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Never ever use a debit card. I only use my debit card for deposits. Your credit card is protected against fraud. Debit cards are not. Always pay to 0 end of each mounth which I've done since 18 years old. I'm 66 now. It's easy when you have a budget. MAKE A BUDGET. Don't spend $ 2,500.00 dollars a year at Starbucks. Stay dept free my friends.
I learned that the hard way years ago. My debit card is now only use for deposits, and withdrawals . My debit card issue did get resolve, but it took a little while to get my cash back
Thankfully, I learned that lesson second hand. Saw my mom lose a solid chunk of change from a stolen debit card. I got rid of my debit card, simply don't need it. CCs are the way to go.
As many as you can manage, it all depends on the credit limit of a specific card🤷♂️. I have 5 & able to stay in the 2% credit utilization with a near 800 credit score. SO, IT ALL DEPENDS ON THE INDIVIDUAL🤔
I have a credit card each with Discover, Citi, Bank of America, Chase, and 3 cards with Navy Federal. To me it’s about building relationships with these banks.
They don’t care about your relationship. Your relationship with these banks is they have access to capital and they charge you a lot of money for that access. They will put you on the streets in a second if you would increase their net worth by anything at all.
@JimManeri I have 2.5 years of credit and I pay in full at the end of the month. $0 I've paid to banks in interest. Legally they can't charge me if I pay in full on time
@Profile Name just keep up with the due dates on each card and pay them on time so that you won't be charged a 38 dollar late fee or worse yet after 30 days late they report it to the Credit bureau
I have 11, but I'd recommend 3-5 credit cards for everyone. 1-3 on most spent on spending categories, 1 secure card/1 student card for building, and 1 2% flat rate card for fallback.
I have 6 Cards and boy are those rewards paying off. Vacationing this summer all on points. Feels good to pay nothing for travel and that's 4k that I get to keep in my pocket.
I have 4 cards I run my money through. 46k credit limit combined with them. They fit perfect for my life style. 1) grocery and gas 2) dinning and entertainment 3) drug store and catch all 4) insurance bills and medical bills (points card)
@@abay7456 1. Amex blue cash preferred ( groceries and gas) 2. Capital one SavorOne (dining &entertainment) 3. Apple Card (drug store & catch all) 4. This one was a local credit union card. I’ve switch this with the Amex cash magnet ( Insurance and medical bills)
16 years credit history 28 credit cards open 820 credit score it can be possible just dont use more than 10% on your credit limit one each card and change them between month.
@@arthurhill29 practically every issuer desires every card to be paid in full every month. Always stay below at least 30% ratio even better if you do below 10%. Just don’t not use your cards. Not using them will get them closed which will hurt bad. Age of credit, your ratio, your credit limit, etc.
As many as needed. I think a good “minimum” would be 3: one with a good food bonus (ie - Amex Gold), one for travel (ie - Chase Sapphire Pref), and one for everyday spending (ie - Capital One Venture Rewards). There are many, many cards that can be used to hit these. There is no one right answer for any of those categories.
I got one credit card from each of the four major companies. Gave them each a job, and called it the day. I will have the same 4 credit cards the rest of my life.
Thank you soo much..my fat head boyfriend has 8 ..but guess what he can't afford to pay them .. he's very bad with money..I tried to help him but it didn't work..🤨
I have 5 credit cards and an Amex Green Card. A Chase Freedom Unlimited at $3000, an Apple card at $2250, an Amazon Chase Non-Prime at $2200, an Amex EveryDay at $1000 and a Discover It Cash Back at $3000 and an Amex Green Card totaling $1600 in spending power since I'm new and 3 weeks into having Amex for a grand total of $13,050.
A credit card is the best form of payment vs debit card. With a debit card are you leaving money on the table w no rewards. But mainly debit offers no protection and it instantly takes the money out. Listen to any top financial adviser. They won’t let their kids own a debit card
I've got 7 cards now with 0 annual fee. I have them all on auto-pay, and only put like $5-$10 on each one. I want a wide and long history of paying on time. Doing this to get the best mortgage rate possible. The main important things are credit utilization and payment history.
@@jesseyrichard4611 Credit reports pull the most recent monthly statement balance on each card. So each month let the statement(s) post, and as soon as it does you can pay it then. You can control your credit utilization % for a card and the total of all cards by how much you allow to post on the statement of each card each month.
That first bit of advice was really eye-opening for me. I'm going to try to start making purchases with a credit card and pay them off rather than pay for things with my debit card. Not to mention the rewards! I get zero rewards for buying stuff with my debit card. Dang, I've been doing it wrong for so long...
I have 4 credit cards. Two with high limits for big vacations and big purchases, two with medium limits which I use to make smaller purchases such as groceries and other things to get my 3% on all purchases.
I think 4-6 cards is usually manageable. Once you get beyond 6 you need to be a bit of a Pro and be good with memorizing and prioritizing your due dates and cards.
Most cards let you request a change in due date. Also you can just pay all of them on the 1st of the month and that will cover everything even if you are paying a few weeks early.
