How many lines of credit should someone have?

Question

I have 3 credit cards, 1 gas card, and 1 auto loan. Is that good. Bad. Whats your opinion.

I thought I heard somewhere that too much credit available but not in use is bad. Is that true.

Answer 1

gas cards department store cards are dead end cards what i mean is once you pay them you can only re use them at there specified locations say you got a credit card from like visa use it. and pay it off every time .and when you pay it off the funds you paid it with are available to you to use how ever you want it to so get rid of those cards .. also having a large amount of credit available to you is good as long as you do not use more than a third of each account it shows you can restrain your spending

Answer 2

Never Cancel your credit cards. If you think you have too many then just don't use them.

If you cancel a credit card it lowers you credit score.

You have a good amount of cards right now.

Make sure the ones you are not using are paid off in full and watch your statements and save them in a file for your records.

Pick one card that you like to use and just use it for credit purchases. Make sure to ALWAYS open and check you credit card statements.

ALSO, with the cards you are not using make sure you always get a statement to make sure that no one has changed your address on it. BUT if you are not using the other 2 cards it would be rare anyone is messing with them.

Good Luck.

Answer 3

I agree that you should try to pay off the balance each month. I have 3 credit cards and an auto loan myself. My credit score is so so and I'm trying to raise it by paying as much as I can on each credit card and never missing a payment on them or my car loan. It is slowly rising with that method, but I wouldn't get anymore cards, I try to not even use them unless I am desperate.