It all started with a capital one card and now the list is long...?

Question

Im 20 and I am in college. I have a part-time job and a full time student. I've my own car, and I never thought that I'd would be able to get a credit card but i was approved for a capital one platinum, then I tried the Ciruit city visa and the barnes&noble visa and now I have the bannana republic credit card all have a spending limit of 400..none of them are fully charged I'd say the average is 110dlls....Ican pay all my cards byt the end of the year but Is it a good idea to keep all of them? will i go into debt and lose my control!!! I dont know...I've suddenly been approved for all the vcards...and my boyfriend hasnt been able...should i keep getting these i think i like it...

Answer 1

Stop!!! Now!! Your still young!!! Cut them up. All but one.. now!!! You cant close a card unless it has a zero balance. Call them all to see if you can get a better rate. Tell them... I got an offer for 9.99% fixed rate and I was wondering if you can match or lower my rate. Chances are they wont match but they will lower. This is what you want. Then when you get your credit card statement call the 1-800 number to "Opt-Out" of further offers. All those Pre-Approved offers will stop. I know they are tempting but they are trouble. Now pay off more than the min payment every month. Even if it is $5 more. Pay off the ones with the highest interest first. You don't want to be eaten alive by the "debt-monster" It is a know fact that credit card companies love to lend to college students. In fact they pray on them. I'm sure you have seen booths set up on campus. Think about it. Resist temptation.

Answer 2

What i hear, is you should have 3 main cards
One with a high spending limit, for big purchases
One with a rewards program
One extra for emergencies,

You should be careful with store credit cards, they hurt your score I read somewhere. Also if you don't shop at the store often, then there's no point in the card.

As long as you pay them off I think your okay, but never go over half your limit on one card, that makes you look bad to creditors for some reason.

I say keep 2 on hand, and put the other 2 in a draw or something.

Answer 3

I think you should take a look at your credit card statements and see what you are spending your money on.
While it is fun to go shopping, paying the money back can be a drag. With more than one card, all you are doing is spreading your credit around, but in the long run, it can overtake you and then overwhelm you.
You may want to get rid of the individual store cards and keep one or two Visa cards for emergencies. Even though you supposedly earn money or points towards purchases or discounts at the individual stores, you may reach your credit limit before you get a decent reward or return. For example, if you get a $20 discount for every $100 you spend, you are still spending $100 after taxes are counted in.
Your best solution is debt prevention. Keep one Visa card for credit for emergencies, keep one Visa card as debit/credit, cancel all the other cards, and look to your spending habits to figure out where you can scrimp and where you can splurge. For example, I buy my clothes, books, and dishes and stuff at thrift stores so I can have my money for traveling to visit my family once every four months or so. I use coupons at the grocery store so I can go out to eat one or two nights a week.
It is so much better not to get into debt than it is to get out of it. It is also so much better for you not to take on your boyfriend's debts or let him use your credit and ruin your credit. Be smart about your money, and you will come out ahead.
Good Luck.

Answer 4

You are smart enough to question whether it is a good idea, you are smart enough to know that it isn't. Two major credit cards is good to build strong credit. One or two store cards won't hurt much. More than that though, and you may be asking for trouble. As you realize, it doesn't take much to get in over your head.

If you limit yourself to just a couple of the major cards and build up your credit, you can get increases in your credit line from them so you don't have to have multiple cards. And minimum payments (although you want to pay more than that) on one card with a balance of $500 is usually less than two cards with $250 balance each.

Answer 5

if i were you, i'd pay down the store card, and get rid of it--it doesn't really do anything for you except help you spend more money on clothes you might not necessarily need.

having too many credit cards can hurt your credit rating as you may be seen as having the potential to get deeper into debt (also as having a high limit...strange, huh?)

i have a great credit score and i only have three cards--of which i only actively use one (more strangeness: having no debt is "bad credit")