John C asked:
Can i order more credit cards as long as i use less than 50% and pay them on time?
NUMBERS
Can i order more credit cards as long as i use less than 50% and pay them on time?
NUMBERS
November 21, 2009
4 Comments »
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KERRY
I have said this so many times.
The number of credit cards people have is not important, what is, is how they manage them.
I once had 14-credit cards and always paid them off in full every month and my scores were all well over 800. I now only have 3 and still pay them off in full every month and my scores are still well over 800.
And the usage so you will know is not over 30% not 50%.
Comment by JOHNNIE — November 23, 2009 @ 12:13 pm
MERLIN
It isn’t the number of credit cards. It’s the balances you carry. Carrying balances of more than 30% hurts your score. Instead of applying for more credit cards, pay off the ones you have now. Your score will improve, you’ll save all that interest, and stay out of debt.
Comment by BOYD — November 26, 2009 @ 3:23 am
MICHEL
the number of cards one has does not affect your score. What affects the score is hoe many cards you apply at one time. Like say you apply for like 5+ stores at one time it will hurt. But like once every couple of months will not.
Comment by EMORY — November 26, 2009 @ 9:28 pm
JULES
The Quick answer is: As many as you like! I know someone with 40 credit cards and a score of well over 800. But…Let me explain…
As Spifiman said well before the number of them won’t matter however if you look at the other side of the coin, you could try and increase your credit score.
A quick way to bring up your credit score is to acquire debt and pay it off. I’ve seen people looking to get their first mortgage denied simply because they’ve never acquired any previous debt before, therefore their credit score was non existent! They’ve paid everything in cash and they’re very proud, which they should be! However, you still need to establish a track record before someone will offer you more credit cards. You need to prove your trustworthiness. Buy a car with a loan, get a credit card, get a personal loan, and basically establish some track record.
A trick I have used is this: I had to buy a car for £2500 so instead of paying in cash (which I had) I paid with my credit card and 5 days later I repaid the full amount without incurring any interest.
You could even transfer amounts betwwen cards, and as long as you pay back on time, that will increase your credit score.
Hope it helps!
Comment by SANFORD — November 29, 2009 @ 1:24 am