How Many Credit Cards Should I Have?
Frequently Asked Questions
What Is the Downside to Having Too Many Credit Cards?
With each new credit card comes the responsibility to manage an additional account. Having more credit cards makes it increasingly likely that you’ll miss a fraudulent charge or forget to make a credit card payment. While setting up autopay can help ensure that you never miss a payment, you’ll spend at least some time managing each additional account.
Can I Open Ten Credit Cards at Once?
While having a large number of long-established credit cards can help your credit score in the long term, opening a large number of accounts quickly isn’t a great idea. If you open a large number of credit cards within a short period of time, you’ll see your credit score take a noticeable hit. A bank might also question why you’re aggressively shopping for credit and take action to limit its perceived risk—possibly including closing your existing accounts.
Will Having Ten Credit Cards Hurt My Credit Score?
Having ten or more credit cards can help you build a strong credit score if you have a history of using them responsibly. If you have a long-established history of paying off your cards on time, your credit lines are large and your reported balances are low, having 10 or more credit cards can contribute to a high credit score.
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