I used to have 7 cards. They all closed down for inactivity and didn't have a credit card for at least 5 years. I went to get a car loan, got denied. My mom offered to put it under her name as a co-signer. My oldest card was over 20 years and 8 months gone forever, but now looking to rebuild my credit by having cards again and using them responsibly. The ones I had previously as well as a past school loan and my most recent car loan is all paid up. I'm looking to look forward and learn from my past. I have 3 cards now, a Chase Freedom Rewards card with 1,500 and after 6 months, its now at $3000. I have an Amazon Chase Card at $2200 and an Apple Card at $2000. That's enough for now. Three credit cards in one year is enough for now since July 2021.
As I'm sure you know by now, just keeping that very first card open forever is a great benefit. Like when your credit report says your longest account is 25 years. But don't sweat it. Soon you'll have a 3-year credit history and then 5 years than 10 years. See if you can get into a credit union. Maybe you have some military in your family, and you can get into it Navy Federal Credit Union. Go to their website and check out the rules.
@@fogrunr5075 I don't have any military members in my family. I made that mistake once of listening to my mom and stop using my cards including my oldest one opened way back in May 2000. I lost 21 of would be credit history right there. Now at 41 back in 2021 and now 42, starting my credit history somewhat from scratch because the other closed cards still show up on my record. I just have to build on it and not repeat the same mistake twice of not using cards due to inactivity.
7, try to put one reoccurring bill on each of them but pay off all every month unless I have a sign up bonus to hit first. I have travel cards but have shifted to grocery, etc focused due to last year. Keep a firm discipline of 6 months+ gardening between. Agree that in today’s world credit is especially important. (Good time to take advantage of % interest period if you are starting out and are navigating auto-pay, etc too). I also put my kids on as AUs to help them out.
For me, the issue is how much of a total credit limit I want for emergencies. I was really glad to have all my cards in Dec 2020. I briefly went to work in Dallas and had a situation where I needed to sleep in an extended stay hotel for the month. Because I had enough credit my utilization was only 10%.
I have only 3 chase cards and it feels like one too many really. I added the amazon prime rewards card just lately because i order from Amazon all the time anyway living in a very rural area with no big stores. I understand the strategy of having 20 credit cards but it just would drive me crazy with all that floating out there and im not a big fan of credit cards anyway, just realize they are like a tool to use (to me anyway) Its really a personal thing like losing weight what works for one person won't necessarily work for another but the fundamentals are the same. Thanks for the video
Always use a credit card for the protection and rewards. As long as you can handle them and don’t apply for new cards too often you can handle as many as you’d like.
Have 23plus cards as well with store cards and anex visa mc but I did 18 or so in 24mos and use everything for different purposes and rewards have to garden a little cause i did not go far chase yet
5 credit cards all in diff colors lolll, obviously paid off every month, but the number is mainly to keep my utilization low every month, also i don’t have to keep applying in the future, i just rotate them each time i get tired of a color
I got 6, currently 3% or greater on all categories I spend on but occasionally 4% depends on rotating categories. Obviously with chase offers, amex offers, rakuten and such there's also more savings there so sometimes I'm double, triple and quadruple dipping rewards from different sources
I agree. I’m 21. Started using credit card 3 months ago. I have two now. Started with Discover it. My credit score went up from 0-700 in just a month. I just treat them as a debit card.
I now have 11 credit cards with physical limits and have $24, 250 in personal cards and $4100 in business credit cards. One is a charge card, the Amex Green card which is no preset limit. I'm good for now. 12 personal and 1 business. I see nothing right now on my radar for at least a few months and possibly a year. I'm trying to get under 5/24 which should be at least in another year or two. If their no annual fee, if you prefer one, put a small charge every now and then to keep it open once every few months even better if a monthly recurring charge and on autopay. In this case, the other 2 and it will keep them open, increase the available credit available to you and your utilization will be much lower and raise your score.
As always, great informative video. 👏🏽👏🏽👏🏽 For years I had only 2 credit cards. Now I have: ✅ 2 charge cards ✅ 4 personal credit cards ✅ 1 retail card To complete my array of cards, I have my eye on 3 specific additional personal credit cards and 1 business card. And I treat my cards like cash. I don’t spend what I don’t have. 0-1% CU, $0 balance on all cards, and 14% DTI.
I have 7 and am thinking about an 8th one. However, each one has a particular job. When the time comes where it can't meet my needs anymore I will either downgrade or cancel depending on the card. I do have some cards that I will never cancel as I've had them for many years.
I wish I known about the 5/24 rule before I max out my card approval. My credit history is a little over 3 years old with a 732 credit score after all the hard inquiry pulls. I decided to get so many card right now so my credit age for each account would be so close together. I have 7 credit cards with a total of 39,400 credit limit from all of them together. I think I'm at my limit of credit card accounts just because it's hard to keep track of how often I use each card and making sure each account is open. I think overall a person should have 4 -5 cards if you don't want to go crazy with so many accounts. one for food, one for clothes, one to use for your child or pet, another for household products like furniture/tv/kitchen products, and one to spoil yourself with. My next goal is to raise the limit on my cards more but it looks like I'm going to have to wait until 6 months to do that. Alsp I want to trade one of my old credit card for a better card but it seems I have to wait 2 more years to do that until then I just do research on what replacement card I should get next
Late to comment but I am one of those 2 card people that he talked about. I have one Visa card from Chase and one American Express card. I find that having a charge card and a credit card to be very useful to me as I spend through a given month.
