I am in college, and receiving an abundance of credit card offers. I just signed up for one, and my bank sent me an offer. Does it help or hurt credit to have multiple cards?
Hi ben, If you know how to control and manage having multiple credit cards then its a really good thing, really helps you build credit and shows ur responsible and the higher the overall credit limit you have always helps out your credit score. Just keep your total debt to overall total credit limit under 30% and your score will increase over time and dont be late on your payments please.
With multiple credit cards you might be eligible for different loyalty programs, gifts, discount schemes and bonuses on different cards. At the same time if you own multiple credit cards, a different method comes into play to calculate your credit score. One thing that is used to calculate your score is the ratio of amount of credit used to the amount available. For example, if you have a credit card with a limit of $10,000 and your balance is $3,000 then your utilization rate is 30%. A lower utilization rate is seen as a sign that you do not use their credit loosely. So pay on time and enjoy owning multiple credit cards.
Hi Ben
I would suggest you that instead of going for multiple credit cards, you should first learn to use one card and build up a good history with it. If you go for multiple cards, you may fail to keep track of your payments on the cards and become delinquent. Now, if delinquency is listed on your credit report, it will lower your score instead of improving it. Having multiple cards does not affect your credit.
I also offered for new card daily. But i would like to ignore them. It will charge different interest rates. In my opinion while you applying for new cards it will effects to your credit score reducing. So i would like to use 2 or 3 cards regularly.
But multiple cards is grate to get more offers, schemes & other loyalty services this is the best option also.
Though with multiple credit cards you become eligible for certain discount offers or some other benefits, more than often they cause problems. If you have many credit cards, you will have to remember the different due dates of payment. In case one slips out of your mind, it would adversely affect your credit score. Creditors might also think that because you are unable to make timely payments, you try to revolve your credit in different cards .So as a beginner use one credit card and try to build a strong credit history. Once you learn to use your credit account wisely, you can apply for multiple credit cards.
multiple credit card does help when one has a good payment track record so in this way if one has online banking facility then it saves lot of hassles because one can just set threshold to one's checking account in order to pay the credit card bill.
It gives person a sigh of relief that he doesn't have to bother about remembering the due dates.
Multiple cards is a good option until you manage your debts sharply. Also they are better if you are taking cards with diffrent types e.g a travel or business card. These cards are specialized in their fields and gives advantages of perks and discounts. If your expenses ae much, you can add a good amount of savings when you use these perks.
But, it is not an easy task. You generally get habitual and this may harm you a lot and will affect you goals e.g you may be denied for a home loan in long run if you run into habit of shopping. If you understand yourself well, then you can really decide on it smartly.
There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.
The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.
It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.
Once all of these companies report to the credit bureaus you are going to see an immediate increase in your FICO score. Guaranteed. Then you can work on getting the bad marks paid off and removed. It's much easier to get them permanently deleted if you don't owe them any more money.
As long as you arent maxing them out, yes. It shows several positive marks/accounts reporting and that shows that you can manage your credit. More +'s are always better!
Many people are afraid to have multiple cards. Some are afraid that they'll lose track of the different bills each month and fall behind on their payments. Others fear that the temptation of high credit limits will entice them to overspend. And some people fear that creditors, upon seeing multiple open credit lines, will be less likely to lend them money because the creditors suspect they're more likely to fall into debt.
(I know this is an older post, but, I have some things to add) I have learned from 'personal experience' that, unless you REALLY can afford more than one CC, don't get more than one!! Sometime back I applied for 3 different CC's. I was approved for all 3 of them. I was telling myself, "great!! Now I have all of this credit!." I started fallen behind in payments and, of course, made my Credit score even worse than it was because now I have MORE debt than before. I've been 'starting over' with my Credit and I know have 1 CC. I pay it 'regliously' every month..I pay the FULL balance instead of the monthly payment.which, initself, helps alot!! Just some advice from someone who has 'been there'. Thanks for reading!!
I recently applied for a new credit card because my zero percent jumped to 21 over the course of 4 months. I attempted to transfer the balance to a new card, and even with high credit score, was denied. Reason given I had several revolving accounts. Can anyone tell me why that was, when like the others here, I though the more the better? Always paid on time, no debt. Should I just close some of the other cards. BTW..I did pay off the 0 percent card before it turned ugly...so no debt at all.
Having several evolving accounts does not always help. What helps in to have different kinds of credits in your report. Staying current on all those different types of credit helps to have a good credit score. At the moment you can close some of the existing ones and open new accounts with different credits.
