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Hi all,
I need an advice.
How many credits cards can I keep? I mean im goin to take 3 new cards. Also planning to buy a car now in another three months. I might be denied for keeping too many accounts I guess. Any suggestions????
Thanx....
Hi Gizmosp,
Welcome to our forum.
There is no limit as to how many credit cards you should keep but always try to limit it. It might hurt your score.
Well I would suggest that do not take three credit cards at such a short time frame.
But i have applied for one already. the credit limit is also not very high. ok let me see. I guess i have to take up a second job. Is it not a good option?
credit cards
From my own experiences, I had 4 credit cards. They were 'low credit' credit cards. Only $300.00 credit limits. However........even if the monthly paymnets may be $25.00, for each, that is $100.00, per month, JUST for CC paymnets. I couldn't really 'afford' to keep all of the CC. I closed 2 of them and kept 2 open ( in case of emergencies). It's NOT going to help your credit, if u have a zillion CC's ( exaggeerating, of course!!..but, trying to make a point) if you can't make payments on them. It WILL help your credit, if you have 1 OR two and you are making the monthly payments ( or, more than what the monthy paymnet says.) Hope this helps.
Yes ofcourse. It definitely pays off. Staying withing limit should be the aim. It is always better to use the old CC accounts in times of necessity rather than applying for new credit cards.
Using credit cards and keeping the balance at around 25% of the credit limit helps in maintaining a good credit record as well.
credit cards
Keeping on credit card, for a long period of time,actually 'tells' a lender something ( ie....you can responsible make payments, etc.) There IS such a thing of having TOO many...not a good idea, if you can't make payments on them.