How many credit cards can one safely hold without decreasing your credit score!

[BMR]

Hi Guys,

So as you all know, if we keep on applying for new credit cards very often, it does affect your credit score, as you are then viewed as credit hungry. I know that the credit drops momentarily whenever you apply for a new card, but how many would be considered to much to permanently decrease my credit score?

So I wanted to discuss,

1) what should the frequency of new applications be
2) how many credit cards can one safely hold without affecting their credit score

I have 6 cards at present and I control myself from applying for new cards fearing a permanent credit drop, but seeing the number of cards that some members have posted in this forum, I am asking this query from community members.

 

[alphadark7]

Even I want to know this, my CIBIL has come down to 760s after getting 7 cards in last 3 months

 

[alphadark7]

850+

 

[metal_heart]

Don’t fall for every card you see. Ppl have acquired them over many years, don’t try to match them

If you have major banks CC, most of them have good reward rates aswell and have good tie up on sales aswell

 

[BMR]

Yeah, I have acquired these 6 cards over 9 years. Experian 895, Cibil 795 and crif 824.

I am not trying to horde cards but I think it's good to cover all the banks....like right now there's a great offer in tatacliq on HSBC but I don't have one. Hence trying to get some answers.

 

[mukundstud]

I have 9 credit cards currently and 10th credit card application is in progress. My CIBIL hovers around 780, like always. My CRIF and Experian scores have been affected because of so many cards. Earlier, they used to be above 800. Now they vary between 760 and 790. But I only care about my CIBIL score. I have got my last 8 credit cards in last 8 months. I think that I have developed a terrible habit 😂 😂 😂

 

[Gautham]

Hi Guys,

So as you all know, if we keep on applying for new credit cards very often, it does affect your credit score, as you are then viewed as credit hungry. I know that the credit drops momentarily whenever you apply for a new card, but how many would be considered to much to permanently decrease my credit score?

So I wanted to discuss,

1) what should the frequency of new applications be
2) how many credit cards can one safely hold without affecting their credit score

I have 6 cards at present and I control myself from applying for new cards fearing a permanent credit drop, but seeing the number of cards that some members have posted in this forum, I am asking this query from community members.

I applied and got 7 credit cards in the last 60 days. My cibil (792) score remains the same since May. My Experian (824) score remains the same since March.

 

[mukundstud]

Which ones do you have

I have update the card list in my profile. Still, I am copying the details on this post too:

ICICI- Amazon Pay
HDFC- Millenia
RBL- POD
AXIS(2)- Flipkart & Airtel
Indusind- Platinum Visa(Closed Platinum Aura Edge)
BoB- Premier
SBI- Club Vistara Base
CITI- Paytm First

My LTF Yes First Preferred CC application is currently in progress. Lets see if my application is approved or rejected.

 

[alphadark7]

Where did you check your score?

CIBIL and Experian

 

[ChurningNoob]

So does canceling a credit card improves credit score or is there any value add?

I have couple of LTF credit cards which I hardly use, so thinking of what to do with it

 

[chdguy1980]

I have update the card list in my profile. Still, I am copying the details on this post too:

ICICI- Amazon Pay
HDFC- Millenia
RBL- POD
AXIS(2)- Flipkart & Airtel
Indusind- Platinum Visa(Closed Platinum Aura Edge)
BoB- Premier
SBI- Club Vistara Base
CITI- Paytm First

My LTF Yes First Preferred CC application is currently in progress. Lets see if my application is approved or rejected.

Are all of these reported in CIBIL yet? Every time a new credit card account shows in CIBIL, does your score go down?

 

[BMR]

So does canceling a credit card improves credit score or is there any value add?

I have couple of LTF credit cards which I hardly use, so thinking of what to do with it

Age of the credit card also matters in cibil. The older the card is, better the score. So if your cards are old, keep them. But if you got them recently, you can cancel them.

 

[metal_heart]

So does canceling a credit card improves credit score or is there any value add?

I have couple of LTF credit cards which I hardly use, so thinking of what to do with it

As of now, there is no harm keeping them. Use them atleast once in 3-4 months for whatever small amount you may want.
It will actually help in improving score, as more org will report that you are disciplined

 

[mukundstud]

Are all of these reported in CIBIL yet? Every time a new credit card account shows in CIBIL, does your score go down?

Except the SBI club vistara(approved nearly a week back) and an unknown YES Bank credit card(approved just today), rest all the cards are reported on CIBIL. From my experience, CIBIL does not get affected much on addition of new loans, enquiries. The CIBIL score relies very heavily on your payment history. Look at the number of cards Sumanta Sir is having. His CIBIL is perfectly fine. If you can manage the payments of so many cards, I don't think CIBIL should be an issue for you. But I have seen my Experian and CRIF being affected by so many cards being added in short amount of time. Still, both of the scores never went below 750. And since banks assign more importance to CIBIL compared to Experian, CRIF or Equifax, I am not worried about other credit scores much(provided they stay above 750).

Still, I understand that applying for so many credit cards is not a great habit. But it becomes difficult for me to resist when I am offered a feature not present in my other credit cards, that too for an LTF pricing.

 

[metal_heart]

Yes, since recently I am having a strong urge to apply , if I see any card as LTF , irrespective of variant

 

[alphadark7]

Sameee...
I took about 7 LTF CCs in last 3 months

 

[alphadark7]

Which ones?

BOB Premier, Axis Flipkart, Yes First Exclusive (Preferred), IDFC, IndusInd Legend, HDFC Intermiles, RBL Zomato, and a paid CC SBI Vistara Base version