You nailed it on the Discover card. They started me off lower end then, with out me asking just kept bumping me up! Less than a year I’m up to 15k! They had 0% for 18 months so I used them as my main card. Now I am paying it off before they charge me 20% interest!!!!
Stay away from Bank of America. I know someone who's both credit card accounts were permanently closed by Bank of America (without any notice) after being 19 years of loyal customer & paying bills in full & in time all these years! This person was out of country with no cash when this happened, so had to go through hell to come back home. Bank of America customer service later said: "We closed them because we can & we don't even need a reason to do so or tell you why?!"
I currently have nine cards with five different banks.. I feel like this is a comfortable amount for me and I use them interchangeably for bill pay and some for purchases only... I could probably open up another account if I wanted but I'm afraid I would hit my credit ceiling for my income range, and feel confident with the mix that I have. I keep multiple accounts with different banks because of the various benefits and offers they provide...Gonna hang out in the garden for a while now.
8 credit cards 1 bank transfer card 2 clothing credit cards 1 care credit card. I have to close mostly all of these due to not having enough money to maintain them. I actually never did. I thought this was the only way to establish a good credit score in hopes and dreams of owning a home someday. HOW MUCH DAMAGE WOULD THIS DO TO MY CREDIT INCASE I GET LUCKY WITH A HOME SOME DAY?
I had 9. However a long time ago discover denied me. Just recent was accepted by discover for a secured card. decided just keep capital one, avant , discover, self, open sky .
Currently i have 9 major credit cards, plus 7 or 8 store cards i opened along time ago. I plan to close 2-3 of the store cards & open 2-3 more major cards & then I should be done. I think 20 combined cards is a bout the max i can comfortably handle.
I am up to 6 credit cards, including the Chase Trifecta totaling just over $100k in limits. I am using anywhere from 1-3% utilization in any given month and sometimes going up to 5ish% but paying it off entirely each month. I really want to get into the AMEX Trifecta as well but think I need to hold off for a bit as I have gotten the entire Chase Trifecta within the last 6 months.
I have 6 credit cards as well, discover it cashback, playstation credit card for my video games, 2 quicksilver cards, and chase freedom unlimited. I recently got approved for the citi double cash. I will have to wait awhile to apply for the freedom flex.
Amex is a sweet Company. Space out an application with them to about four months. If your not holding a lot of inquiries, you’ll probably gonna get approved On the odd chance, you do get denied. Wait another 90 days!
That sounds good and I sure would like to hear your reasoning for that because I have 16 cards and a 14% Utilization in I am thinking about getting another card that I am pre-qualified for
I have 16 cards with a 3% Utilization and Credit Karma is trying to talk me into getting more cards with outstanding approval odds but I am not interested my score is 790.
I have a very short credit history, only 3 yrs & I have had 31 accounts 10 are closed My score is 740 This is just my example, not bragging by any means obv just showing, a lot of cards/accounts isn't always bad 🤷🏼♂️ I wouldn't recommend to the average person starting out @ the time it all made sense for me, I'll still probably close at least half of what's left after 2 yrs passes ✌🏻
In my country everyone has one card. It’s quite simple, you make the payment for the card, now you can spend money wherever you go. No weird features of monthly payments.
Great vid...I normally wait a year and wait for 1 of 2 inquiries to fall off before I apply for another card especially if I am going after a particular credit card 💳...that makes my chances a lot greater when I use this method...currently have 7 which is pretty decent
I think for people who travel on company business you can have what ever the company says so if they say nothing then yeah you can have as many credit cards as you want. but if your paying the bill yeah I would say 3 cards is good. a bank card American Express A Discover card this is whats in my wallet Capital one travel card Venture one 2 Discover 3 American Express cash back 4 Chase Sapphire basic 5. Exxon Mobil charge 6 Citgo charge 7 Macy's American Express
I'm keeping it at 12 max, partially because I own a business. I've got 2 cards I want (Wyndham Business, Hyatt), and 2 I'm planning to ditch (Costco, Bus Platinum).
83. 83 credit cards is the maximum you should have. Any more than that is unnecessary and probably indicative of some underlying mental health problem.
@@ProudMoney haha...let's split the difference at an even 80. That way if you put the cards in those little 5 or 10 card per page binders you won't waste any spots.
@Anthony Jones lol I don't have 83 cards. It was kind of a joke, but maybe someday I'll have 83. I might have a dozen or so atm, maybe a little less. How do I manage? Well the physical cards I keep in a binder and lock them in the safe and keep 2-3 in my wallet for stuff I'll buy in person. To manage rewards, I'll use walletflo app for free just to double check which card gives the most back for a category, otherwise I just remember what each card is giving. As far as managing spend, basic spreadsheet with a max budget then just subtract what I bought. To keep cards active, I either have a small thing auto bill to the cards or periodically use the card to buy something cheap. To keep track of making sure I don't miss any payments on the cards, I will sit down the first week of the month and make a list of what each card needs paid and pay them, even if they aren't due yet, and even if they have a 0% introductory rate. Others may disagree but I don't carry balances even on 0% b/c it is not worth it to me.
