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

[Amethyst]

We have 10 credit cards, mostly opened to get rewards or other incentives; some will get closed this year because of disuse.

We only use 4 or 5.

Our credit scores are around 830. This drops to the low 800's after a large purchase, even though it still is only 10-15% of total credit, and gets paid promptly.

 

[old medic]

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

We are in the same boat... cant get above the 790s ...Paid off 1st mortgage, then bought our next 2 places with cash. Have cancelled several cards this year, have 2 major left, Visa with our bank, and Discover. Just used the Discover for the 1st time since 2017....for a new laptop due to threat to cancel..
5 store cards... mostly used for 0% interest over time big purchases.
This is how we are rebuilding our house... current "0% mortgage" balance
$5300... $3200 of that just bought cabinets before 2 years

 

[Chuckanut]

The best reason to have two or three credit cards is in case your bank starts to dislike you and cancels your card. Just make sure each card is from a different financial institution. Or what if you are traveling in small village in Lower Slobovia and your card is lost or stolen? It's good to have another.

The second best reason is that cash rewards often vary in amount and with time. As of today, my Amazon prime is my best gasoline card. That will change in three months. Another card is currently giving me 5% on groceries. That will change in the future. My go-to 2% card is getting less of a workout these days. Higher but temporary cash rewards seem to be the 'in' thing. Show me the money.

In these days of 0.5% CD rates, I'll squeeze every dollar I can.

 

[brett]

We have three. We travel frequently. More than once we have had charges rejected by the issuer.

Credit score is always sitting at 850 when I log into my Capital One account. Do not really know what it means. Someone told me that my credit score has an impact on our insurance rates-home and auto. Not certain why this would be.

 

[Sunset]

We have three. We travel frequently. More than once we have had charges rejected by the issuer.

Credit score is always sitting at 850 when I log into my Capital One account. Do not really know what it means. Someone told me that my credit score has an impact on our insurance rates-home and auto. Not certain why this would be.

There is a correlation between low credit scores and higher accident rates. Insurance companies used credit score as a predictor of those folks having more accidents.

 

[Out of Steam]

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

Same with us. My wife and I have a shared American Express, and each have an independent Visa card. Credit score between 800 and 810.

The American Express could get closed in the next year or so since my wife is no longer getting reward points added in from a corporate account.

 

[Major Tom]

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.

My score is 830, with just 3 credit cards, and no mortgages or auto loans on my credit history. I did have 4 mortgages, but they were all paid off around 15 years ago and have since fallen off my credit record. I imagine that with a mortgage and auto loan, it would go higher.

 

[Sojourner]

I have 4 cards. For me, it doesn't make sense to have just one. I consider two the minimum number, for reasons as simple and straightforward as 1) a backup card is good in case one gets damaged or stolen, 2) some cards have no foreign transaction fees, 3) some cards are excellent for certain types of cash-back rewards (travel, groceries, gas, Amazon). It would be very challenging to find one card that excels in all those areas, so having 2-4 seems prudent and reasonable, IMHO.

 

[REWahoo]

It would be very challenging to find one card that excels in all those areas, so having 2-4 seems prudent and reasonable, IMHO.

+1

I have three cards:

One card for gas and diesel purchases - 5% cash back, no limit.
Second card for Amazon purchases - 5% back, Amazon credit.
Third card for everything else - 2.5% cash back on everything, no limit.

 

[Trailwalker]

I have two in case the card that I use is lost or compromised. I make sure the second one stays active by putting an annual payment on it. I've had both cards over twenty years and have a very high credit score (800 plus).

 

[brett]

There is a correlation between low credit scores and higher accident rates. Insurance companies used credit score as a predictor of those folks having more accidents.

You would not know it based on the outrageous home and auto premiums that we pay each year!

 

[Ncc1701]

Amex & Visa are all I need. And I only use the Visa at Costco

 

[ExFlyBoy5]

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.

