Should I use all the credit cards in turn?

Question

I have 5 major credit cards. I pay off all my balances every month on time. My credit score is good.

Is it better to use all the credit cards in turn, or is it Ok to use only one card and leave the others for emergency only, to maintain a good credit score? In other words, would my credit score be better, if I use all my credit cards and pay them off every month, instead of charging on one and paying off just one?

Answer 1

It would be best to actually close out all acounts except one and use that one. Most creditors look not only for how well you have paid on the cards you have but how many you have and how much credit you have with them. Creditors do not like to see a debtor with a huge line of credit, nor do they like to see that line of credit is being used. keep one card and if you have to revolve the balance and not pay it in full every month try to keep the balance in the middle of the creditline, not too low and not too high.

Answer 2

It is better to use the one with the highest limit (and lowest ratio if possible) so that your debt usage and available credit limit ratio is low. You want to keep it below 30% for decent credit and below 10% for great credit.