The average American has 2.6 credit cards in their name, but individuals with the highest credit scores have seven credit cards on average, according to FICO data. This leaves many people thinking that it’s better to own a lot of cards. After all, if you can handle several credit accounts responsibly, won’t that increase your appeal to lenders?
While this can be true, having a bunch of credit cards can also lower your credit score, especially if you’ve opened several of them recently. Plus, if you start spending too much, you could find yourself buried under a mountain of credit card debt.