Is it bad for your credit rating to only use one credit card for everything?

Question

I've heard the more cards you use, the better it is for your rating. Is that true or not?

I just don't want to keep track of 3 different bills every months, and it seems easier to get rewards if you use everything on one card.

Answer 1

It actually is better to use at least 2 cards and the best to use 3, but as long as you are keeping your balance below 30% of your limit every month you are doing no harm to your credit score.

Answer 2

Spifiman is correct, FICO likes to see the usage split up to more than one card.
That does not mean that you have to use the other 2 cards each and every month. Just mark you calendar for every 4 months or so and use the other 2 cards to make one of the smaller purchases that you would normally make on the one card. Then pay in full when you get the statement and repeat in the next fourth or fifth month

And as long as you are not consistantly over utilizing that one card each month, more than 30% of the credit limit, you should be good.

Answer 3

It won't be bad for your credit, but it will help if you use all 3 and just pay the bills on time. Your score will go up if you do this!

Look at the website below and read it all. You will find it very informative and useful. It explains all this in great detail.

Especially read the "how credit scoring works" section!

Answer 4

I agree w/ the prev. suggestions.
It doesn't matter to your credit rating... your best bet would be to talk to all the credit card companies and try to have the same billing cycle and that way.. all 3 card balances (if any) will have the same due date. Set up auto-pay from ur bank if u are paying off all the balances each month.

Answer 5

As long as you're paying your bills on time and in full then it won't hurt if you use your credit card to buy everything.

The Guide to Credit Cards - http://straightfinances.com/pages/guides/credit_card.html