While I would say this is generally good information, folks should realize that there isn't "just one" score...they are lots and LOTS of them. Each are designed to either milk money from you (increase your score by self reporting!) or specialized to the credit one seeks (credit card, installment loan, car loan, even different scoring for different insurance needs).

I currently have 13 open credit cards but as a matter of course, only use 3 (USAA Cash Back, AMEX Cash Back, CHASE AMZN Cash Back) and do not carry a balance and have no other open accounts (installment, mortgage, etc). Available credit shows about $190,000 and the scores I can ascertain (Credit Karma and AMEX score service) shows 814/837/838 and these scores go up and down 10-15 points each month depending on how my credit card balances appear but rarely does it go below 800. USAA won't allow me to make payments on pending charges, so while I try to pay the balance prior to statement closing to keep a $0 balance reported...sometimes that doesn't happen.

To illustrate the absurdity of the credit scoring methodology, consider my latest 12 point drop. The reason? My CC balance reported went from $1200 the previous month to $12 this month (still well, WELL below 1% utilization of course). To me, this make zero common sense.

 

[TheWizard]

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

Same here.
Credit score in the 820s...

 

[Amethyst]

+100

You would not know it based on the outrageous home and auto premiums that we pay each year!

 

[SecondCor521]

CK 839/829. 13 open cards, with one daily driver and occasional use on the others. Total CL well into six figures.

I carry my one main card with me all the time around town, and use that 100% of the time unless I'm at Winco, where I have to use my bank debit card which is usually stashed in the glove box.

While traveling, I'll take two no-FTF cards and do a travel notice with both of them, although I think by now one or both of the ones I typically take for that say they don't need me to do that any more. I also try to remember to take my bank debit card if I'm going to use a foreign ATM for pocket cash, because I don't want to pay cash advance fees.

 

[old medic]

There is a correlation between low credit scores and higher accident rates. Insurance companies used credit score as a predictor of those folks having more accidents.

Our last incident involving insurance was over 25 years ago....

 

[Car-Guy]

I only have one each. One from AMX, one from Visa and one from MC.

 

[socca]

I only have one card; credit score is a bit less than 800. I always get dinged for not having/using enough credit (kind of reminds me of a drug dealer complaining that his clients aren't snorting enough cocaine ).

If I travel overseas for fun again I'll get a second card as backup (also I've heard that there are better cards for foreign travel than the one I've got).

 

[Car-Guy]

I guess I just don't get credit scores.

Over the past few years my credit score has been running between 797 and 810... (Give or take a point or two).. I have three credit cards and always pay them off in full every month. My average monthly CC bill is rarely over $2500 even if I add up the charges on all 3 cards. I haven't had a loan for anything in decades (car, home, personal, etc). Never missed a payment on anything (e.g utility bills). Own a home, property, cars, etc. Zero debt and million(s) in the bank.

I wouldn't even know my credit score if Capital One didn't show it on my account every time I log on.... How is it that my credit scores isn't 850 (or whatever the top number is)? That's a rhetorical question since I don't really care, (just venting) but it makes me wonder if the credit score system is really any good for measuring someones credit worthiness.

 

[Amethyst]

I wonder about this, too. Would like to know how much difference there is (if any) between 800 and 850 in the eyes of lenders, who are the ones mainly interested in credit scores.

Another thing which annoys me, is the large ding (50 points in our case) for a "hard" credit inquiry, which one can't escape if applying for a loan. And then it sits on your record for years!

Bottom line - while it makes sense to draw distinctions between people with excellent credit behavior, and those who play fast and loose with credit - why would there still be gradations among those who pay every bill promptly, and never borrow close to what they could afford to pay?

I guess I just don't get credit scores.