I currently have 12, plan to apply for a couple of new ones and remove some useless old store card ones. Trying to upgrade the quality in cards that I own
I have 5, all paid in full but I feel like canceling some of them and keeping the best ones with the best benefits and possibly getting one that is really good something like an unlimited card soon.
@@imSincerePromise I have found my score to climb with a combination of cards and a low credit utilization. I now hold 6 cards Including that BCE (Recently Approved) with a credit utilization of 2%. No bad marks, no collections, no late payments, no balance. FICO sitting at 787, I was at 544 March 2020 (Paid off collections). I hope this helps.
@@blkbeauti05 my Fico is like 607 and I just got 2 secured credit cards in April . I do have 2 collections, should I pay them off or let them just fall off
@@imSincerePromise Yes! People will tell you not to. However, I suggest you do. Also ask for deletion letters. I started with Cap One and Discover (Secured). I’ve graduated with Discover after 7 months and I got a credit increase with Cap One. Make sure to pay your bills on time and keep the utilization low. Good luck.
@@blkbeauti05 is it ok to pay them off early? My capital one secured is due on the 27th, I paid today and my credit union secured is due on the 25th of each month.
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I'll be sure to support the channel on my next card. 👌🏽
Hey Adam, just the heads up I sent you an e mail last week. Hopefully you got to check it out.
Never ever use a debit card. I only use my debit card for deposits. Your credit card is protected against fraud. Debit cards are not. Always pay to 0 end of each mounth which I've done since 18 years old. I'm 66 now. It's easy when you have a budget. MAKE A BUDGET. Don't spend $ 2,500.00 dollars a year at Starbucks. Stay dept free my friends.
I learned that the hard way years ago. My debit card is now only use for deposits, and withdrawals . My debit card issue did get resolve, but it took a little while to get my cash back
Thankfully, I learned that lesson second hand. Saw my mom lose a solid chunk of change from a stolen debit card. I got rid of my debit card, simply don't need it. CCs are the way to go.
14 personal cards... in the garden 🪴 until 2022
Started rebuilding credit in 2016
I have 10 started garden as well brother
Goddamn!!!!
13 here , 2 store cards 5 Visa 6 MasterCard .
As many as you can manage, it all depends on the credit limit of a specific card🤷♂️. I have 5 & able to stay in the 2% credit utilization with a near 800 credit score. SO, IT ALL DEPENDS ON THE INDIVIDUAL🤔
I have a credit card each with Discover, Citi, Bank of America, Chase, and 3 cards with Navy Federal. To me it’s about building relationships with these banks.
Wow with those credit card you have a excelentes credit
Nice bro! no amex? for travel
I have Amex Gold. Chase Sapphire Preferred, Venture One MC, and Discover It.
They don’t care about your relationship. Your relationship with these banks is they have access to capital and they charge you a lot of money for that access. They will put you on the streets in a second if you would increase their net worth by anything at all.
@JimManeri I have 2.5 years of credit and I pay in full at the end of the month. $0 I've paid to banks in interest. Legally they can't charge me if I pay in full on time
I’ve had 4-6 cards at one point in time. And I tripled those numbers since 😂
@Profile Name just keep up with the due dates on each card and pay them on time so that you won't be charged a 38 dollar late fee or worse yet after 30 days late they report it to the Credit bureau
@darkwayle is the best
Yeah counting store cards I’m in the teens
@@myrontaylor1150 z
@@j0epark1 ???
I have 11, but I'd recommend 3-5 credit cards for everyone. 1-3 on most spent on spending categories, 1 secure card/1 student card for building, and 1 2% flat rate card for fallback.
I have 14 but only use 2 for most purchases. I use the others every 3 or 4 months for a couple small amount purchases to keep them active.
Smart move, I do the same. Use the ones that yield back more rewards🤷♂️
Same
I have 6 Cards and boy are those rewards paying off. Vacationing this summer all on points. Feels good to pay nothing for travel and that's 4k that I get to keep in my pocket.
I have 4 cards I run my money through. 46k credit limit combined with them. They fit perfect for my life style.
1) grocery and gas
2) dinning and entertainment
3) drug store and catch all
4) insurance bills and medical bills (points card)
Can you tell us which CC you use for which type of purchase that you've listed above?
@@abay7456
1. Amex blue cash preferred ( groceries and gas)
2. Capital one SavorOne (dining &entertainment)
3. Apple Card (drug store & catch all)
4. This one was a local credit union card. I’ve switch this with the Amex cash magnet ( Insurance and medical bills)
16 years credit history 28 credit cards open 820 credit score it can be possible just dont use more than 10% on your credit limit one each card and change them between month.
Do banks want to see you use more than 50% of their money that they loan you?
@@arthurhill29 practically every issuer desires every card to be paid in full every month. Always stay below at least 30% ratio even better if you do below 10%. Just don’t not use your cards. Not using them will get them closed which will hurt bad. Age of credit, your ratio, your credit limit, etc.
@@arthurhill29 No, 30% is what they like to see & 10%(or less) is considered the best!
I have six, most are cash back, one for every spending category 😇
As many as needed. I think a good “minimum” would be 3: one with a good food bonus (ie - Amex Gold), one for travel (ie - Chase Sapphire Pref), and one for everyday spending (ie - Capital One Venture Rewards). There are many, many cards that can be used to hit these. There is no one right answer for any of those categories.
