Having more cards can increase your total available limit, reducing your balance-to-limit ratio, which can positively affect credit scores.
However, keeping low balances on just a few credit cards can result in very good credit scores.
You can have as good a credit score with two cards as you can with five or 10.
How many credit cards should you have to build credit?
Owning Several Cards Is Fine, at Least in Terms of Your Credit Score. The average number of credit cards Americans own is three to four. According to Credit Karma, there is a correlation between having a high credit score (800+) and having more credit cards (7), compared to people with lower scores.
Will getting another credit card help my credit?
Combined, they account for 65% of your credit score, and a new credit card could help improve your credit utilization (which accounts for 30% of a FICO score). Applying for a new credit card shouldn’t have any impact on your payment history. Nor should it result in any abrupt changes to it going forward.
Is it better to spread balances over multiple credit cards?
The presence of at least one account with high utilization can hurt your score, even if your overall utilization is low. Therefore, spreading out your balances in order to keep a low utilization across all accounts is best. Check out all the answers from our credit card experts.