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Credit Score Q&A: How Many Credit Cards for Highest Score?

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A reader in Dallas wants to know the number of credit cards one should have in order to achieve the most credit score points. Is there a “magic number?”

In short, there is no single “magic” number.

It will depend on whether there is a credit attribute in the score that evaluates the number of credit cards in your credit report as well as your credit profile.  The points assigned for number of credit cards reported will likely be different if you show a history of missed payments or have relatively little credit history.  The data shows that the predictive power (and therefore the points assigned) for a given attribute such as number of credit cards is different for different credit profiles.

Lastly, the scores tend to place more importance on how you use the credit cards (balances, payment history, etc.) than on the actual number in your wallet.

[Related: How to Order Your Free Annual Credit Report]

Image: Andres Rueda, via Flickr

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