[abfunders]

I'm trying to figure out the best approach to managing my finances and I've heard mixed advice on credit cards. Some people say having multiple cards helps with credit scores and offers more benefits, while others warn about the risks of debt and overspending. Currently, I only have one credit card but I’m considering getting another for the rewards and credit-building potential.

How many credit cards do you guys have and how do you manage them effectively?

Michael, you're correct.
Banks like giving money to people who don't need money.
The score is just a metric. The best way to increase your creditworthiness is to have multiple credit cards with high balances. One card at $20,000 won't do nearly as much as one $10,000, one $5,000 and two $2500 cards. (Although you do want to have at least one card with a very high limit!)
However, the trick is to use them wisely.
Try to stay below 20% usage on all cards individually as well as collectively.
Have all of your credit cards on autopay (ideally 7 days before the due date), so that you never miss a payment.
Use your debit card or pay off the cards early (before the CLOSING date, that's different than the due date) so that the usage won't reflect on your credit report if you need to spend more.
One or two term loans with good payment history will round it out.
If you're new, get a few $1000 cards. Put $100 per month on each card.
In 12 months, apply for another card or two, get a $5000 limit. Same thing.
After 5 years, your scores will be fantastic and you'll qualify for the best rates for mortgages and cars.
Don't apply for credit that you don't need or want to build your credit history. Each inquiry is a "negative" in the eyes of banks - you're shopping.
Rewards are very important, because if you don't have them, the banks will just pocket them, but you're getting charged the same amount by the stores.

You have to have discipline, specifically not to spend beyond your means, because the shiny plastic is really cool to flash at the restaurant that you can't afford but want to impress someone by saying "I'll cover the tab."

Debt is important, because inflation builds in the credit card fees and the fact that you "can always take a loan." Most people don't use it correctly, hence you have a lot of 590 FICOs with MCAs.

If you build the credit nicely, and if you're a business owner, then you can get a true business LOC and you simultaneously teach yourself how to balance yourself, and utilize credit appropriately, and you won't need 3rd tier failing MCA bait and switch brokers who promise you a LOC that you already have.