
😂😵
Jordon Carmden
Stealth
a year ago
Have as much as you can afford! Get as much credit line approved when available in good times. When times go bad (economy, job loss etc), access to new credit becomes exponentially difficult.
Lenders, underwriters have a stupid scoring system, so just score you negatively on #CC based on their scorecards, models. But frankly you do not lose out on much.
P.S: I have 5 CC, all lifetime free. I am a miser, so my spends don't even cross 5% on any of their limits.
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