Currently i have 2 credit cards, i just have been approved for a new one, is it bad to have more than one? how does it affects/helps my credit score?
2007-07-16 13:35:35 · 7 answers · asked by Paco 1 in Business & Finance ➔ Credit
Yes...check out the break down of your credit score
35% Payment History
30% Amounts Owed
15% Length of Credit History
10% New Credit
10% Types of Credit
2007-07-16 13:42:16 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The way that a new credit card affects your credit score is in that opening a new credit line lowers your score temporarily, as HOW LONG YOU HAVE HAD YOUR CREDIT is on of the key factors. But, it will also tend to raise your score, if you pay in full monthly. Having a higher credit limit compared to your balance is good.
2007-07-16 14:29:29 · answer #2 · answered by Nothingusefullearnedinschool 7 · 0⤊ 0⤋
Having too many credit cards and loading them to the max would have a very negative affect on your credit score. But paying them on time, over time would eventually have no negative effect on your credit score. RE: Does having too many credit cards have a negative affect on your credit score? I have 2 major credit cards (one visa, and one mastercard), 1 debit card with the mastercard logo (I'm not sure if it's techinically a credit card, I don't think it is), and 3 credit card to various c...
2016-05-19 21:46:04 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Yep, it is better for your credit score if you have more than 1 credit card.
2007-07-17 09:10:47 · answer #4 · answered by Helper 2 · 0⤊ 0⤋
If you are able to pay all of with out any late payments.. you credit score will increase greatly.. but it's a hard thing to do..
2007-07-16 13:39:30 · answer #5 · answered by rosekdyer 2 · 0⤊ 0⤋
It doesnt hurt it unless you dont make your monthly payments on time.It will affect it in a good way though if you have more than one and make your payments on time EVERY month and also if you pay more than what you are supposed to.
2007-07-16 13:43:50 · answer #6 · answered by Jennifer M 4 · 0⤊ 0⤋
not if they are paid up to date. Credit is a funny animal in that they only give it to you when you don't need it.
2007-07-16 13:43:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