is it a good idea to get as many credit cards as possible?

Question

just in case u need money (e.g. for costly medical treatment, etc), otherwise keep these credit cards in a safe and not use them.

i mean get as many as u can when u have a good job as later u may not have a great job and never get them and now it costs u nothing to get a couple of them, as when u have one other institutions give u another willingly

Answer 1

It is a horrible idea to get as many credit cards as possible. It is a great idea to have zero credit cards and avoid going into debt at all.

If you must get a credit card, get one with a very low credit limit, or obtain one that you must pay off every month, like the good ole American Express card.

Credit cards are an addictive poison and the more you avoid them, the better.

Answer 2

My suggested amount would be 2, but only if you have the discipline of using them wisely. I put almost everything on a credit card, but I pay them off every month. I use credit cards because I can get some back (in money), and I can clearly see where my money goes. The number two is just for a backup save one card can not be scanned.

You should think about putting away money for emergencies not credit or getting insurance to cover some things.

You should not switch cards very often because your credit score is based on how long you have any given card. Doing what you are talking about and even getting fewer cards with higher limits can hurt you if you want to buy a house. They will look at all that possible debit and count it against you.

Answer 3

Deffinitely not! Even if you can be frugal and not ever use them, except for an emergency.

If you go to apply for a house, car, or other loan in which you actually need the money, you will probably be denied due to the fact that you could potentially run up all of those "open" credit cards.

How much do you really think you would need in an emergency? My guess would be no more than $1,000. avail. for situations such as your car breaking down.

As far as medical goes, I'm certainly no expert, but if you have insurance, your deductible shouldn't be more than $1,000. and if you don't have insurance, your hospital bill will be much less than someone with insurance and you most likely have family who cares more about your health than money, and will help you in any way they can.

As far as unemployment times go, just start putting in a reasonable amount into a Savings account each paycheck and open a Certificate of Deposit at your local Credit Union whenever you have the minimum amount- or a similar plan for limiting the access of this "Savings."

Answer 4

Like most have said, two cards with no annual fees and low interest rates should be okay -- every time you send in applications, the 3 credit bureaus get reports on your attempts.
These applications usually drop your credit rate a few points apiece.

And then, when you need the credit, for example to buy a car, they looked at the amount you "could" out and take from ATM's, if you wanted to do like "Butt" mentioned and figure you may not be able to make that car payment, if your monthly credit card payments are so high.

Use credit wisely -- Don't borrow from Peter ( one credit card account, to make the payment on another) to pay Paul. You just went that much further in debt for the $5.00 ATM charge or 3% transaction fees, to get those dollars to pay other card companies.

Answer 5

Too many cards are not good.You may overspend and become bankrupt.Best thing is to have two cards one Master and another Visa so that you can use card through out the world.Choose two such cards with no annual fee and giving maximum reward points.If you are a world traveller then only you require two cards because in some countries Master Card is popular while in another Visa is popular.

Answer 6

Two cards is about right.Go to reward cards.com to find cards that give you 1% to 5% back on every dollar you spend, with no annual fee.

Answer 7

Get all you can.Take out loans(stash the money)Get into a barney with your boss.After your sacked.Declare your self bank
rupt.Claim benefits and subsidise them with the money you borrowed.

Answer 8

As long as you can afford to run them. I have two and try to live within my means.

Answer 9

Dont get one! Only spend money tht you have thur n then! You'll end up in debt and be :(

Answer 10

Absolutly not.