is having 4 $300 credit-limit credit cards as bad/ the same as having one $1200 credit-limit credit card??
2007-02-09 09:38:08 · 13 answers · asked by ♥Future Mrs. Chandler 4 in Entertainment & Music ➔ Polls & Surveys
Worse. Your credit score is based up partly of how much open credit you have, which includes the number of credit lines. With 4, your minimum payments would be higher for each than 1 at $1200.
Most people should have no more than 2 credit cards.
2007-02-09 09:41:26 · answer #1 · answered by Kiss My Shaz 7 · 4⤊ 1⤋
well. its better to have 1 $1200 account and keep it under half maxed. Once your credit card balance/available credit reaches over 50% it looks bad and as far as establishing credit having $300 credit card says nothing for you really. Make sure you pay more than the minimum and keep them all at $100 balance OR LESS. you can request a credit limit increase every year and thats better for you. Having Several credit cards opened around the same time actually shows a NEGATIVE on your credit profile.
2007-02-09 17:46:01 · answer #2 · answered by ChrissyLicious 6 · 2⤊ 1⤋
All credit cards lead you to the same dead end. Make a left at the next light own only one credit card. And leave it at home!
2007-02-09 17:41:59 · answer #3 · answered by luvmuzik 6 · 1⤊ 3⤋
I have 3 $400 credit cards and it is actually helping me build my credit score. As long as your APR is low like 9.99% you should have a low payment like $20 to $30 a month. On each one give at least $5 more than the minimum and that will help you definitely!!!!!!!!!!!!!!
2007-02-09 17:49:28 · answer #4 · answered by friendlydidly 2 · 0⤊ 3⤋
Maybe having more cards is a little better because it shows that more people trust you. The key now is to use them and pay them off every month. That will build solid credit.
2007-02-09 17:42:28 · answer #5 · answered by KEOE 4 · 0⤊ 4⤋
You need someone in Mathematics or Economics that can talk calculated interest rates with you before you make any real decisions. I will just sit here and see what you get!! I want to know too!! Good Luck!! @8-)
2007-02-09 17:42:12 · answer #6 · answered by Dovey 7 · 0⤊ 3⤋
Payments higher.
2007-02-09 17:40:36 · answer #7 · answered by Fish <>< 7 · 0⤊ 2⤋
There is no such thing as a "good" credit card.
If you don't have the money, don't buy it.
2007-02-09 17:42:12 · answer #8 · answered by clever nickname 6 · 1⤊ 3⤋
ITS AWFUL!!! I want to change mine to like $100 just so It's for emergency's only!
2007-02-09 17:42:14 · answer #9 · answered by Anonymous · 0⤊ 3⤋
credit is the devil......watch out!
2007-02-09 17:44:43 · answer #10 · answered by gymspirit 5 · 0⤊ 3⤋