I got one credit card from each of the four major companies. Gave them each a job, and called it the day. I will have the same 4 credit cards the rest of my life.
Simple rule, don’t spend what you do not have. That way you will never have debt problem.
Thank you soo much..my fat head boyfriend has 8 ..but guess what he can't afford to pay them .. he's very bad with money..I tried to help him but it didn't work..🤨
Chandra, now why does he have to be a fat head ??🤣🤣🤣🤣
I have 9 probably going to stop at 10, my credit scores are Ex-806, Eq-807 and trans-804.
Currently have 5, look at a total of 8 when my whole plan is complete.
I have 5 credit cards and an Amex Green Card. A Chase Freedom Unlimited at $3000, an Apple card at $2250, an Amazon Chase Non-Prime at $2200, an Amex EveryDay at $1000 and a Discover It Cash Back at $3000 and an Amex Green Card totaling $1600 in spending power since I'm new and 3 weeks into having Amex for a grand total of $13,050.
A credit card is the best form of payment vs debit card. With a debit card are you leaving money on the table w no rewards. But mainly debit offers no protection and it instantly takes the money out. Listen to any top financial adviser. They won’t let their kids own a debit card
I'm working on my credit and have watched 100's of videos. Your channel is so REAL!
One of my favorite!
Basically one with each bank
Makes sense.
I've got 7 cards now with 0 annual fee. I have them all on auto-pay, and only put like $5-$10 on each one. I want a wide and long history of paying on time. Doing this to get the best mortgage rate possible. The main important things are credit utilization and payment history.
quick question, if i use my credit cards but pay them off as soon as i can... is it bad? should i be waiting a whole 30 days before paying them off?
@@jesseyrichard4611 Credit reports pull the most recent monthly statement balance on each card. So each month let the statement(s) post, and as soon as it does you can pay it then. You can control your credit utilization % for a card and the total of all cards by how much you allow to post on the statement of each card each month.
Ive got 1 of each of the 4 major credit card companies and i gave each one of them a job.
That first bit of advice was really eye-opening for me. I'm going to try to start making purchases with a credit card and pay them off rather than pay for things with my debit card. Not to mention the rewards! I get zero rewards for buying stuff with my debit card. Dang, I've been doing it wrong for so long...
Now that you learned, go make life more eventful for yourself
I have 4 credit cards. Two with high limits for big vacations and big purchases, two with medium limits which I use to make smaller purchases such as groceries and other things to get my 3% on all purchases.
I think 4-6 cards is usually manageable. Once you get beyond 6 you need to be a bit of a Pro and be good with memorizing and prioritizing your due dates and cards.
It depends really. If they are from the same issuer then its not much harder to manage.
Most cards let you request a change in due date. Also you can just pay all of them on the 1st of the month and that will cover everything even if you are paying a few weeks early.
I used to have 7 cards. They all closed down for inactivity and didn't have a credit card for at least 5 years. I went to get a car loan, got denied. My mom offered to put it under her name as a co-signer. My oldest card was over 20 years and 8 months gone forever, but now looking to rebuild my credit by having cards again and using them responsibly. The ones I had previously as well as a past school loan and my most recent car loan is all paid up. I'm looking to look forward and learn from my past. I have 3 cards now, a Chase Freedom Rewards card with 1,500 and after 6 months, its now at $3000. I have an Amazon Chase Card at $2200 and an Apple Card at $2000. That's enough for now. Three credit cards in one year is enough for now since July 2021.
As I'm sure you know by now, just keeping that very first card open forever is a great benefit. Like when your credit report says your longest account is 25 years.
But don't sweat it.
Soon you'll have a 3-year credit history and then 5 years than 10 years.
See if you can get into a credit union.
Maybe you have some military in your family, and you can get into it Navy Federal Credit Union. Go to their website and check out the rules.
@@fogrunr5075 I don't have any military members in my family. I made that mistake once of listening to my mom and stop using my cards including my oldest one opened way back in May 2000. I lost 21 of would be credit history right there. Now at 41 back in 2021 and now 42, starting my credit history somewhat from scratch because the other closed cards still show up on my record. I just have to build on it and not repeat the same mistake twice of not using cards due to inactivity.
7, try to put one reoccurring bill on each of them but pay off all every month unless I have a sign up bonus to hit first. I have travel cards but have shifted to grocery, etc focused due to last year. Keep a firm discipline of 6 months+ gardening between. Agree that in today’s world credit is especially important. (Good time to take advantage of % interest period if you are starting out and are navigating auto-pay, etc too). I also put my kids on as AUs to help them out.
For me, the issue is how much of a total credit limit I want for emergencies. I was really glad to have all my cards in Dec 2020. I briefly went to work in Dallas and had a situation where I needed to sleep in an extended stay hotel for the month. Because I had enough credit my utilization was only 10%.
I have only 3 chase cards and it feels like one too many really. I added the amazon prime rewards card just lately because i order from Amazon all the time anyway living in a very rural area with no big stores. I understand the strategy of having 20 credit cards but it just would drive me crazy with all that floating out there and im not a big fan of credit cards anyway, just realize they are like a tool to use (to me anyway) Its really a personal thing like losing weight what works for one person won't necessarily work for another but the fundamentals are the same. Thanks for the video
I currently have 3 soon to be 4 cards. I’ll be good for at least a while...
