Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Anybody here only have one credit card? If so what is your credit score?
Old 05-19-2021, 08:30 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Location: St. Louis
Posts: 1,415
Anybody here only have one credit card? If so what is your credit score?

Would like to know if anyone is doing this.
FANOFJESUS is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 05-19-2021, 08:41 PM   #2
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 12,280
My husband only has one. I have 3. His credit score is above 800.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 6%, rental income 20%
rodi is offline   Reply With Quote
Old 05-19-2021, 09:03 PM   #3
Moderator
Jerry1's Avatar
 
Join Date: Nov 2014
Posts: 5,622
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.
__________________
Every day when I open my eyes now it feels like a Saturday - David Gray
Jerry1 is offline   Reply With Quote
Old 05-19-2021, 09:20 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
RobbieB's Avatar
 
Join Date: Mar 2016
Location: Central CA
Posts: 6,925
Not me.
__________________
Retired at 59 in 2014. Should have done it sooner but I worried too much.
RobbieB is online now   Reply With Quote
Old 05-19-2021, 09:28 PM   #5
Full time employment: Posting here.
 
Join Date: Feb 2017
Posts: 666
Quote:
Originally Posted by FANOFJESUS View Post
Would like to know if anyone is doing this.
I have only one. My credit score, last I looked, was well over 800.
CindyBlue is offline   Reply With Quote
Old 05-19-2021, 10:05 PM   #6
Full time employment: Posting here.
RetiredAt55.5's Avatar
 
Join Date: May 2017
Location: Philly Suburbs
Posts: 537
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.
RetiredAt55.5 is offline   Reply With Quote
Old 05-19-2021, 10:09 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Aug 2016
Location: Northern Virginia
Posts: 3,550
Have quite a few cards with high limits and low or zero balances, but one main one that we use heavily. Score 820.
Montecfo is offline   Reply With Quote
Old 05-19-2021, 10:44 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sunset's Avatar
 
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 12,106
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.
__________________
Fortune favors the prepared mind. ... Louis Pasteur
Sunset is offline   Reply With Quote
Old 05-19-2021, 10:51 PM   #9
Thinks s/he gets paid by the post
gayl's Avatar
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 2,231
I have only 1 credit card, no loans in the last 5 yrs, score slightly over 800. Good enough
gayl is offline   Reply With Quote
Old 05-19-2021, 11:07 PM   #10
Thinks s/he gets paid by the post
Souschef's Avatar
 
Join Date: Dec 2015
Location: Santa Paula
Posts: 3,422
Quote:
Originally Posted by gayl View Post
I have only 1 credit card, no loans in the last 5 yrs, score slightly over 800. Good enough
Same Here
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
Souschef is offline   Reply With Quote
Old 05-19-2021, 11:10 PM   #11
Thinks s/he gets paid by the post
Keim's Avatar
 
Join Date: Feb 2007
Location: Moscow
Posts: 1,445
Oh! Oh! Oh! Me. I do!

I dont recall my score, but its in the excellect range.
__________________
You can't enlighten the unconscious.
But you can hit'em upside the head a few times to make sure they are really out...
Keim is offline   Reply With Quote
Old 05-19-2021, 11:12 PM   #12
Recycles dryer sheets
 
Join Date: Sep 2019
Location: Leander
Posts: 55
Number of cards doesnít matter, itís 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.
ATXFIRE2034 is offline   Reply With Quote
Old 05-20-2021, 02:22 AM   #13
Dryer sheet wannabe
 
Join Date: Jan 2021
Location: Allen
Posts: 23
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.
thod is offline   Reply With Quote
Old 05-20-2021, 03:02 AM   #14
Thinks s/he gets paid by the post
teejayevans's Avatar
 
Join Date: Sep 2006
Posts: 1,594
I have 2, just in case I have a problem with one.
teejayevans is offline   Reply With Quote
Old 05-20-2021, 03:23 AM   #15
Full time employment: Posting here.
 
Join Date: May 2008
Location: Austin
Posts: 652
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.
plex is offline   Reply With Quote
Old 05-20-2021, 03:42 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jan 2018
Location: Tampa
Posts: 8,615
We use 5 cards in order to maximize the rewards. Credit scores in the 815/820 range.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 05-20-2021, 04:10 AM   #17
Recycles dryer sheets
 
Join Date: Sep 2016
Location: Way up North
Posts: 421
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.
__________________
Retired 9/30/20 at age 61 from Evil Mega Big Oil Corp (EMBO corp)
A day in retirement is like a day on the farm. Every meal's a banquet. Every day's a parade. Every SS & pension check a fortune!
bada bing is offline   Reply With Quote
Old 05-20-2021, 04:47 AM   #18
Recycles dryer sheets
 
Join Date: Feb 2020
Location: Danville
Posts: 167
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.
Blue531 is offline   Reply With Quote
Old 05-20-2021, 05:11 AM   #19
Thinks s/he gets paid by the post
 
Join Date: Oct 2019
Posts: 1,706
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.
Time2 is offline   Reply With Quote
Old 05-20-2021, 05:24 AM   #20
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 9,067
Quote:
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.
Aerides is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
fidelity credit card -elan -free credit score mathjak107 FIRE and Money 7 09-13-2017 07:15 AM
Ahhh... True Love - but only with a good credit score Walt34 FIRE and Money 9 07-25-2013 07:07 AM
Do Increased Credit Card Limits affect Credit Score? marc515 FIRE and Money 6 11-15-2012 05:36 PM
Will closing a credit card hurt my wife's credit score? bank5 Other topics 4 06-03-2009 06:01 AM
Pre Paid Credit Card/ Gas Card or Credit Card nphx Other topics 4 04-29-2008 01:04 PM

» Quick Links

 
All times are GMT -6. The time now is 12:53 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.