The more you have the more debt you are going to float.

Well I have been searching for a rule on this for sometime. After many years asking many people and professionals I have come to the conclusion that there is no rule.

I have heard that 3 is optimal but then again I know a guy who has almost 100 cards and he has a score over 800! go figure right!

He uses some interesting tricks of the trade and I would not recommend having to many.

Why? Well if you have many cards you pose as a larger risk to creditors because you have the availability to so much money that your debt to income ratio can get so big that you would kill yourself.

Anyway... this is a much tougher question than just saying a number of cards... I hope I helped

It's not about how many you have, it is all about how you use your credit. If you manage it well, they will trust you with more, and the rate and terms continue to improve. One time I had a $25,000 credit card mailed to me that I didn't even apply for. I moved everything else onto it as a consolidation.

Today I have no credit cards and choose to be that way. When offers show up in the mail, I read the terms to see what goodies they are offering this week, then I tear them up and toss them in the trash.

If it is just for personal use you probably won't need more then one.

VISA or MC?

Depends on preference.

People have multiple cards but most likely use the same card over and over which eliminates the need for more. You're more likely to increase your debt level with multiple cards.

Many people with multiple cards rend to max out one and then move to another one which is the ideal recipe for a financial problem.

It's all about how you use the card(s). I would recommend that the balance should be repaid at the end of each month and to purchase goods which you can afford (i.e. have the cash to purchase them).

Remember that CC carry an annual fee and although not much if you have too many cards you won't use you're just waisting money.

I know I am "digging up" a fairly old thread here, but for you people that say that having too many credit cards can be detrimental because of the exposure, would you say that you should have a high or a low credit line on your one card?
It is my understanding that part of the FICO is [how much debt you have] vs [how much available credit you have] which leads me to believe that having one card with a high line of credit or having multiple cards would be good as long as you don't use them (or pay them off monthly)

Edit: Sorry, for some reason the newest posts are up first...I'm going to have to change that in my profile

I have about 6.....but I only use 2 of them.........and pay up every cent........the interest they charge aghast me

Why do you keep the four that you don't use?

Doesn't make any sense to me to pay even the slightest annual fee for something I never use.

Only get 3-4 OPEN accounts without any Fees. Make SMALL purchases on them each where you can and will pay them off every month. Build your credit...not a hole.

as many as you want, just make sure you know how to use them wisely with out getting in debt.

I figure the amount YOU want is the correct number.