Is having 8 credit cards a GOOD idea?

Question

Because I don't think it is. I have my debit card, which I'm working on getting A credit card.....Wrong attitude?

Answer 1

I'm not a credit specialist, but I do work in finance, and I personally think that's just too many. Are you using all of the cards? The main thing that's being looked at is longevity, and payment history, there are other factors, but again, my knowledge is somewhat limited in terms of calculating a score. You may want to reduce some of those cards, if some were issued by the same bank, see if you can combine the accounts. Good luck with everything.

Answer 2

Generally a large number of credit cards indicates to potential lenders that you are a possible credit risk, even if you have zero balances on all of the cards. Debit cards don't impact your credit much since they are tied to your checking or savings account.
In considering credit worthiness, for a loan or mortgage down the road, the lenders will also look at, besides the number of credit cards, the maximum balance available. If, for instance, you have 8 cards with 5,000 credit limits each, you have a potential debt you can incur at any time of $40,000. That certainly reflects on whether a lender would give you additonal credit, say for a vehicle or for a home, and for any other purpose. Just remember that you are always borrowing money when you use credit cards; and always consider whether you really need to make a purchase on credit--a tv you bought on sale for $500 using your credit card can end up actually costing you $700 if you make minimum payments.

Answer 3

Very bad idea. Two, maybe three credit cards max.But someone just starting just have only one with a low limit until they're sure they can handle it. Too many people treat it like free money and forget they have to pay all that back, with interest. They buy things they can't afford because they can "pay over time," but over time they pay four times what the items are worth and then can't even pay the credit cards.

Having so many credit cards shows you have the extremely high potential of getting into debt. It does not look good on your credit report.

Answer 4

A credit card is a bad idea, 8 is a nightmare

Answer 5

As long as you don't use the credit cards, it's a great idea because it shows you have restraint and you have a low credit use to available credit ratio. As you "collect" credit cards make sure the interest rates are realistic and there are no annual fees but if you can stick the cards in a drawer they will remain there but once you start using them, you will remain in the credit card trap that so many people want to get out of.

Answer 6

If you can't afford to pay your entire credit card debt in one month, you have too many. I have one, with a $500 limit that I insisted on keeping that low (the issuer wanted to set it at $5000 because of my income). Whenever I use it, I pay it off online within a few days.

Answer 7

Having 8 credit cards is great if you manage them correctly.

I have 4. 2 have no balances and high limits. The other 2 have high limits and no interest for a year. Those are the ones I use, and I pay them off every three months.

Answer 8

You should only have one at most. Why would you need more? To get more in debt? If you REALLY want to play it smart, only use your debit card. That way you can't spend what you don't have.

Answer 9

don't get a credit card, why get into dept, just for easy money, if your young think of your long term comittments and what problems credit cards will ! cause you, work to live, not live to work !

Answer 10

One plus your debit card is plenty.