My boyfriend, an avid FTer, constantly is signing me up for new CC to get their sign-on bonus. At what point can you have too many CC? I understand having too much revolving credit can damage your credit score, so what is an appropriate combination of credit cards and score level?

How many cards do you have in your name? I have three CCs, two of which I got for FF bonuses, and I think three is enough or maybe too much.

Then again, the average consumer probably has half a dozen cards or more in total.

A FTer has atleast twice of half a dozen cards in my opinion. ^

When you have more credit cards than posts on FT then you have too many.

Well said!

At one time, I had 22 credit cards. I have winnowed them down to less than 10. BTW, my credit score is almost 800.

I was told it didn't matter how many cards that I had. It was the way I used the cards that mattered. You should have a big margin between what you owe and the credit line. I usually don't keep a balance, and if I do, I pay it off quickly, within a few months.

Is there a website I can check out that breaks down how credit scores are graded?

[QUOTE=SBayGirl;10270354]At one time, I had 22 credit cards. I have winnowed them down to less than 10. BTW, my credit score is almost 800.


How did you winnow that many credit cards? How long did it take?

"Credit Cards are like boobs. One is not enough, three are to much "

How is that? Most people say you need to have at least one of each Visa, MC, and Amex - that makes three??

My suggestion, watch your Equifax credit score and keep it at a level that meets your credit needs. In other words, make sure your score is high enough to get the credit you need. Follow the guidelines of other FT'ers, not too high credit balances, pay on time, keep old accounts open.

For me>>>I have no mortgage (paid off) and no consumer debt except a small car loan, a good long term job, and no need for big credit. I apply and get as many credit cards as possible. I probably have 40 primary accounts now. My credit score is not so high, but I don't really care. I have gotten an insane amount of frequent flyer miles in the last 28 months. This works for me, but not most people.

The actual formula is secret. http://homebuying.about.com/cs/yourc...edit_score.htm gives some info. As far as your specific score...when I used myfico.com to get a 3-in-1 report with score each bureau said why some deductions could have been made.

[QUOTE=gj83;10271960]The actual formula is secret. http://homebuying.about.com/cs/yourc...edit_score.htm /QUOTE]

Great link. Thanks

I currently have 6 credit cards and one charge card....I would like to get rid of a Neiman Marcus, a Citi PP Elite, and basic B of A CC...I do not use any of them and none of these have huge credit lines...in total it would probably be $20k of credit...is there a way I can get rid of some with out damaging my credit?

I cancelled all the store cards. They are not that useful and just take up space on your credit report. Then I analyzed which card was most useful for me. I did cancel some old cards, but I figured it would wash out in the end. When I cancelled a card, I raised the credit limit on a card that I kept. They keep track of how much credit you have and how much of the credit that you use. I use my cards like debit cards--if I don't have the money, I don't spend it.

I don't have a mortgage, but I do have student loans that I pay off quickly.

http://www.myfico.com/CreditEducatio...YourScore.aspx

Here's a good website on FICO scores, although I really like the one posted by gj83. I'm in the majority--29%. I'm closer to 800 than 750, though.

I don't recall precisely how long it took to get the 22 cards under 10, but I think it was something like a year? Maybe two?