how many credit cards do you own?

Question

i have one credit card. and i just got my second one today. i almost feel like thats too much. when i was in my teens and started getting credit cards applications, my mom scared me stiff about them, saying i'll ruin my credit and i'll never have anything. well, i'm 22 and have perfect credit. so i guess she helped me out alot. i'll NEVER forget to keep on top of my bills! lol. anyway. i was just curious to see how many credit cards the average person has!

Answer 1

I have one card (Visa) of my own and am authorized on another person's card (Mastercard) I've been thinking about getting another (Discover) but haven't applied for it yet.

Your mother was both right and wrong to warn you about credit cards. When you have several credit cards, it gets harder to keep track of balances and due dates on each one. Just be sure to continue to use your cards the way you have so far. If you've got perfect credit, you've been doing something right. Also, the more credit cards you have, the more available debt you have. Since part of your credit score is based on a ratio of debt-to-income, it can actually lower your credit score (eg- having a $500 credit limit when you make $20,000/year doesn't raise as much of a red flag to lenders as if you have a $3000 credit limit when you make $15,000/year)

However, part of your credit score is also your payment history, length of credit history, and debt-to-credit ratio. Having another card helps you in all of those aspects, as long as you use it responsibly.

Answer 2

Respectfully, I would not say you Mom helped you entirely. Credit is a good thing and takes time to build. If you were to establish your credit earlier (say 4-years) then you would had four years of established history. This would only help if you were applying for a car loan or even a mortgage (lower rates).

There is a limit of having too many cards. However, you can have six cards with perfect card or two cards with lousy credit. Having two credit cards is a good amount. Just keep your credit accounts in good standing. I recommend keeping the balances within 25% of the credit limit. You have to establish a trail of one-time payments. Paying off your credit card each month does not help. If you have a problem with managing your credit, then paying the balances off every month is a good tactic. If you want to build your credit, you need to carry a small balance. Yes, you will have to pay a small amount of interest every month, but remember nothing is free.

Answer 3

Most people have two credit cards. One is VISA and the other is MASTERCARD. I have three. The other one is American Express.

A lot of people got into trouble with credit card debts. I hope you will not be one of them. Use your credit cards only if you can pay for them. Never buy anything you cannot afford. Clear your balance each and every month. Never use them to obtain cash in advance, because the interest is very high and it starts calculating as soon as you get the cash.

Answer 4

At least your mom has more sense about Credit Cards than my parents did. My parents told me to put every thing possible on credit...I'm still reeling from that bad advice, and some major stupid decisions I've made. Today I only have 1 credit card which I do not use, and I intend to close the account shortly. I generally carry cash or use my debit card these days.

Answer 5

Nothing wrong with having two, that's less of an issue than your responsibility with them. I have two. The key is, don't use it for things that you can't afford because you don't have enough in your checking account. If you can't afford it with your own cash, then don't charge it, period. The one exception is a real emergency. A credit card is just a form of money management, not free money just because a line of credit exists.

Answer 6

i just have one. my fiance is gonna put me on his so i guess i'll have 2 then

Answer 7

I have several--I use two. One for gas, and one for everything else.