The videos keep getting better and more informative for advanced credit card users. Thank you!
Very kind, thank you.
My limit will be 7. Lucky number. 6 personal and 1 business card.
I personally have 4.. that’s it for me. All 4 no annual fee.
Good job
I have 4 at the moment. I’m waiting for late summer to apply for a chase card to hold 5 cards in total
Always use a credit card for the protection and rewards. As long as you can handle them and don’t apply for new cards too often you can handle as many as you’d like.
Two for me one is chase and the other is the apple credit card
I have over double my income In available credit and can still get more cards! 🤷♂️
I have a mix of 28 cards. Store cards, American Express, Discover, MasterCard and Visa. And they all serve a purpose...
@DrNoAudio LOL
Have 23plus cards as well with store cards and anex visa mc but I did 18 or so in 24mos and use everything for different purposes and rewards have to garden a little cause i did not go far chase yet
@@jamess4101 Likewise... I don’t have any Chase cards either! Also, 3 of my 28 cards are business cards.
Wow
Whoa 😳
5 credit cards all in diff colors lolll, obviously paid off every month, but the number is mainly to keep my utilization low every month, also i don’t have to keep applying in the future, i just rotate them each time i get tired of a color
I got 6, currently 3% or greater on all categories I spend on but occasionally 4% depends on rotating categories. Obviously with chase offers, amex offers, rakuten and such there's also more savings there so sometimes I'm double, triple and quadruple dipping rewards from different sources
Currently have 6 credit cards with 16k income annually and I don't owe any debt.
Better play the game or else you gonna get played by the game
Do you mind being asked what your credit score is?
@@strawhelyperfectx Transunion 759, 760 with Equifax, and 764 fico score
@@DailyThingsInLife oh wow that’s amazing. Are you young? I’m about to get one and I would like advice since I make around that much.
@@strawhelyperfectx I am 21 and still in college. You should get the Discover IT secured card if you never have a credit card before.
I agree. I’m 21. Started using credit card 3 months ago. I have two now. Started with Discover it. My credit score went up from 0-700 in just a month. I just treat them as a debit card.
I will try to watch all the videos or half of the videos that you have made on credit cards I like the way you are explaining how they work.
I now have 11 credit cards with physical limits and have $24, 250 in personal cards and $4100 in business credit cards. One is a charge card, the Amex Green card which is no preset limit. I'm good for now. 12 personal and 1 business. I see nothing right now on my radar for at least a few months and possibly a year. I'm trying to get under 5/24 which should be at least in another year or two.
If their no annual fee, if you prefer one, put a small charge every now and then to keep it open once every few months even better if a monthly recurring charge and on autopay. In this case, the other 2 and it will keep them open, increase the available credit available to you and your utilization will be much lower and raise your score.
I have 4. Amex Blue Cash, Discover it, Amazon Prime, and American Eagle. Kinda want the JetBlue card to start saving for trips
I wouldn’t get JetBlue. They’re not doing so good
As always, great informative video. 👏🏽👏🏽👏🏽
For years I had only 2 credit cards. Now I have:
✅ 2 charge cards
✅ 4 personal credit cards
✅ 1 retail card
To complete my array of cards, I have my eye on 3 specific additional personal credit cards and 1 business card. And I treat my cards like cash. I don’t spend what I don’t have. 0-1% CU, $0 balance on all cards, and 14% DTI.
I have a minimum wage part time job, and have finagled 22 credit cards with about $120k in unsecured credit.
lol wtf
Did you use other household income?
A couple 1. 2% cash back catch all 2. 5% revolving (or two) 3. >2% gas & or grocery category (PNC, Amex venmo ) 4. Travel card
I have 7 total. Each of them have a job. I can’t imagine I would need anymore.
I have 8 CCs with 820 score. I do not carry a balance…
And thats y u r able to have so many cards haha
💯💯💯
Good job
Do you have any loans, and is one of them a mortgage?
I have 7 and am thinking about an 8th one. However, each one has a particular job. When the time comes where it can't meet my needs anymore I will either downgrade or cancel depending on the card. I do have some cards that I will never cancel as I've had them for many years.
I wish I known about the 5/24 rule before I max out my card approval. My credit history is a little over 3 years old with a 732 credit score after all the hard inquiry pulls. I decided to get so many card right now so my credit age for each account would be so close together. I have 7 credit cards with a total of 39,400 credit limit from all of them together. I think I'm at my limit of credit card accounts just because it's hard to keep track of how often I use each card and making sure each account is open. I think overall a person should have 4 -5 cards if you don't want to go crazy with so many accounts. one for food, one for clothes, one to use for your child or pet, another for household products like furniture/tv/kitchen products, and one to spoil yourself with. My next goal is to raise the limit on my cards more but it looks like I'm going to have to wait until 6 months to do that. Alsp I want to trade one of my old credit card for a better card but it seems I have to wait 2 more years to do that until then I just do research on what replacement card I should get next
2:55 is why im here!!! Wondering if having many cards from diff banks is a bad thing
Late to comment but I am one of those 2 card people that he talked about. I have one Visa card from Chase and one American Express card. I find that having a charge card and a credit card to be very useful to me as I spend through a given month.
