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Can You Have Too Many Credit Cards?

Wednesday, April 18, 2012 - 6:23 PM
What are the downsides of having too many credit cards? This Reuters article provides some insights plus an interesting example from a reward credit card expert:
Vitaly Pecharsky, chief technology officer for the shopping site SlickDeals.net, is something of a credit card collector and has 40 active credit cards to show for his passion.

4
Ken TuminKen Tumin5,467 posts since
Nov 29, 2009
Rep Points: 124,994
1. Friday, April 19, 2013 - 1:29 AM
A person cannot have too many credit cards. They will only damage your credit score if you have balances on them that you tend to forget to pay on time and in full. However, it is not ideal to have too many credit cards especially now that cases of identity theft are increasing. If you wish to close some of them, make sure that you close the ones which have the lowest credit limit and the shortest credit history so that they will not negatively affect your credit score. You can check your three bureau credit scores during this time so you can keep track of the impact of your cards on them. Visit http://www.artipot.com/articles/1391757/the-affect-of-credit-cards-on-credit-rating.htm to learn more about the effects of credit cards on your credit rating.
2
joymalijoymali16 posts since
Apr 6, 2013
Rep Points: 23
2. Friday, April 19, 2013 - 7:26 AM
Joy,

Cut it out with the hidden commercial and spam.  You are making a lot of poeple unhappy rather than joyful!!
6
51hh51hh1,475 posts since
Jan 16, 2010
Rep Points: 6,423
3. Friday, April 19, 2013 - 9:35 AM
Yes it is possible to have too many Credit Cards.  If you have one credit card it is one to many.

I see do need for them.
1
dpandslemmendpandslemmen27 posts since
Feb 10, 2011
Rep Points: 117
4. Friday, April 19, 2013 - 6:58 PM
dpandslemmen, credit cards may not be for everyone, but if used responsibly, and under the right circumstances,  they can make life easier and more convenient in many respects. Credit cards are a financial tool like any other, but sometimes the tool earns a negative perception because it is not used correctly. 

Here is one perspective on pros and cons of credit cards.  

 
5
pearlbrownpearlbrown1,430 posts since
Nov 2, 2010
Rep Points: 6,246
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