Why would your % jump so high, after just 4 months? ..from a 0%/ Gosh. Were you making your payments on time? When I received my CC ($250.00 limit) it was 9%. I've had it now for 3 months..the % hasn't gone up (as of yet, anyway). Been doing pretty good with it.
SD, these days anything negative can make your interest rate increase. We have gotten letters from almost all out account holders informing us "due to economic conditions we will be raising your interest rate." My new years resolution is to pay off the couple we have and only make purchases that can be paid in a couple months. We often used our Lowes card for home projects, paying it off every income tax and then starting a new project. We are no longer going this route.
Thanx Justin~Is there an optimum number of cards, don't want to red flag unneccessarily if that is a concern..but I bet some of those cards I haven't used for eons. Also do you think any cards are trustworthy to hold at 0 in this crazy pre regulation time? I am convinced I was bumped to 20 percent to help pay back the TARP money..banksters!
FIERYONE...I do agree this economy is really 'breaking' everyone. If people have no income, they live on the CC's they DO have (if they have any) to 'survive'. If the %'s, of those CC's get so high, you can't afford to live. Gosh......I'll tell ya........it's crazy right now.
Thank you Justin,..so what would be the optimum number of accounts to leave open. I have 9 right now, and don't want the number to fall too low, right? Do I just take out maybe 6 of the lower limit ones, and leave the last three, including the one that jacked up to 21% They actually had the hightest limit of any of them. Besides that would probably look bad after only 4 months, even tho it was THEIR BAD!
SD Charger....my credit card went from 0% - 20 in 4 months because they are BANKSTERS! I got laid up in July couldn't even walk to the mailbox to pay bills..so paid online. First month went fine...second time I tried, it didn't accept my password. In my humble opinion, they intentionally told me they would direct debit my bank account, then just went on and made it look like I was late. I called them went the next statement didn't reflect to debit, and they told me...ooops..we see where you did try to do that online..something must have not been done right (on their end) and would I mind re-making that payment. Natually it was late by now, but only a week..and like I said..It was all a trick...Watch out out there!
Multiple credit cards is a good idea but you handle these cards in good manner.Just keep your total debt to overall total credit limit under 30%. pay all your installment regularly and in time.
Hi ben, If you know how to control and manage having multiple credit cards then its a really good thing, really helps you build credit and shows ur responsible and the higher the overall credit limit you have always helps out your credit score. Just keep your total debt to overall total credit limit under 30% and your score will increase over time and dont be late on your payments please.
Hi Ben
With multiple credit cards you might be eligible for different loyalty programs, gifts, discount schemes and bonuses on different cards. At the same time if you own multiple credit cards, a different method comes into play to calculate your credit score. One thing that is used to calculate your score is the ratio of amount of credit used to the amount available. For example, if you have a credit card with a limit of $10,000 and your balance is $3,000 then your utilization rate is 30%. A lower utilization rate is seen as a sign that you do not use their credit loosely. So pay on time and enjoy owning multiple credit cards.
Hi Ben
I would suggest you that instead of going for multiple credit cards, you should first learn to use one card and build up a good history with it. If you go for multiple cards, you may fail to keep track of your payments on the cards and become delinquent. Now, if delinquency is listed on your credit report, it will lower your score instead of improving it. Having multiple cards does not affect your credit.
Hello :D
I also offered for new card daily. But i would like to ignore them. It will charge different interest rates. In my opinion while you applying for new cards it will effects to your credit score reducing. So i would like to use 2 or 3 cards regularly.
But multiple cards is grate to get more offers, schemes & other loyalty services this is the best option also.
Thanks
Hi Ben,
Though with multiple credit cards you become eligible for certain discount offers or some other benefits, more than often they cause problems. If you have many credit cards, you will have to remember the different due dates of payment. In case one slips out of your mind, it would adversely affect your credit score. Creditors might also think that because you are unable to make timely payments, you try to revolve your credit in different cards .So as a beginner use one credit card and try to build a strong credit history. Once you learn to use your credit account wisely, you can apply for multiple credit cards.
multiple credit card does help when one has a good payment track record so in this way if one has online banking facility then it saves lot of hassles because one can just set threshold to one's checking account in order to pay the credit card bill.
It gives person a sigh of relief that he doesn't have to bother about remembering the due dates.
keep us informed.
:arrow: :arrow: :arrow:
Multiple cards is a good option until you manage your debts sharply. Also they are better if you are taking cards with diffrent types e.g a travel or business card. These cards are specialized in their fields and gives advantages of perks and discounts. If your expenses ae much, you can add a good amount of savings when you use these perks.