4-6 cards? I have like 35 but I pay them in full every month
You nailed it on the Discover card. They started me off lower end then, with out me asking just kept bumping me up! Less than a year I’m up to 15k! They had 0% for 18 months so I used them as my main card.
Now I am paying it off before they charge me 20% interest!!!!
Stay away from Bank of America. I know someone who's both credit card accounts were permanently closed by Bank of America (without any notice) after being 19 years of loyal customer & paying bills in full & in time all these years! This person was out of country with no cash when this happened, so had to go through hell to come back home. Bank of America customer service later said: "We closed them because we can & we don't even need a reason to do so or tell you why?!"
True. Be aware B of A
Other banks do this as well
I currently have nine cards with five different banks.. I feel like this is a comfortable amount for me and I use them interchangeably for bill pay and some for purchases only... I could probably open up another account if I wanted but I'm afraid I would hit my credit ceiling for my income range, and feel confident with the mix that I have. I keep multiple accounts with different banks because of the various benefits and offers they provide...Gonna hang out in the garden for a while now.
I have Capital One and discover it
8 credit cards
1 bank transfer card
2 clothing credit cards
1 care credit card.
I have to close mostly all of these due to not having enough money to maintain them. I actually never did. I thought this was the only way to establish a good credit score in hopes and dreams of owning a home someday.
HOW MUCH DAMAGE WOULD THIS DO TO MY CREDIT INCASE I GET LUCKY WITH A HOME SOME DAY?
Thanks once again proud $. Soon to be ten cards when I get out of Chase prison & acquire Amazon card.
I have Apple , Capital One & Amex. Just gonna build these 3 for the rest of my life.
I would keep my Amex if it didn’t have 400 dollars annual fee
@@macgamer1973 You able to downsize it?
@@macgamer1973I’m back lol. Looking into getting the navy fed Amex card
I had 9. However a long time ago discover denied me. Just recent was accepted by discover for a secured card. decided just keep capital one, avant , discover, self, open sky .
Currently i have 9 major credit cards, plus 7 or 8 store cards i opened along time ago.
I plan to close 2-3 of the store cards & open 2-3 more major cards & then I should be done. I think 20 combined cards is a bout the max i can comfortably handle.
I am up to 6 credit cards, including the Chase Trifecta totaling just over $100k in limits. I am using anywhere from 1-3% utilization in any given month and sometimes going up to 5ish% but paying it off entirely each month. I really want to get into the AMEX Trifecta as well but think I need to hold off for a bit as I have gotten the entire Chase Trifecta within the last 6 months.
I have 6 credit cards as well, discover it cashback, playstation credit card for my video games, 2 quicksilver cards, and chase freedom unlimited. I recently got approved for the citi double cash. I will have to wait awhile to apply for the freedom flex.
Amex is a sweet Company. Space out an application with them to about four months. If your not holding a lot of inquiries, you’ll probably gonna get approved
On the odd chance, you do get denied. Wait another 90 days!
There is no such thing as too many
That sounds good and I sure would like to hear your reasoning for that because I have 16 cards and a 14% Utilization in I am thinking about getting another card that I am pre-qualified for
Great video...very thoughtful and well explained.
I have 16 cards with a 3% Utilization and Credit Karma is trying to talk me into getting more cards with outstanding approval odds but I am not interested my score is 790.
Think like a gymnast.
Optimum strength to weight ratio.
Credit Karma says that to everyone, all the time lol
12 /01 23, Bet the APR was North of 30 % !
As many as they will give me with sign up bonuses over $500!
I have been waiting for this video for a while thank you so much ☺️
I have 5 and never have to worry about having enough money for anything .
Right same with me I have 5
I have a very short credit history, only 3 yrs & I have had 31 accounts 10 are closed
My score is 740
This is just my example, not bragging by any means obv just showing, a lot of cards/accounts isn't always bad 🤷🏼♂️
I wouldn't recommend to the average person starting out @ the time it all made sense for me, I'll still probably close at least half of what's left after 2 yrs passes ✌🏻
31 accounts in 3 years?! How the jell?! That's on average 10 new accounts every year! And how is your credit score not tanked lol
And i will go with a credit union
30 y/o I have 1 credit card & 1 business card. Credit score is 777.
Likely carried by long credit history
@@jollama You are absolutely right. My moms had me on her credit card since I was 16. Now my son has been on mine since he was 2 & he’s 6.
You could have 10 card and have a 788
@@user1fja98dnaiid Yeah rather have 10 business card than Personal cards.
@@AENG1991 you wont get over 800 with 1 card
Well I’m 35 so far i have 9 credit cards. My credit score is 760
I have 5 all are cards for rebuilding credit. Credit is getting better and eventually I'll have 3 really solid cards and dump the rest
Keep your oldest ones and use every so often. You don’t wanna lower your average age of credit.
2-3.
Amex, visa, MC.
