how many credit cards should you have to maintain a good credit rating ?

Answer 1

When calculating credit scores, its not how many credit cards that are important, it's your percentage of max available credit that matters more. So, don't max out your credit cards. From what I understand, it helps your credit score to have cards on your record that you never use, or use and pay off every month to always show that you have credit available.

Answer 2

I would suggest an American Express, Visa or Mc and a debit card PERIOD.

AMX has NO limit but you have to pay the FULL balance EVERY month. No interest, but an annual fee. Had one since the 70's and it works well.

V or MC for the people that don't accept AMX. Use this card for BIG purchases that you want to pay off over a few months. Say that you need tires at $800 and you can handle $200 a month. Suck up the interest for 4 months but do NOT pay the minimum even though it is easy. The compounded interest will KILL your budget.

Select a card with the best POINTS PROGRAM without a lot of DEALS. STAY AWAY from Providian, Capital 1 and MBNA because they focus on low credit score people.

Do NOT get sucked in on depatrtment store credit cards and just use your AMX or debit for those purchases.

If you just HAVE to HAVE that dress or shoes that you really can't afford. DOUBLE the price and buy it on your V or MC.

Good Luck,
J

Answer 3

I guess as many as you can handle. I don't think how many you have helps or hurts your credit record. You keep them up efficiently and don't get any pass due notices over drawn on your limit and keep your credit between 750 and 800 is all that matters.

Answer 4

At least one, preferably two, but the trick to keeping your score up is to always pay on time, and to keep the balance as low as possible - paying it off in full each month saves you money as well as keeping your score high. Keep the same accounts for as long as possible, as new accounts lower your score, and having old accounts raises your score.
Another thing to avoid is finance companies, as having these types of account on the credit report lowers your score - FICO sees people with these types of accounts as being higher risk

Answer 5

actually having to many credit cards hurts your credit score, you really only need one, maybe 2........just make sure you make your payments and always try to not carry a balance, don't charge what you can't afford, also if your credit balance is more than 50% of your credit line, that also is a black mark on your credit report..........

Answer 6

I did 4, but it was hard. I am down to 2 and I plan on keeping just them. (one for gas and one for emergencies)