How many credit cards should u have? #creditcard #creditscore #money #finance #cash #personalfinance

[KingOrest]

One of the biggest regrets is getting a credit card late in the game out of fear.

[chyndb]

I have ZerO. I’m 27. My parents drilled it into my head to never get a credit card ….. and here I am. Having to rely on them to co-sign for a loan cause I don’t have a credit score
And I’ve applied to 3 credit cards all denied due to lack of credit

[oliviamulligan]

I was told by a bank you need 3 lines of a credit for at least 24 months for a construction loan (along with other requirements). Thank you Vivian for teaching us!!

[abigailcutrona]

I feel so much better about becoming an adult (I’m 13) and handling my own money now that I know these things. Thanks so much

[bernadettesandoval]

Its very personal and you must be disciplined. I have:
1 for amazon/whole foods 5% cash back
1 for 4% cash back gas/grocery stores/restaurants
1 for 6 mos no interest payments on medical expenses
1 for 5% cash back at my favorite retailer
1 for transferable miles/rewards with 0 foreign transaction fees
1 for free total mobile protection that I use for the cell phones bills and phones

Again, discipline is important.

[firefeethok_tui]

This is proof that the credit score was invented to sell credit. To trap consumers, make them use their money where they wanted to or not or borrow money when they wanted to or not. Disgusting PS I love your channel.😄

[skelebeee]

I still stand by that if you never have a credit card and only use debit, you should be considered more responsible with money because you aren't spending outside your means on borrowed credit, but then credit card companies wouldn't make any money so thats not every going to happen 😑

[Deci_Bella]

That's not true, that lenders see you as a bigger risk if you have a lot of credit cards. I have around 20 (most of them with $0 balance) - my total credit limit is high, my utilization ratio is low, I always pay on time and in full. My credit scores from all the agencies are over 800, lenders love me, everyone is happy to approve me if I apply.

[abouther]

As a UK mortgage broker, I have noticed that a credit limit that’s too high can make you a higher risk. Even doing mortgages for footballers with high income, they can get declined because they have a credit limit the size of a Range Rover, and technically they could go and impulse buy and max out. Don’t forget lenders take (typically) 3% of your balance as an monthly expense so when the card balances get high, it can eat into your borrowing on a home.

[normalouis]

I have 11. I got my first at 18 ( I'm 22 at the moment)and my highest score has been 771, as of now it's 757 since I recently got a card to increase my overall limit. the only factor hurting my score is length of credit history. I have about one card I've never used and about 5 that I've used once . I pay in full every month unless there's a 0% period.

[annsmith]

Ridiculous! As a former banker of 20 years: 2 cards are plenty! And pay the full balance every single month! Paying your entire balance every month is the way you establish excellent credit.
Keep it very simple, pay off every month, you are good to go with an excellent score!

[roliarchie]

I have about 24 CC but i only use 3. I did it so that my total credit limit will be higher and to lower my credit utilization/usage

[joonchong]

I have over 30 credit cards and have close to 800 FICO score. It seems like she doesn’t know about “churning.” Free travels with points. Lol. Just gotta be responsible and smart!

[eatwhatukiii]

Oh yeah, and tell them how CLOSING the CC account after paying it all off will put a bad mark on your credit score. Apparently having more cards but using less (keeping the balance at a sane amount) is the way to go.

[shaneryan]

In tears at the revolut basic debit card picture at the start of a video about credit cards hahaha

[JOIxVIDEOxAHxNAH]

I wanted only one cc before, my credit was on froze until I applied for a 2nd one then the number jump up again well down first. Then this year I’ve applied for a trifecta 3 cards within one year Lol! 🐉✨ I still can’t believe I was scared to have one before. Really is a journey I’ve learnt as I go.. sheeesh so many benefits.. spending cash is like throwing away free $ useless like a debit card. My advice do not let outside source to imprint fear into you not getting one.. reality is you ain’t shit without credit in this world. The early the better everything revolves around it. I’m dam near 40 just now learning about it. It’s alright I’ll still remain a student I still have a lot to learn.

[TengenHasAFavoriteWife]

THANK YOU!!
I've had such a hard time understanding credit and money, thank you Vivian for being able to clearly explain it to a gnome like me

[NotJessH]

At one point I had about 10 credit cards and that’s including store cards like a Target card, Macy’s Visa, a Costco AmEx, and just regular MasterCard, Visa, etc. I paid all of them off and then closed the higher apr cards. I have 4 credit cards now that don’t carry a huge balance on.
My credit was trash when I was in my early twenties. It’s getting better, in the 700’s.

[ljb]

I have 10 and they Keep increasing my limit. I Keep them paid _ but I want to close a couple

[leonb]

I have 3 general (one MC, 2 Visa) and one for Kohl's. The Kohl's one is mainly for discounts for its CC holders. If only have 1 general cc and it is rejected for some reason, goes lost, gets damaged, a 2nd or 3rd card may save you. I also have plenty of credit line amounts for any unexpected or higher than normal expenses (like on a long trip, where had to use my cc for employment travel and later reimbursed). Also some cards may give different benefits, especially like with Chase CC's, where different points bonuses per quarter of the year. I end up where I make money on my cc's.