How many credit cards do you have? If you are like most people it is probably too many.
We’ve all been lured in by the siren call of better rates, special perks and rewards, or lower fees so that most Americans carry between five and 10 credit cards. The problem is not so much that new credit card offers are so attractive but rather that we do not stop to evaluate which cards we no longer need after opening a new account.
Carrying too many credit cards can wreak havoc with your credit score — especially if you use too much of your available credit. Of course that leads to an important question — how many credit cards should you have? Most experts say there really isn’t a magic number. It is really more about proportion. Each person, household, or business, should evaluate spending and payment habits. It is important to note that once you start holding a number of credit accounts then your credit report will be impacted simply because you are now at greater risk of racking up debt that you can’t handle.
Of course, it does depend somewhat on the type of card and the amount of credit involved. Store credit cards are notorious for...
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