Curious question on number of credit cards to hold

[Pradeepkmr]

Hi All. I always have this question in mind of number of cards one can hold. I have seen the posts of users flaunting their card collection. Some have in dozens too. Am not going to fall into that category but still when there is an opportunity to save money by earning discount or offers, why not I have the cards which I feel I might use it to gain cashback/offer.

Currently I have 4 cards and am planning to acquire two more cards

Cards i have

Axis FC (Fee 500) - Planning to close it
SBI simply save (Fee 500) - For Bank offers and pretty decent limit.
Indusind Legend - Avg one. No threshold for lounge is a win
ICICI Amazon card - Underrated one.

Card i would love to have

HDFC Millennia - Currently offering LTF
AU Lit - Love their customized offer option and paying minimal fee for lounge access
Any decent Ru pay card for UPI usage
Open for card suggestions

My doubt is, does holding multiple cards will affect my credit score in any way? Considering the fact that I might avail home loan in the coming years?

TIA

 

[Anupama_Jha]

Hi All. I always have this question in mind of number of cards one can hold. I have seen the posts of users flaunting their card collection. Some have in dozens too. Am not going to fall into that category but still when there is an opportunity to save money by earning discount or offers, why not I have the cards which I feel I might use it to gain cashback/offer.

Currently I have 4 cards and am planning to acquire two more cards

Cards i have

Axis FC (Fee 500) - Planning to close it
SBI simply save (Fee 500) - For Bank offers and pretty decent limit.
Indusind Legend - Avg one. No threshold for lounge is a win
ICICI Amazon card - Underrated one.

Card i would love to have

HDFC Millennia - Currently offering LTF
AU Lit - Love their customized offer option and paying minimal fee for lounge access
Any decent Ru pay card for UPI usage
Open for card suggestions

My doubt is, does holding multiple cards will affect my credit score in any way? Considering the fact that I might avail home loan in the coming years?

My 2 cents:
1. No harm you can keep as much cards.
2. But I won't recommend that. Take only those cards which you really thought to be useful.

Since, after a limit, it will become hard to approve new cards and loans due to over-exposure (leverage/debt)

TIA

 

[Pradeepkmr]

Thanks. Also, can I close the cards which I feel not useful even it's LTF? Will that has any impact on credit score?