Anybody here only have one credit card? If so what is your credit score?

[FANOFJESUS]

Would like to know if anyone is doing this.

 

[rodi]

My husband only has one. I have 3. His credit score is above 800.

 

[Jerry1]

I could easily only have one card, but I have three. Those reward categories are the issue. I really like the Fidelity card (2% on everything), but the Costco card has other benefits that I like. The Apple card is just cool and I fell for the marketing. Oh well.

 

[RobbieB]

Not me.

 

[CindyBlue]

Would like to know if anyone is doing this.

I have only one. My credit score, last I looked, was well over 800.

 

[RetiredAt55.5]

Not me either. I probably have about 20, but use about 5-7 regularly, depending on whose giving the best cashback deals.

All year round, I get 2% on all purchases with Citi, 3% on all restaurant purchases with AARP Chase, 3% at supermarkets with Amex, 5% at amazon with the Amazon card, and 5% on gas with the Sams card.

I'd be leaving a lot of money on the table with 1 card.

 

[Montecfo]

Have quite a few cards with high limits and low or zero balances, but one main one that we use heavily. Score 820.

 

[Sunset]

I have 5, as I cancelled 3 at the beginning of the year or a bit earlier. My credit score is over 800.

I have started to let my cards build up charges and then pay off the statement amount, instead of paying early. I feel then regardless of when CC company looks at usage, they will see I use the cards as there will be some balance.

 

[gayl]

I have only 1 credit card, no loans in the last 5 yrs, score slightly over 800. Good enough

 

[Souschef]

I have only 1 credit card, no loans in the last 5 yrs, score slightly over 800. Good enough

Same Here

 

[Keim]

Oh! Oh! Oh! Me. I do!

I dont recall my score, but its in the excellect range.

 

[ATXFIRE2034]

Number of cards doesn’t matter, it’s all about overall credit utilization, account age and payment standing. We have several with high or no limits but only use 3 for various rewards purposes. Credit scores are 820-840.

 

[thod]

We only have 2 credit cards. Discover and a visa. Primarily just use the Discover and have for years. No debt. No mortgage for about 10 years. Have pretty much never paid interest on a credit card. ( there have been a couple of late payments resulting in accidental interest, back when I still mailed physical checks each month.)

Have only had one car loan, 1st one, and that was 30 years ago.

Credit score stays in the 820 range.

I think the amount of usage of a credit card is pretty important along with consistent payments.

 

[teejayevans]

I have 2, just in case I have a problem with one.

 

[plex]

I only have one that I actively use. My score floats near 800, but it can't go over that because I've never had a mortgage, and a mortgage history is one of the big factors that go into a score if you really want to max it out. As long as it enters another buying period in less than 10 years, I will probably be able to get a history of that going finally.

 

[Dtail]

We use 5 cards in order to maximize the rewards. Credit scores in the 815/820 range.

 

[bada bing]

3 open credit cards. Only 1 is used in a typical month. 1 pays my auto insurance only (USAA) every 6 months. 1 is used once every 12 months to keep it open. Total of $160K in limits between 3 cards. Average age of accounts = 21 years.
1 mortgage with 10% remaining balance
Perfect 850 FICO8 for last 6 years straight.
Credit reports are all frozen for 5 years now.
You can't get a perfect FICO8 without at least 3 accounts, because you have to have some reported activity and the majority have to show a 0 balance for the month report.

Haven't opened any new accounts of any type in 9 years, so credit score doesn't matter to me. I thought about playing the card opening bonus game, but rejected it as too much hassle. I do get all the purchase rewards I can from existing cards.

 

[Blue531]

I have 2, Discover and Visa. Used to have 3 or 4, but they cancelled because I didn't use them enough. Credit score was 840 but past year it's been 815. I see no reason for this as I have not failed to pay anything. Maybe they penalize you for not having any debt. It went down right after I paid my house off. I use my cards to pay monthly expenses like food, gas and misc. then pay it each month without interest. I do this for the convenience at the register, for the convenience of what I purchased in one statement and the convenience of making one grouped payment at the end of each month. I get a little back. That's just an extra. The one thing I don't like about credit cards is that they seem to prefer people with earned income, people with salaries.

 

[Time2]

I only have one credit card, more than 20 years ago I simplified my billing and filing by getting down to just one card. Last mortgage was paid off 27 year ago and I have never had a car loan. My credit score is 785.


I don't recommend one card!



I recently applied for an Amazon Visa card, I was turned down, for two reasons, I didn't have enough credit cards, I didn't have any money in their bank.
I sent a letter asking them to reconsider, and asking how much balance I needed to carry in their bank. It has been 3 weeks, so it looks like they have ignored it.
I did get a letter from Equifax, I assume that is normal operating procedure when credit is denied. It was labeled, "Your Dispute Results". I disputed nothing and they don't say they changed anything. Kind of a useless letter. I also sent a letter to Equifax asking to to have a few things clarified. Still waiting.

 

[Aerides]

Anybody here only have one credit card? If so what is your credit score?

While many do, and might have high 700/over 800 scores, it's still not helpful if getting more credit and the best rates is a goal.

Every type of loan (car, mortgage, credit card, etc.,) looks at something in your credit history to determine Y/N/How much. It's (almost) never just the score. Balances, credit used, debt to income ratio, payment histories, that show a lender how you MANAGE credit is often more important, for the big stuff.

If you have a perfect credit history with just one card in use for the last 10 years, all other debts behind you, that says "I can handle one credit card perfectly!" Yay, but not so much. A lender might be cautious, you don't seem familiar with managing debt to them. That caution will show up in either a denial, a smaller credit line, or extra points. You might never know.

If you have the same, keep balances low and on time, but with three cards in rotation, maybe still a mortgage, a lender says, Ok now here's someone who can manage credit. Tossing them a new card or loan? No problem.

 

[foxcreek9]

Between the two of us, 24 cards. both at 820 or so, swings 15 points in either direction month by month

 

[scrabbler1]

I have 2 cards, but one is a back-up card I use once a year for a small, automatic purchase just to keep the account open. My credit score is in the 820s, although once in a while it dips a few points below 820 (and I don't know why; it's often due to a month with a slightly larger paid-in-full balance).

 

[EastWest Gal]

I have two major cards and one store card, because the store is very close to the house and it is one of our most commonly used stores for clothes. DH has two cards as well. Credit score about 820 consistently. The point is to have a back-up card in case of fraud and a need for replacement.

 

[SheitlQueen]

I have several that I got for airline miles, but I only use a single card now.

 

[timbervest]

3 Cards but only one used regularly (others no fee and just in case card 1 gets compromised). Usage card has best rewards. Credit score hit the wall at 850. Before retirement plans, got a no fee HELOC for large amount, used it to activate and then paid it off so it is there if I ever need to borrow although I cannot imagine I ever will.