2007-01-20 12:05:22 · 11 answers · asked by delia a 1 in Business & Finance ➔ Credit
The Flat answer is NO.
Your credit rating goes down only if you have more outstanding credit, and more delayed payments.
Credit card companies always tend to give more cards to you, so that you spend more. That does not bring the credit rating down.
The factors that infulence the credit rating and how to repair them are outlined in website http://www.BusinessUniv.com ( see the credit card section in it )
2007-01-20 13:58:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
No it is not bad to have lots of credit cards. Just dont open them up in a short amount of time, as it shows you are in need of money fast and have no other way out even if it is not the case. Also I know people that have over 25 credit cards with excellent credit cards, just dont ever miss payments. You can never have to many.
2007-01-20 13:39:02 · answer #2 · answered by roger v 4 · 0⤊ 0⤋
HERE IS THE ANSWER>>>>>
it is not necessarily the number of credit cards that help your score, but the amount of credit you have available in relationship to the amount of outstanding balance.
For example one credit card with a $10,000 outstanding balance and the limit of $10,000, makes the borrower look maxed out...but if you have a second credit card with no balance and $10,000 limit this gives you a 50% debt to credit ratio, versus the 100% first example.......
2007-01-20 14:00:12 · answer #3 · answered by cambridge007 2 · 0⤊ 0⤋
Not to toot my own horn but I personally have 8 credit cards and and an excellant credit score. It all depends on how long they have been open, their balances, and your payment history. I was able to get a personal loan from the bank once with my credit history but have been told I could probably not get a mortgage because they look at your potential to charge how much so in that case too many cards is a bad thing. Also applying for too many even if you dont get them is not good on a credit report.
Credit reports are interesting things to read and I check mine often and they explain differenct factors in determining your score and how to improve it.
2007-01-20 12:15:02 · answer #4 · answered by Amy 2 · 0⤊ 1⤋
In the short run it will bring down your cedit score, in the long run it will increase your credit score. credit score is one part credit history, and one part how much credit you have been granted and used. the more credit you have and the more you use the more your credit score goes up. of course we are talking about a process of years not months, but it has to start somewhere.
2007-01-20 12:13:25 · answer #5 · answered by nyxcat1999 3 · 0⤊ 0⤋
I think your credit rating is based on how consistently and well you pay your credit. I would check with a credit counseling service for advice on that.
2007-01-20 12:14:35 · answer #6 · answered by Anonymous · 0⤊ 0⤋
My understanding is that it it not as simple as that. It is probably better, for example, to have two cards than one, assuming you are using them both to terms. Shows you can handle multiple accounts.
At some point--and I don't know where that point is, it is worse to have more cards. Shows you have too much debt and or access to too much credit.
2007-01-20 12:11:22 · answer #7 · answered by Take Responsibility 2 · 0⤊ 0⤋
Yes, if they are open in short period of time. More credit card you apply, more inquiries on your credit report. This drops you score
2007-01-20 12:11:03 · answer #8 · answered by omegafoxbat 1 · 0⤊ 0⤋
Yes because there is more of a chance for you to acquire debt and that is a liability when needing to make a major purchase like a house or car.
2007-01-20 12:50:47 · answer #9 · answered by hollyberry 5 · 0⤊ 0⤋
Im not sure but as long as you make all payments and make the full payment you should be all right but it probably will drop!
2007-01-20 12:14:04 · answer #10 · answered by Kittyintx 3 · 0⤊ 0⤋