Credit Cards.?
How many credits cards is it ok for you to have without affecting your credit score? I have three. Two I use, and one that I just pay off monthly and once its payed, I will cancel it. I just want to know how many cards I should have and the how many the avg person might have..Thanks!
Public Comments
- I have don’t carry balances but I have 3 major, 2 store, and LOCs on both of my checking accounts. My credit score is excellent. Do your research before you cancel the credit card that has a balance. If it’s a few years old, your credit score will take a hit if you cancel it; you’ll be erasing that part of your credit history.
- I think one or two is your best bet, but how it affects your credit is based on your credit limit, balance, timeliness of payments, etc. For example: if you have 3 cards with $3,000 limits and you have a $2,900 balance on each card, that is rather negative. Your best bet is to have one card with a decent limit (and a low interest rate) keep your balance as low as possible, and always pay a couple dollars more than the minimum (at least) and always, always pay on time!
- 3 is fine. I looked at my credit reports the other day and had like 20 - I didn't even know I had that many, but they keep record of everything. I'm 34 and it will reflect EVERY card and loan you've ever had. BTW I have excellent credit even with a history of that many cards. I have never been late on anything and that is one of the keys to good credit. I wouldn't cancel any of those cards. Canceling a card can negatively effect your credit report. You can cut it up and throw it away, but I wouldn't cancel it. Generally you want to use (at least once a year) your oldest credit card. This is your longest record of credit so its good to keep it open - that is part of your score. I'd say with 3 you are way below average. If you don't want them just cut them up, don't cancel them. Also try your best to pay them off each month - you dont' want to be getting into debt through credit cards.
- number of cards has nothing to do with it == amount of money available and owe and payment history affects the score!!!
