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How many bank accounts and credit cards should I have?

I am currently a college student with 2 checking accounts (Wamu- 3 years & BOA- 1 year) and 1 credit card (Citi- 1 year). I have always met the requirements for my checking accounts and paid all my credit card bills on time. As for loans, I do have about $10,000 of student loans in debt. I was wondering if it is okay for me to get another credit card. Also, many say that having a lot of credit cards are bad for you. What is the reccomendation of how many bank accounts and credit cards should I have so that my credits would not go down? Thanks in advance!

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9 Responses to “How many bank accounts and credit cards should I have?”

  1. San said :

    If you can manage credit card go for it, but make sure you pay on time and fully, since more card you get its difficult to track each card, as far as account goes open a high yeild savings accoutn with HSBC, ING or similar bank which has yield around 5% and deposit some cash in that monthly.

  2. Nasty said :

    have as many as possible
    max them all

    then die with no assets

    Screw them all they cant make you pay when ur dead

  3. ed m said :

    what is it with you young folks and your need for many credit cards. go ahead and get another three or four so in a few months you can ask “i am three months behind on two of my credit cards will this be a bad mark on my credit rating. than in three more months you will be asking where can i get a low interest note to pay off all of my high interest bills — ps my credit rating is in the sewer. the best advise i can give you is keep the one you have = add no more and keep up the payment == you have enough to worry about making good grade you do not need the hassle of collectors banging on your doors.

  4. jijo said :

    2 credit cards is not bad idea
    one big and other small will be good
    use one for all ur regular uses
    keep other one safe

  5. spifiman1 said :

    Bank accounts do not matter because banks do not report these to the credit bureaus.

    As far as credit cards go, for the best score and credit profile you need 3 with balances below 30% of your credit limit and good long payment history’s.

    You will also need 2 installment loans like cars, boats, homes, furniture or personal loans. Again all with good long payment history’s.

    Credit scores are based on the following;

    1. Payment history 35%
    2. Time in bureau 15%
    3. Type of credit 10%
    4. New credit 10%
    5. Debt to credit ratio 30%

    This kind of credit profile will give you the best score and make your life easy when it comes to credit in the future.

  6. SCH said :

    On average americans have 8 banking accounts per house hold, this can include (but is not limited to) checkings, savings, money markets, mortgage, car loans, credit cards.

  7. Smoovy Loco said :

    It’s not uncommon to have multiple bank accounts with different banks, from my past and current experience, I primarily do all my business with one bank if possible. I’m going to list the types of accounts that you should have in order to prepare yourself financially:

    1. Checking account- This is the primary tool to not only monitor your finances, but to pay all your bills on time.

    2. Savings account- This should be used as a primary reserve that should be used in the event of emergencies and as a backup reserve to your checking account.

    3. Traditional/Roth IRA- This should be your primary retirement account. Anytime that you have a 401K,402g, or 403b plan, and plan to switch employers, this would be the account to move or “rollover” your retirement savings to.

    Now as for credit cards, You should have 2 major credit cards and 1 department store card. Some people have more credit cards, but actually fewer cards established for a longer time, should be all that’s necessary. The longer you establish credit by making payments on time and managing your available credit responsibly, the credit limit can and usually is increased to where that will be all you need. Some people have multiple credit cards for whatever reason, but the 2 most important things to remember when using them is to pay on time and manage your available credit.

  8. JB said :

    Stop where you are. You don’t need another credit card unless you’re looking to go further into debt.

  9. grierGRIER h said :

    Avoid too applying for too many credit cards all at once. When ever you check your credit score it leaves a mark. If you have too many marks too fast lenders thing you’ve hit a financial wall and are headed for trouble. One case that comes to mind is about a first time home buyer. They were approved for the home loan but it hadn’t been finalized. The buyer thinking he was getting a home applied for a credit card to buy furniture. Because the loan had not closed the new credit card application caused the loan to be rejected at the last minute. This one application caused his credit score to drop to an unacceptable level and he lost the house. The moral: be careful with the timing of your credit card applications. so apply online for a best student credit card at:


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