Do I have too many cards open that may be hurting more credit score?

Question

I have 2 credit cards that are activeted and1 that is not activated. The first card was activated 07/07. The 2nd 09/07 and the 3trd one is open (againts my wises) but not activated 10/07. I also have a student loan open in good standards.
Thats four open accounts in good standard.

I have 2 negative accounts in collection one iis going to be waved - removed when I recive a call today but is still there for now, and a small 2nd one that I will take care of soon.

Not long ago I had real bad credit im talking 530 credit score.
Now with some work it's 675.

what i want to know is haveing the 3 cards hurting my score open in that small amont of time? should I close 1 or leave things as they are.

2 actavated = 500 and 200

1 not actavated = 500

Answer 1

I don't think those 3 credit cards will hurt your score. Just don't charge them up or carry balances. Pay them off in full every month.

Answer 2

Avoid too applying for too many credit cards all at once. When ever you check your credit score it leaves a mark. If you have too many marks too fast lenders thing you've hit a financial wall and are headed for trouble. One case that comes to mind is about a first time home buyer. They were approved for the home loan but it hadn't been finalized. The buyer thinking he was getting a home applied for a credit card to buy furniture. Because the loan had not closed the new credit card application caused the loan to be rejected at the last minute. This one application caused his credit score to drop to an unacceptable level and he lost the house. The moral: be careful with the timing of your credit card applications.

Do not cancel credit card accounts to improve your credit. The intended affect may be the opposite of what you expect. You can hurt your credit by canceling your credit cards; especially if you have a long history with the account. Losing a ten or twenty year credit history isn't worth it. If you absolutely must stop using a card, try shredding it. An open account that doesn't have a balance looks far better then no credit account at all.

Starting early is always better when establishing credit history. Getting a teenager or college student a credit card is a great way to get their history started. For those who don't trust their child's judgment yet there are many prepaid cards that report to credit bureaus. Read more from: http://www.credit-card-gallery.com/article/136,Seven_Must_Know_Credit_Tips

Answer 3

Having three credit cards, ordinarily, will not in any way affect, that is, hurt your credit score, provided the accounts are managed wisely and responsibly. How? With the new rule: not using more than 30% of your available credit limit. Also, it is advisable to pay off your credit cards bills each month, or, better still, to pay more than the minimum amount. But, if you could only afford the minimum payment each month, it would still help to raise your credit score, provided there’s no late payment, and, again, you don't use more than 30% of your available credit limit. Paying only the minimum amount would, in the long run, attracts interest charges, which could later run into thousands of dollars. And using only 30% will help to reduce your debt ratio, which, no doubt, should boost your score. This is why as a credit analyst I have consistently advised that paying off credit card bills each month while using only 30% of credit limit is the best way to financial freedom. It takes a lot of discipline, though.

Going by the time you stated that the first and second credit card accounts were activated, that is, opened, it is certain that you would have lost at least 12 points at that time. Why? The time frame between the two credit accounts is too short, that is, very close. It’s absolutely not right, and I would urge you to kindly take note appropriately.

And as for the third credit card, I would strongly advise that you don't activate it at the moment. Instead, call your credit card company and see if they will increase your credit limit without pulling your credit report. Most companies will have to pull a new credit report; nevertheless, if you can secure a higher limit (still maintaining the 30% credit usage), it will lower your debt ratio, and, in turn, increase your credit score significantly.

From the foregoing, what I thought is hurting your score more at the moment is the two collections. Or maybe you're maxing your credit cards. Any collection, even as little as $30, as well as any late payment, will certainly drop or hurt any credit score. It's as simple as that. Although any unpaid collection takes 7 years before it is automatically deleted from the credit report by the credit bureau, if you pay or settle after collection, it will re-present you in the eyes of any future lender or creditor that, at least, you took responsibility for your action and have paid or settled the debts after all.

Best wishes!

Answer 4

I don't theink 3 cards are hurting you either... unless they are over 50% full. Then it could. So, pay them off to under 50% of their limit. Make sure you write a letter to each credit bureau about the thing you are fixing today to have it removed from your report. Just keep on top of it, and you will have the credit back up!

Answer 5

It is the amount of credit, not the number of accounts, that can hurt your score. Without knowing the credit limits, we cannot tell how much of an effect the open accounts have.

However, I can tell you that having any negative accounts in collection will hurt your score a lot more than 3 open accounts in good standing will.

Answer 6

Leave everything the way it is, use your cards for everyday things be careful never to exceed 30% of your credit limit in any given month and pay in full before the due date.

The number of cards you have is not important, what is, is how you manage them.

Answer 7

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Answer 8

Your fine, just keep your balances below 30% of your limit and pay as agreed every month.

Answer 9

do not activate the third card !!!!!