What's up, everybody welcome back to the channel, so today's video is gon na be about how many credit cards should you have? Is there a specific number of how many cards you should have, or that's a specific time, whether that's a lifetime? Here's a little little stack of mine, not a big stack. A little stack, a little baby stack right now of how many cards I have a bunch of them right. So that's today's topic. We do have an Amazon gift card giveaway, I'm going to talk about that.

In the video so make sure you stay tuned to that, let's go right into the video all right. So me personally, right now I have about maybe 20 it's in the 20s. I know that for sure maybe twenty one twenty two credit cards currently open balance is paid in full because that's how you maximize your benefits, that's how you have the best possible score when you're, not caring over debt and you're doing what you're supposed to be doing. Only so how many cards did you have? That is a question that I get all the time.

That's a question out a lot of other people get all the time. There's no specific answer to answer your question. There's no specific number to answer your question now. Is there too many credit cards, that's a good thing, or is it not enough credit cards and that's a good thing to solve? I think to be honest with you having not enough credit cards, not enough diversity in your portfolio.

Hurts you more than having too many. It's kind of like when you do a project at school right, let's just go back to like school. When you know I'm be honest. This was me this was me, so I'm sorry I did the bare minimum.

You know I did like what I had to do or whatever black did the bare minimum to school. Don't listen! This was like you know, high school middle school. When I came to projects, I did the bare minimum okay and then you got that person that one person that's like mr. and mrs.

perfect and they go above and beyond every project gosh. I used to hate those people but hates a strong word, so I disliked them, but they wouldn't bub them beyond, and you could never go wrong with going above and beyond as long as you're doing it in good faith and also you're doing it the right way. So look at credit cards the same way, somebody who has maybe not enough credit versus somebody who has more than enough. So there's your answer, so I thought ously in my opinion, and it's actually proven you know somebody who has maybe only one credit card and nothing else wears just about who has credit cards, maybe some loans, just because I wanted to get him to kind of go To credit up, you know more than one maybe more than five, maybe more than ten credit cards.

Maybe I'm mortgage things like that. They have a big portfolio. Their portfolio is diversified, rather than just maybe a person who's only had a credit card, or maybe we need two or three credit cards, the more the better. You know you think about it, and people look at credit cards in like a bad spotlight.

Like you know, you go into debt, they're, not good. For you. The interest rates are crazy. You know you're playing with snakes.

You know, I know everybody knows who the snake person is and you playing with a snake. Why? Well, I play with a snake, and everybody knows what that guy is and they're right. These things can happen. These things can happen to anybody.

But the point is you really have to know who you are? Okay and that's not that's another thing to know who you are right, if you know you're somebody who and know your situation to so know who you are know your situation, if your situation right now doesn't really make sense to have a bunch of credit cards, don't Have a bunch of credit cards right now. You know you can always get credit card some other time over somebody who used to live a certain life for you. You know you had a bunch of credit cards and then you got to maybe downsize then maybe consider just maybe only using one credit card now, never close your credit cards out. You know, but you know a things change things happen so know your situation know who you are.

If you're somebody that's a spending problem, don't get a bunch of credit cards, that's how you get into debt. You know train yourself to pay your balances and for things like that now I know one of my good YouTube friends. His name is David. He is overhead.

Wise fly, so Davis shoutout to you. If you're watching this video, let me know I believe you have about 40 plus cards. I believe that's what you said in one of your videos and I'm not gon na. You know put his credit score out there, but he's definitely not hurting he's.

Definitely, on the better side, as far as credit goes, I know the points. Guy has a bunch of credit cards, I'm sure Sebby and Shifu have a good amount points. Pointers has a great amount, I believe too. So all these great youtubers all these influencers and they they manage it the right way right so yeah.

They have a bunch of credit cards their portfolios, diversify. They have this card here they have that guard there. They have more money to spend. So they have.

You know, let's say the average is a hundred thousand, which is honestly pretty good. That's a really good amount of credit to have. I think I have about maybe a 115 120 thousand a little credit to spend all my credit cards if needed be, but just probably never ever gon na happen, but you know versus somebody who only has a thousand dollars. So let's do some math okay.

So, let's just make it easy for myself, so I have somebody who has a credit limit of $ 1,000 versus somebody who has a credit limit of $ 10,000 and they spend the person with $ 1,000 spends $ 100. The person with $ 10,000 spends $ 100. The utilization percentage is going to be a lot less for the person with $ 10,000. Then the person with a thousand dollars in credit, okay, so the more credit, the better your credit utilization, the lower your credit utilization.

So it's a bunch of factors but guys credit cards. You know I'm not enquiries or something big. You know so yeah. That's one thing we could put on there.

It does take a ding every time you apply for a credit card. I get that. It definitely takes a ding, it's a minor ding, it's temporary, it's nothing to the effect of like a collection account charged off account, late payments, etc. Maxed out credit cards, so it's very minor and it goes away and again for the long haul.

As long as you're, not closing these cards out and you're keeping them, maybe downgrading them, if you have annual fees but Jack's keeping the line of credit open, this is actually gon na help you in the long run again your credit utilization, your diversify on your portfolio, You have a better credit history, you have more credit cards or under your belt, you know you're trustworthy, so guys, honestly, my opinion, the more than better but, like I said it's situational, know yourself. If you know you need to have some training as far as spending the whole bit of a bunch of credit cards having one is probably just 5 or maybe emergencies, maybe you're, just starting off into credit game. It's fine. I started off to.

I had one credit card, it was a three hundred dollar limit. It was a secured credit card. That's all I had until I got used to making payments until I got used to the credit card game, and now I have over 20 credit cards, which is you know, that's okay, that's really good! That's a lot of credit cards so get used to it know yourself know your situation. If this is not your situation right now, it's cool everybody's situation is different so again for most of us who pay our bills on time who pay the bills on the full.

Having more credit to you more credit cards to me, I look at it as more credit and a lower credit utilization. If, if that even matters because again, if you're paying a fool, it doesn't really matter. But if you know you have somebody that has $ 100,000 in credit to use at any given time, that's pretty good right. So that's my video for today.

I want to know. What's your insight on this one is I get asked this question quite often, is there too many credit cards you can apply for it now again, if you're trying to do maybe like chase or something like that, you know 5:24 is a big thing, so you're looking At it from a gameplan standpoint, I mean that could be an issue too. But to answer your question in general: no, in my opinion, the more the better alright. So thanks so much now I am doing the Amazon gift card giveaway we're about maybe 80 or 70 people away from this, which is pretty good man.

We really almost have 2,000 subscribers, so four of you will be getting a $ 25 Amazon gift card. So all you have to do is like this video subscribe and if you have not done so in any other previous videos, you have to comment that you're subscribed. So I'm gon na put you in on my little sheet and get you going alright. So thanks so much for tuning in to this video have a great day.

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