But, it is not an easy task. You generally get habitual and this may harm you a lot and will affect you goals e.g you may be denied for a home loan in long run if you run into habit of shopping. If you understand yourself well, then you can really decide on it smartly.
Millennium Secured Credit Card
There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.
The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.
It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.
Once all of these companies report to the credit bureaus you are going to see an immediate increase in your FICO score. Guaranteed. Then you can work on getting the bad marks paid off and removed. It's much easier to get them permanently deleted if you don't owe them any more money.
As long as you arent maxing them out, yes. It shows several positive marks/accounts reporting and that shows that you can manage your credit. More +'s are always better!
Many people are afraid to have multiple cards. Some are afraid that they'll lose track of the different bills each month and fall behind on their payments. Others fear that the temptation of high credit limits will entice them to overspend. And some people fear that creditors, upon seeing multiple open credit lines, will be less likely to lend them money because the creditors suspect they're more likely to fall into debt.
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cc
(I know this is an older post, but, I have some things to add) I have learned from 'personal experience' that, unless you REALLY can afford more than one CC, don't get more than one!! Sometime back I applied for 3 different CC's. I was approved for all 3 of them. I was telling myself, "great!! Now I have all of this credit!." I started fallen behind in payments and, of course, made my Credit score even worse than it was because now I have MORE debt than before. I've been 'starting over' with my Credit and I know have 1 CC. I pay it 'regliously' every month..I pay the FULL balance instead of the monthly payment.which, initself, helps alot!! Just some advice from someone who has 'been there'. Thanks for reading!!
Twist on this answer...anybody out there know the answer?
I recently applied for a new credit card because my zero percent jumped to 21 over the course of 4 months. I attempted to transfer the balance to a new card, and even with high credit score, was denied. Reason given I had several revolving accounts. Can anyone tell me why that was, when like the others here, I though the more the better? Always paid on time, no debt. Should I just close some of the other cards. BTW..I did pay off the 0 percent card before it turned ugly...so no debt at all.
Hi Heirophany,
Having several evolving accounts does not always help. What helps in to have different kinds of credits in your report. Staying current on all those different types of credit helps to have a good credit score. At the moment you can close some of the existing ones and open new accounts with different credits.
Cc
Why would your % jump so high, after just 4 months? ..from a 0%/ Gosh. Were you making your payments on time? When I received my CC ($250.00 limit) it was 9%. I've had it now for 3 months..the % hasn't gone up (as of yet, anyway). Been doing pretty good with it.
SD, these days anything negative can make your interest rate increase. We have gotten letters from almost all out account holders informing us "due to economic conditions we will be raising your interest rate." My new years resolution is to pay off the couple we have and only make purchases that can be paid in a couple months. We often used our Lowes card for home projects, paying it off every income tax and then starting a new project. We are no longer going this route.
Thanx Justin~Is there an optimum number of cards, don't want to red flag unneccessarily if that is a concern..but I bet some of those cards I haven't used for eons. Also do you think any cards are trustworthy to hold at 0 in this crazy pre regulation time? I am convinced I was bumped to 20 percent to help pay back the TARP money..banksters!
credit
FIERYONE...I do agree this economy is really 'breaking' everyone. If people have no income, they live on the CC's they DO have (if they have any) to 'survive'. If the %'s, of those CC's get so high, you can't afford to live. Gosh......I'll tell ya........it's crazy right now.
Twist on this answer...
Thank you Justin,..so what would be the optimum number of accounts to leave open. I have 9 right now, and don't want the number to fall too low, right? Do I just take out maybe 6 of the lower limit ones, and leave the last three, including the one that jacked up to 21% They actually had the hightest limit of any of them. Besides that would probably look bad after only 4 months, even tho it was THEIR BAD!
twist on this answer..
SD Charger....my credit card went from 0% - 20 in 4 months because they are BANKSTERS! I got laid up in July couldn't even walk to the mailbox to pay bills..so paid online. First month went fine...second time I tried, it didn't accept my password. In my humble opinion, they intentionally told me they would direct debit my bank account, then just went on and made it look like I was late. I called them went the next statement didn't reflect to debit, and they told me...ooops..we see where you did try to do that online..something must have not been done right (on their end) and would I mind re-making that payment. Natually it was late by now, but only a week..and like I said..It was all a trick...Watch out out there!
Multiple credit cards is a good idea but you handle these cards in good manner.Just keep your total debt to overall total credit limit under 30%. pay all your installment regularly and in time.