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    How many credit cards should I be using?

    Hey guys!

    I currently have 3 credit cards: Chase Freedom (7K limit), Discover IT (4.5K limit) and CapitalOne Secured (just $200 limit). My total monthly credit expenses never go over 1K, and usually are around $500-$600/month. Does it make sense for me to use all 3 credit cards or just 1 one that gives me the best reward (Chase in me case) if I want to increase my credit score which is about 699?

    Thank you!!

    #2
    Keep it simple, if you only use one card, then you only have to remember to pay one bill each month. You don't have to game the system to have a great credit score, just continue paying the balance in full and on time and your score will rise.

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      #3
      I only use 1. My score is close to 800.

      Pick a card with rewards or cash back and use that one. Keep things simple.
      Brian

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        #4
        Thanks guys! I will follow your advice and just use one credit card.

        I see some people using different credit cards for different purchases and I was wondering if it somehow helps the credit score, but if it really doesn't then why the hassle? Just choose the one with best rewards or whichever one works best for you.

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          #5
          I would personally keep 2 open, assuming you are able to pay off each month, but more for practical reasons than credit score reasons. There are times that a card might be restricted or unavailable for some reason, and there are some types of purchases I wouldn't want to pay for another way.

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            #6
            I would get rid of th secured card. The $200 credit limit is pretty worthless and you have 2 other good cards.

            Between the 2, use the one that gives the best rewards. Both Chase and Discover have quarterly 5% cashback bonus categories so be sure to sign up for those and take advantage of them. Other than those bonuses, use whichever pays more on day to day stuff (probably Chase).
            Steve

            * Despite the high cost of living, it remains very popular.
            * Why should I pay for my daughter's education when she already knows everything?
            * There are no shortcuts to anywhere worth going.

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              #7
              I agree 1 card if possible. I like American Express Costsco, great paybacks from both the card and costco. Check it out.

              I only use visa for places that won't take it.

              Remember to pay it off in full every month, no interest ever.

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                #8
                Oh and be careful about closing accounts, an old account will help the age of your credit history. My advice is keep all your accounts and use just one and add a good card with a high credit allowance, like a Discover or an AM Express. Use those, but when the others threaten to close your account due to non use, then use the card for something petty and pay it off fast, then let it sit again.

                Each account at zero will look good and add to the age of your credit, in my experience. I have cards I never use and won't use till they complain, but AM EX gets just about all my purchases, utilities included.

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                  #9
                  I Use 1 Visa Platinum , never needed of another one.

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                    #10
                    I have four. I converted them all into rewards cards last year.

                    One has the rotating categories that I always seem to miss. I try to remember to use it but I often forget. Another was always a reward card with a 1% back but its AMEX so not able to use it everywhere, I use this card once a year so they don't close it on me as I've had it a while. Then I a 1.5% back on everything which I use most often and finally I have one that gives me good money back on groceries. I got it so we could get cash back on groceries but I rarely use it.

                    I just got out of credit card debt last year and in the last 2 months I've charged a lot of stuff so I'm going on an all cash diet for a while so I can control spending.

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                      #11
                      You should have at least one, its very hard these days to have debts.

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                        #12
                        One card, a Chase visa. I had a target cc for one year for the 5% off when our kids were on formula, but when I bought my last batch I cancelled it.

                        I ignore all the crap about multiple cards, keeping them open, keeping older ones around. Pay your bills and you'll have a more than needed score (when I applied for a mortgage 2 years ago I was I think 3 points off from a perfect credit score).

                        If something happens to the card, which I've had the magnetic strip go, they overnight you a new one free, I still have my banks debit card, and online transactions/Bill pay still works.

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                          #13
                          I have multiple rewards cards. My goal is to maximize my rewards, not to increase my credit score.

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                            #14
                            If you use just one card, you can maximize your rewards. Whether it is frequent flier miles, rebates or any other bonus. I also makes it a lot simpler too.

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                              #15
                              Using one card would make it simpler, can't argue with that.

                              I have found I get more rewards by using multiple cards. I have three cards with rotating 5% categories, but 1% on everything else. My AmEx card always earns 2% on gas. It earns 3% on groceries too but the grocery store I use the most does not accept AmEx. My Capital One card always earns 1.5% on everything.

                              And of course, those sweet sign-up bonus offers trump regular rewards. There seem to always be some out there, too.

                              I don't know, at some point I may say "forget it" and just stick with one card for simplicity's sake.

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