how long will it take to build me credit if i have 5 credit cards and never late on a payment?

Answer 1

If you use them correctly and never exceed 30% of your credit limit in any given month and pay them as agreed, in 12-months you should have established a good credit score.

Do not listen to people that will tell you that you have to many credit cards, the number of cards you have is not important, how you manage them is.

Answer 2

Let me tell you what I did. I have had so many credit cards, and that never hurt my score. Truth be told, it is how you manage them, paying on time and have low OVERALL balance on the combined credit limit on the cards. It also helps to have other kinds of loans (i.e. car loan, secured loans like student loans). I have had credit cards on my own since I was about 18 (23 now), but what really helped me was getting car credit. I now have about a 743 (I would have had that score a year or two ago had there not been incorrect doctor bills on my report).

Basically, to build your credit, you have to have a wider variety of debts. The longer it takes to establish those, the longer it will take to raise your score.

Answer 3

First, you do not need 5 credit cards. That is bad. Cancel 3 or 4. Second, use them sparingly and make the payments on time.

Then you can get a whole bunch of credit and go bankrupt. Just kidding. But please, be careful. The best way is to pay cash or with a debit card, period.

Answer 4

Number of cards isn't important. Always paying on time is.

It's not a good idea to carry balances on credit cards. It doesn't help your score and you just have to pay interest. If you only charge what you can pay in full each month, you'll stay out of debt and still have a good credit history.

I personally think keeping lots of credit cards just for the sake of having the cards is silly. You have to secure and monitor those accounts. Just too much opportunity for problems. I recommend keeping not more than 2 major credit cards. Only keep gas or store charge cards if there's some special circumstance.

Answer 5

The two first answers are great. You are doing more harm than good to your credit by having five credit cards. Just one or two is all you need. Pay more attention to your credit score. Do not have too high of a balance whether or not you're never late on a payment.

Answer 6

You don't need five credit card to build a credit. In fact too many credit cards are bad. Just maintain one credit card and not to be late or miss payment. Your electric bills, tuition fees, savings and checkjing accounts, your solid job, your rent, telephone bills, and that one credit card - if they are all being paid on time - you already built your good credit and you have already a good credit score - remember, don't miss payment.

Answer 7

hard to say - -
new credit cards are not good to open..shows you have to much available credit.
old credit cards are good to have..the longer you have had them..the better.
never late on a payment is great. just keep doing that.


my advice:
do not open any more credit cards...
always pay on time.

Answer 8

who ever is telling you you have too many cards is wrong it's is how you manage them point blank.If you only have one credit card and you pay on time every month at some time your score will hang in limbo you need more then one card to change your score.

Answer 9

You're credit rating is based on 5 things:
1. 35 percent is debt history
2. 30 percent is debt level
3. 15 percent is length of debt history
4. 10 is new debt
5. 10 percent is type of debt.

Having five cards doesn't help or hurt you. Get rid of some of them.

Answer 10

hmm..hi there...just have this free ebook as a guide, I've been following it and its very rewarding

bye got to go