Over the past few years my credit score has been running between 797 and 810... (Give or take a point or two).. I have three credit cards and always pay them off in full every month. My average monthly CC bill is rarely over $2500 even if I add up the charges on all 3 cards. I haven't had a loan for anything in decades (car, home, personal, etc). Never missed a payment on anything (e.g utility bills). Own a home, property, cars, etc. Zero debt and million(s) in the bank.

I wouldn't even know my credit score if Capital One didn't show it on my account every time I log on.... How is it that my credit scores isn't 850 (or whatever the top number is)? That's a rhetorical question since I don't really care, (just venting) but it makes me wonder if the credit score system is really any good for measuring someones credit worthiness.

 

[brett]

No idea how it is calculated. I always assumed that the credit score was out of 1000

We typically have four or five cards. We cancelled two cards early on in the pandemic. No doubt we will get another one before year end as we start to travel internationally again.

We do pay our cards off each month. One thing though is that our cards have fairly high credit limits. We need this when we travel. It is not unusual for us to have an auto rental agency place a hold for 3000 euro, sometimes more. All it takes is an auto rental hold, perhaps some airline tickets, or a last minute cruise to push our credit card balances up.

Add to this that some regional airlines are very selective on what card they accept. We have have had on line airline purchases refused on one card and accepted on another even though both cards were valid and had lots of 'room' on them. It is one our our premium cards that this occasionally happens on.

 

[5Miler]

I have had one card (Visa) for the past 25 years with no store revolving cards or any other loan. Mortgage paid off 9 years ago when I retired and last auto loan paid off 18 years ago. I do use my Visa fairly heavily each month but as most here do, pay it off each month. Credit score sits at 820.

Monthly bank credit score always tells me that my score is lower due to lack of revolving credit history which I assume to be store cards or the like. I'll stick with what I have thank you very much.

 

[bada bing]

I wonder about this, too. Would like to know how much difference there is (if any) between 800 and 850 in the eyes of lenders, who are the ones mainly interested in credit scores.

The top tier of credit worthiness for getting loans starts at 760 FICO8 score. You won't get anything extra for an 850 score compared to a 760+. It is very possible that other factors like income (not a part of FICO scoring) or job tenure (also not a part of FICO) will influence a credit application. But differences between anything above 760+ is largely or totally irrelevant for credit determinations.

There is a non-credit difference between a 760 score and a 850 score. People with scores at the very top (above 820) get a lot less unsolicited credit card offers (junk mail). This is because above 820 indicates a "never pay credit card interest" and "very seldom open new accounts" behavior. In order to have a perfect FICO8 850 score you have to have the majority of accounts at zero balance with an overall utilization under 10%, an average age of accounts over 8 years and no new credit inquiries in the last year.

Credit scores are "hackable" in that you can increase them rather rapidly to an extent by managing how your account balances are reported. This can be useful for people with dinged credit or young people just starting out. It works for people with higher scores as well, but it isn't of any benefit if your FICO8 score is already above 760.

There are many different credit scores. FICO8 and FICO9 are the industry standard. The Vantage score (used at credit karma and other places) is also quoted a lot, but isn't exactly equivalent to FICO scores and is used less often in actual credit application determinations.

 

[ERD50]

Would like to know if anyone is doing this.

Maybe I missed it, but I don't think anyone asked - "Why do you ask?". So, why do you ask? Do you have no CC's now, and want to get just one? Or do you have more than one, and want to get down to one? If so, why? The reasons might affect how people respond.

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. ....

Fidelity 2% and Costco/Citi for the same reasons (gas 4% and restaurant 3%), plus Amazon for Amazon rewards, and I put my recurring automatic charges on the Amazon card. Since I don't use the Amazon card anywhere else, I figure it is less vulnerable to fraud so I won't have to go through the update every time a card company suspects fraud and issues a new card.

Plus a 4th, that I just use a couple times a year, to have a back up - the other two cards are in our wallets, if we misplace that and report it missing we'd be stuck for credit (and I don't want to use that Amazon card outside of Amazon and the recurring auto charges).

-ERD50