How many credit cards is too many?

What is the name of your state? Michigan

I currently have two credit cards, one with a significant limit, and another one with only a 1k limit. I've had a credit history since 2000, and have paid all balances on time.

I'd like to apply for an American Express card, especially for it's extended warranty and great additional features, but don't want to hurt my relatively young credit.

Should I cancel one card any apply for the American Express, or just apply for the American Express?

Thanks for your insight!

[cmorris]

I'm 22 and have 9 credit cards. Some people even have way more than I do.

Don't close any cards--you'll lose age and increase your utilization, which lowers your credit score.

Pull all 3 of your credit reports from the individual bureaus and check for accuracy. You can get your scores from [URL=http://www.myfico.com]myfico.com[/URL].

Pay down your balances (if you have any) to at least 30% of your limit. So your 1K card should have, at most, a $300 balance. Same for your other card.

Go to [URL=http://www.creditboards.com]creditboards.com[/URL]. Learn about how this all works. There is also a "credit pulls" thread. This can give you an idea of which credit bureau Amex pulls and the scores that were accepted/declined. It's not set in stone, but it gives you a sense of what kind of credit worthiness you need.

And if you get declined, try a reconsideration letter. Good luck!

[Ladynred]

With just a 5 year credit history, it is VERY unlikely that AMEX will bless you with any card of theirs. AMEX is VERY picky and you must have a farily long credit history - all good - and you must make above a certain income level or you won't get an AMEX card. You MAY be able to get an Optima card -- which IMO is a piece of crap with high interest rates, major late fees, and probably a low limit.

You would be better off applying for some other PRIME cards than attempt AMEX right now.

[JETX]

Originally Posted by EuQu

Should I cancel one card any apply for the American Express, or just apply for the American Express?

Was there a LEGAL question in there somewhere??
After all, this IS a LEGAL advice site.....
Your decision as to how many credit cards is your own to make. It is very hard to try to hold your hand and guide you through the decisions of life over the internet.

[medusa.one10]

I disagree with Ladynred. AMEX issued a Green Reward card to me last year even though my credit history was only two years old using Visa and paying bills (well before the deadline). Being international student, I also don't have much monthly income aside from the assistantship I got. However, I like AMEX service very much. The customer service is superb, fast and reliable. I'm now considering applying for their Blue.

Originally Posted by Ladynred

With just a 5 year credit history, it is VERY unlikely that AMEX will bless you with any card of theirs. AMEX is VERY picky and you must have a farily long credit history - all good - and you must make above a certain income level or you won't get an AMEX card. You MAY be able to get an Optima card -- which IMO is a piece of crap with high interest rates, major late fees, and probably a low limit.

You would be better off applying for some other PRIME cards than attempt AMEX right now.

[freespeech]

While your statement looks "impressive" to say, it can hurt you to have too many open accounts in certain circumstances. Each will have a line of credit and each will be looked at as a potential source of running them each to their limits.

Quote
I'm 22 and have 9 credit cards. Some people even have way more than I do.

Don't close any cards--you'll lose age and increase your utilization, which lowers your credit score.
End Quote

In addition it has the potential to have one come back here and be seeking advice under the Bankruptcy section.

[cmorris]

You don't know my situation, so don't pretend that you do. Some of my cards are "pay-in-full" cards due to rewards. Others are balance transfer cards--0% interest, little or no fees. A few have really low, fixed rates for big purchases. Some I *never* use--utilization only. Others I keep for age. You know, that affects your FICO score. My cards all serve different purposes. I have NEVER been late, or even in a bind.

I never pay an annual fee and my cards do not have high interest rates. I have great credit and a good career ahead of me. When I was in college full-time, I got a car with only 11K miles at a GREAT interest rate. Apparently, banks (prime ones at that) don't see me as a risk.

I'd say I'm doing pretty well. Just because YOU may not be able to handle the number of cards and credit lines I have, doesn't mean I can't. Get over yourself.