2007-04-05 06:16:57 · 13 answers · asked by sqglad 2 in Business & Finance ➔ Credit
First, it would help to know what makes up your score. Here's a breakdown.
Payment history 35%
Amount of debt that's owed 30%
Length of time that credit's been established 15%
Types of credit 10%
Inquiries and New accounts 10%
While it won't hurt your score if you're keeping them under the limit (around 30%) and paying them all on time, it doesn't help your score much because of the type of credit.
A mixture of credit (mortgage, car loan, installment, credit cards) has a different effect on a score than a report with just credit cards.
2007-04-05 06:24:23 · answer #1 · answered by Anonymous · 0⤊ 1⤋
No. Just make sure (as everyone else said) pay your bill on time always more than the minimum payment. To have a credit score in the "7s" you only have to have 3 tradelines (credit cards) Also only spend 50 % on your limit so you won't have a high debit to limit. Once you have a history of paying your bills a way to make your credit score go higher without getting more credit cards or paying off your cards is asking for a higher credit limit.
2007-04-05 13:29:59 · answer #2 · answered by itrustme 1 · 0⤊ 0⤋
A balance of a few cards helps if you use the cards and pay them off (thus creating a positive history)
Too many cards (even if you are approved for them) can cause other problems. For example, you could get turned down for other credit because banks look at your potential outstanding debt (the debt you would have if you maxed out all of your cards). The sweet spot seems to be somewhere around 3-4 cards, and don't ask for a maximum that you don't need for the reasons just described
2007-04-05 13:32:06 · answer #3 · answered by mark 7 · 1⤊ 1⤋
Yes! In fact, even just applying for a lot of credit cards hurts your score.
2007-04-05 13:24:39 · answer #4 · answered by Drakus 2 · 1⤊ 0⤋
When I went to buy a house the credit manager said having too much open credit, even if I did not have anything on it could hurt me. The way they calculate your score does include the amount of possable debt you could gain quickly (credit cards). I did improve my score by closing some of my cards.
2007-04-05 13:25:21 · answer #5 · answered by dfc 2 · 1⤊ 1⤋
Yes! You don't even need to use them. Its amazing how many people are totally clueless about credit and credit scoring. Once you open a credit account, it gets reported. If your credit report shows 12 unsecured credit accounts, your score will go DOWN. It makes NO difference if they are maxed out or never even used.
2007-04-05 13:24:12 · answer #6 · answered by Sane 6 · 0⤊ 1⤋
Depends, first, if you max them out--yes! If you only have one, its good to have more credit and act responsibly..If you pull your credit report, you may get some feedback. That is, it may say too many cards, not enough credit history etc.
2007-04-05 13:20:35 · answer #7 · answered by Thinktank 2 · 0⤊ 1⤋
yes and you only want to spend half of the limit don't max it out then make 10 dollers over your payment send your payment in first then an extra 10 about two weeks after at least that what i was told by a friend who is a manager of a bank when i asked him the same question
2007-04-05 13:22:01 · answer #8 · answered by mystic 5 · 0⤊ 1⤋
Actually it does not matter. What matters is that you always pay your bill on time, because if you do not, it will effect your credit.
2007-04-05 13:20:46 · answer #9 · answered by ocean 3 · 0⤊ 1⤋
If you mean "will they notice and ad up the total"? Yes they will.
2007-04-05 13:24:52 · answer #10 · answered by Puppy Zwolle 7 · 0⤊ 1⤋