Is it bad for your credit to have many different credit cards?

Answer 1

There's no simple answer to that question, really. There are several variables.

First, how much credit do you have available versus your income? IE can you put $50k on credit cards when you only make $35K a year? If so, that's bad. If however, you only have $10k available and you make $60k, you're in good shape.

Second, how much of your available credit do you use? IE id you have $1k available and only use about $200-$300 you're okay, but if you use $900 every month, that's not necessarily a good thing. It isn't a guarantee that it's bad because of the factor of your income above, but it's generally worse than only using up to 50% of your available credit.

Third, how timely you are with paying your bills. You can have 15 cards and pay them all on time and still have good credit. Conversely, you can have 1 card and always pay it late and have terrible credit as a result.

So the answer really is, "it depends". Looking at the factors above in comparison with your own situation should give you an idea of where to start. For what it's worth, most experts recommend two or three major credit cards maximum. That includes, Visa, Mastercard, American Express, and Discover or any variation on these. Most experts also recommend NOT using store cards, like a Macy's card or a Target card unless it can also be used at other locations.

Answer 2

Actually it may not harm your credit rating, but will hurt your credit worthiness. When extending new credit to you, a company takes into account how much debt you have, and how much debt you could have. So while you only have a $100 balance on the $10,000 limit card, you could go out and charge that other $9,900. That money is available to you.

I would tell you to just keep 3 cards. Those with the lowest interest rates and the one with the highest limit. Pay off and close the rest. Use the 3 cards every month. One for gas, on for groceries and one for recurring bills, like cell phone. Pay them off every month, leaving maybe a few dollars to carry over.

Answer 3

If you want my opinion and im sure you do. I wouldnt obsess with the I love debt score.
And it is a I love debt score. The only way to get a high I love debt score is to borrow lots of money and make lots of payments on time. The only way to keep a high I love debt score is to keep borrowing money and keep making payments on time.
Dont play the credit card game and you will win with money.
Credit card companies make all the rules and can change the rules in the middle of the game. Just read the fine print. If you play the credit card game sooner or later you will get behind. Once you get behind its hard to get out of the game. High interest rates that they can raise for any reason. Outrageous late fees and over the limit fees.
not to mention Identity theft.

Of course the bankers on here will tell you different. But,
Debt free is the way to be!
No payments = cash in the bank. CHACHING!
YEA, BABY!

Answer 4

It is advisable to have 1 or 2 small credit card limit and and 1 with a larger limit.

Answer 5

I'm confident that you will find many financial solution at= financial-care.info-

RE Is it bad for your credit to have many different credit cards?

#EANF#

Answer 6

Not necessarily, but you must be very responsible with them and NEVER miss a payment. Plus, you should always pay more than the minimum due, and try to keep balances below 35% of available credit.

Answer 7

no. It's actually will increase your credit score. PROVIDED that you only use 20% of the credit line each month and pay them off in full each month.

If you have 1 or 5 credit cards and max them out each month this will hurt. Even if you pay them off each month.

Answer 8

YES IT IS THE MORE CREDIT CARDS YOU HAVE, THE LOWER YOUR CREDIT SCORE BECOMES...TOO MUCH DEBT INCURRED IS WHAT IT IS CALLED...GET RID OF ALL CARDS, BUT ONE...AND MAKE SURE IT HAS A CONSTANT GOOD PAYMENT HISTORY ON IT,,,YOUR CREDIT WILL FLOURISH WITH ONE CARD....

Answer 9

yes, the more you have the less credit you have... you should have only 1 major card say mastercard,visa etc. and only a couple others. also, if you don't have the actual cash to pay for the transaction you make don't use your card unless you can pay it off immediately. that shows your very credible!!!

Answer 10

no more than three cards