2007-01-03 03:00:28 · 9 answers · asked by galactic129 1 in Business & Finance ➔ Credit
in terms of your credit score?
2007-01-03 03:05:07 · update #1
Yes, it is better to have one credit card over a long period. Only jump around from credit card to credit card when trying to pay down credit card debt by using their 0% interest. But if you do jump around remember your credit score will be affected.
2007-01-03 03:10:36 · answer #1 · answered by RS 2 · 0⤊ 0⤋
One credit card over a long period of time is much better than many over a short period of time.
One major variable in credit score calculation is the average age of accounts, higher = better score.
Hence 10 different cards for 1 year each and canceling = average age of 1 year
1 card for 10 years = average age of 10 years
It is statistically proven that those with a higher average age of credit are more financially stable and less risky.
2007-01-03 13:33:23 · answer #2 · answered by sirtitan45 4 · 0⤊ 0⤋
Yes. 30% of your credit score is based on your credit history...meaning...if you paid no time etc. There is nothing 'wrong' with going from credit card to credit card as long as you don't close the two cards you have held the longest other than the fact that your FICO drops everytime a new creditor pings your score.
2007-01-03 13:33:21 · answer #3 · answered by Blicka 4 · 0⤊ 0⤋
Sort of...
Most credit reports go back 2-3 years.
I haven't found the balance yet but if you have a couple of cards long term (2-3 years), and keep the payments up to date, your score goes up.
Too many cards, no matter what the history, and your score goes down because your "potential" for going in to debt is worse.
2007-01-03 11:10:56 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The length of your credit history is based on your oldest credit card. If you cancel your oldest credit card, in seven years, you have no record of that period between the starting date of your oldest credit card and the starting date of your next oldest credit card. That's years of your credit history you'll never gain back. So don't cancel your earliest credit cards.
2007-01-03 17:54:50 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Yes, I think its much better. And keep that credit card up to date on payments. Its much easier to stay out of trouble and present a better image on your credit report, not to mention less exposure to loss that multiple cards expose you to.
2007-01-03 11:49:38 · answer #6 · answered by Rick 3 · 0⤊ 0⤋
I have read that a long history with a card is better than a short one. Check out this article: http://credit.about.com/od/creditreportsandscores/a/CreditScoreABC.htm
2007-01-03 11:11:26 · answer #7 · answered by Cruiser 68 4 · 0⤊ 0⤋
Yes the long term I think is better ...
2007-01-03 11:03:20 · answer #8 · answered by Gypsy Gal 6 · 0⤊ 1⤋
yes
2007-01-03 11:08:41 · answer #9 · answered by feeltherisingbuzz 4 · 0⤊ 0⤋