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How Many Credit Cards Is Too Many?

When we chatted about canceling idle credit cards, some of you were wondering how to know if you have too much plastic. Most Americans own between five and ten credit cards, but the sweet spot is between two and six cards.

There's not a magic number of credit cards for each person. Your spending habits, how much you're able to pay off, and how much credit it would take to keep your debt-to-credit ratio below 30 percent all factor in to how many cards you should have.

If you have so many cards that you can't keep track of spending or when your payments are due, it's time to rethink your credit strategy. Experian, one of the nation's major credit reporting agencies, says that having a good track record of paying on time is the most important factor in developing a good credit history. A couple of late fees can bring down your credit score and possibly bump up the rates on your other credit cards.


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