I got my credit card 💳 from *carder111* on telegram The guy is awesome and reliable ,most comment on here are bots .. 😳
American Express Discover card Visa Mastercard
In the UK I have three credit cards amex reward card and two from lloyds banking group a halifax card and a lloyds card which is easy to manage
I have 3 and I think that's two two of many.
I have 4 credit cards, 1 Charge card, Tractor Supply card and a Furniture Mart card.
I have 1 bank of America cash rewards Visa.... I'm looking into the chase freedom flex and then maybe just maybe the American Express gold card.
8 and 1a/u and climbing fast!!! Last yr only had 1.
You need at least a backup. So 2 minimum.
Fantastic video...great advice as always. thanks
I’m at 9 cards - 35.2k need to step it up
Obviously lol I have some pretty good cards but the limits could be greater
Have 3 cards, but building net 30 accounts to apply for business credit cards
I just got approved for the Amex Platinum and BCP, that makes 13 for me and I'm set for this year, more to come next year.
35+ and counting!!! 🤣
I count credit cards in my sleep instead of sheep 🐑
😆 🤣 😂
Sounds like a credit card addiction 😂
Same!! 👍🏽
In my country everyone has one card. It’s quite simple, you make the payment for the card, now you can spend money wherever you go. No weird features of monthly payments.
That’s not a Credit Card. That’s a Debit Card!
@@michaelreid8857 More like a prepaid gift card 🤣🤣
Universal basic income aka socialism
Great vid...I normally wait a year and wait for 1 of 2 inquiries to fall off before I apply for another card especially if I am going after a particular credit card 💳...that makes my chances a lot greater when I use this method...currently have 7 which is pretty decent
I think for people who travel on company business you can have what ever the company says so if they say nothing then yeah you can have as many credit cards as you want. but if your paying the bill yeah I would say 3 cards is good.
a bank card
American Express
A Discover card
this is whats in my wallet
Capital one travel card Venture one
2 Discover
3 American Express cash back
4 Chase Sapphire basic
5. Exxon Mobil charge
6 Citgo charge
7 Macy's American Express
Somewhere a guy named Dave is losing his shit
how'd you know?
😂😂😂😂😂😂
Lmao
Question:How many cards should one have?
Me : yes
I'm keeping it at 12 max, partially because I own a business. I've got 2 cards I want (Wyndham Business, Hyatt), and 2 I'm planning to ditch (Costco, Bus Platinum).
83. 83 credit cards is the maximum you should have. Any more than that is unnecessary and probably indicative of some underlying mental health problem.
Privately I've always thought 74 but i am willing to entertain your idea. 🙂
@@ProudMoney haha...let's split the difference at an even 80. That way if you put the cards in those little 5 or 10 card per page binders you won't waste any spots.
@Anthony Jones lol I don't have 83 cards. It was kind of a joke, but maybe someday I'll have 83. I might have a dozen or so atm, maybe a little less. How do I manage? Well the physical cards I keep in a binder and lock them in the safe and keep 2-3 in my wallet for stuff I'll buy in person. To manage rewards, I'll use walletflo app for free just to double check which card gives the most back for a category, otherwise I just remember what each card is giving. As far as managing spend, basic spreadsheet with a max budget then just subtract what I bought. To keep cards active, I either have a small thing auto bill to the cards or periodically use the card to buy something cheap. To keep track of making sure I don't miss any payments on the cards, I will sit down the first week of the month and make a list of what each card needs paid and pay them, even if they aren't due yet, and even if they have a 0% introductory rate. Others may disagree but I don't carry balances even on 0% b/c it is not worth it to me.
Never thought that was even possible to have that money cards but I guess millionaires are billionaires do, makes sense.
I’m at ~3.5x annual income in open tradelines. I think only two cards are sub-5-digit limits. It’s a marathon, not a sprint!
Thats right take it slow and be on top of what needs to be done to get to the next level which is the bigger credit limits
The answer is no more than five new cards every two years. So when you reach over ten over four plus years that's enough.
I currently have 12, plan to apply for a couple of new ones and remove some useless old store card ones. Trying to upgrade the quality in cards that I own
- same here. I closed a 2 cards this year. Quality over Quantity
I have 5, all paid in full but I feel like canceling some of them and keeping the best ones with the best benefits and possibly getting one that is really good something like an unlimited card soon.
I have 4 credit cards and 1 store card. I am holding out for an Amex.
Do your credit grow quicker with more cards ?
@@imSincerePromise I have found my score to climb with a combination of cards and a low credit utilization. I now hold 6 cards Including that BCE (Recently Approved) with a credit utilization of 2%. No bad marks, no collections, no late payments, no balance. FICO sitting at 787, I was at 544 March 2020 (Paid off collections). I hope this helps.
@@blkbeauti05 my Fico is like 607 and I just got 2 secured credit cards in April . I do have 2 collections, should I pay them off or let them just fall off
@@imSincerePromise Yes! People will tell you not to. However, I suggest you do. Also ask for deletion letters. I started with Cap One and Discover (Secured). I’ve graduated with Discover after 7 months and I got a credit increase with Cap One. Make sure to pay your bills on time and keep the utilization low. Good luck.
@@blkbeauti05 is it ok to pay them off early? My capital one secured is due on the 27th, I paid today and my credit union secured is due on the 25th of each month.
I have 17 credit cards at this time.