How many credit cards should I have at age 23?

We recommend having at least two open credit card accounts. It’s best for your credit score to keep your oldest account open, and you should be able to get an upgrade for everyday spending after a bit of credit building.

How many credit cards should I have as a 22 year old?

The short answer: you should have at least two – ideally each from a different network like Visa, Mastercard, American Express and Discover. And each should offer you different kinds of rewards (cash back, miles, rewards points, etc.).

Can you have an 800 credit score at 23?

Still, it is possible to establish excellent credit — a score of 800 or higher, for example — in your 20s.

Is having five credit cards bad?

Credit bureaus suggest that five or more accounts — which can be a mix of cards and loans — is a reasonable number to build toward over time. Having very few accounts can make it hard for scoring models to render a score for you. More cards may help you with keeping credit utilization low.

Is a 730 FICO score good?

A FICO® Score of 730 falls within a span of scores, from 670 to 739, that are categorized as Good. 21\% of U.S. consumers’ FICO® Scores are in the Good range. Approximately 9\% of consumers with Good FICO® Scores are likely to become seriously delinquent in the future.

How many credit cards should you have?

There may be no “perfect” number of credit cards to have, but there are some general guidelines to consider when deciding to open another card. If you have poor or fair credit (scores below 670, according to Experian), you may struggle to be approved for credit cards and may have difficulty managing just one card.

What credit score do you need to open a credit card?

On the other hand, if you have good or excellent credit (670 to 850, according to Experian), you have better qualification odds and could potentially be in a good position to open a new card.

Does how many credit cards do you have affect your score?

There isn’t a direct connection between how many credit cards you have and the results you see, though. Yes, the five states with the most general-purpose credit cards, on average, all have balances above the national average. But their credit scores are above average, too.

Is there such a thing as too many credit cards?

If you’re a credit card optimizer, you may wonder if there’s an amount of credit cards that’s too many. “For someone who is responsible about using their cards and never carries a balance then no, there is no number of cards that’s too many,” credit expert John Ulzheimer, formerly of FICO and Equifax, tells CNBC Select.