How many credit cards are too many?

Question

Is there a certain number of cards that a person should stick to having? Like for examply I have 5 credit cards right, but my total debt/credit line ratio is only like 30%... is this bad?

Answer 1

Even if you can manage multiple credit cards, lenders look at the fact that you have a bunch of cards that you don't really use. That portrays you in a derogatory manner. They wonder, "If he isn't using them, why have them?"
A good rule of thumb is to have only 2 or 3. One with a high limit and maybe 1 or 2 with normal limits that you use all the time.

Answer 2

Debt/limit ratio is more important the total number of cards open. And 30% is considered the high end of whats accpetable, so you are ok in that regard.

BUT, each time you open a new card and inquiry is done which in theory hurts your credit score. So if you opened like 10 new cards this year you could do a serious number on your credit score.

It all boils down to how responsible you are with your cards. For people saying 1 is too many, they may feel that they, or people they know lack the will power to control credit card spending. Credit cards if handle responsibly cna be your best friend, if handle recklessly --your worst enemy.

Answer 3

Yes it's bad. Each credit card has a limit. Let's say that each has a $5000 limit. Although you may owe only a total of $100 on each, you're actually exposed, and have access to, $25,000. So a lender will say that they have no way of knowing that if they loan you a certain amount of money that you won't run up the maximum on each. Keep the oldest 2 since they have the most history showing that you (hopefully) have been paying your bills on time or keep the two with the lowest, fixed interest rate. Cancel the other 3. And watch your credit score improve.

Answer 4

you can take so many credit card but it depends on your credit history.
Now I have three cards all of them platinum and I don't want any more. (It's not good for your credit rating to have too many cards even if you don't use them!) I've done a little freelance work over the past several years but nothing steady or longterm. Right now, I only work part time, yet each one of my cards (only one carries a small balance - less than $1000) has a limit of over $10,000, and my interest rates range from 5% to 9.9%. See, good credit is rewarded with low interest rates. I would never pay the exorbitant interest rates a lot of cards charge - it's outrageous.I don't think card companies really care who they issue cards to as long as they get paid. If someone can only afford to make the minimum payment, that's even better for the card companies because the tiny payments barely cover the interest.
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Answer 5

I once read a credit book that said a person should have between 2 to 4 credit cards to help their credit. If you have 5 or more it will hurt your credit score. Find the one with the most interest, pay it off and close the account.Keep the other 4, but always make sure to pay them in full every month.

Answer 6

Unless you are in some kind of business where you have to do a lot of business entertaining, and/or you travel overseas a lot, for the life of me I can't see how any regular person needs more than one bit of plastic. I have one, and that's a debit card, so when I use it - very rarely because my money or my check seem to be good anywhere I go - the money comes out of my account in full, just like a check. If I haven't got the money in the bank, then I don't need that item.
Verrrry few credit card purchases ever involve the "necessities of life" but are purely "I want" and not "I need" items. In UK, many years ago when the credit card first came into existence, buying on credit was jokingly referred to as "buying on the never-never". That, of course, was just about right, because you never never actually finish paying off on that card. Taking account of all the additional charges, the actual cost of that particular item you bought will have multiplied up several times. No thanks. I like to do my buying the old fashioned way.....lol, it sure saves me money.

Answer 7

No relocating cash in your Capital One card may not aid you simply but. You simply have got to pay up to you potentially can toward your Bank of America card each month and don't use it in any respect. Clip coupons, downgrade your cable or mobile mobile kit, devour mac and cheese a pair nights every week. You'll be amazed how a lot further cash you'll ought to placed toward your bank card invoice. That's the great solution to pay it down. About the Avon account. It's time to speak in your mother. Tell her you wish to have her to pay that off NOW it hurting your credit score specifically if they're calling you b/c she is past due paying. You too can name Avon and spot if you'll be taken off the account you can also want your mother's permission to try this but when you'll you must and quickly.

Answer 8

The number is irrelevant, if you don't pay off the bill in its entirety every month, you have too many. NEVER get into the position of making payments on credit card debt.

Answer 9

You should really aim for 1-2 credit cards with balances that you can pay off each and every month.

Answer 10

A debit card with a visa logo and one additional unsecured credit card is all you need. If you get in too much debt, the interest will come back and haunt you.