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My thumb is bigger than yours | Does having too many credit cards have a negative affect on your credit score? |
I have 2 major credit cards (one visa, and one mastercard), 1 debit card with the mastercard logo (I'm not sure if it's techinically a credit card, I don't think it is), and 3 credit card to various clothing and department stores. I rarely carry a balance on any of them. I have a few hundred dollars from Christmas on my Mastercard, but that's it.
My fiance is trying to tell me that I should close one of my major credit cards because having too many can negatively affect my credit score. Is this true?
If you happen to have any links to where I can find this information that would be most helpful. I looked myself, but I can't seem to find it! |
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SPIFIMAN1
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I wish I could remember how many times I have answered this one.
The number of credit cards that a person has makes no difference, what doe's is how they manage them.
Let's look at how credit scores are calculated;
1. Payment history 35%
2. Time in bureau 15%
3. Types of credi 10%
4. New credit 10%
5. Debt to credit ratio 30%
To have the very best credit score and profile people need at least 3-4 credit card accounts (revolving) with balances below 30% of their limits and 2-3 cars, boats, homes, motorcycles, computers, furniture or personal accounts (installment) all with good long pay history's.
You sound like your doing a great job by rarely carrying a balance. The trick to credit cards is to use them every couple of months or so for every day things and pay them off in full before the due dates, as long as you keep up this pattern your credit will be outstanding.
At one time when I was in a different line of work I had 14 credit cards and always had scores of over 750. I have cut back to 4 since I no longer travel or entertain clients but have maintained the same patterns of spending and my scores are still well over 750. |
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Josh L
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as long as you keep paying them off you're fine. i have had 8 cards for several years and my credit is over 750.
http://www.weeklybloopers.com |
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Judy
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Not at all.
Too many new RECENT open accounts will.
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bdancer222
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There probably is a point where having too many open credit card accounts would hurt your score. But that number would be a whole lot more than the few you have.
It isn't the number of cards; it's the balances you carry that can adversely affect your score. You do have to use those cards every few months to keep them active. Many credit card companies are closing accounts for shorter inactive periods. |
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Mismobismo!(Alan Partridge Aha!)
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yes it does -esp on a new app |
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Ted
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Having a huge number of cards can hurt a little. A bigger problem may be that some creditors will look past the score and see a potential for your taking on a lot of debt. |
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tg1990
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Yes it does mess up you creidt score everyone knows that |
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Thor
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Having more available balance I have heard is actually good for your credit score. I think you are fine if you don't carry any or much of a balance.
But I will say that many store cards have horrific interest rates and I would consider closing the one(s) with the worst rates just as a prudent way to avoid using them.
I think they only consider it a negative if you are having trouble making payments on them or elsewhere. |
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jack99skellington
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Having too many is bad for your score (there is too much available credit, that you may use later). But I don't think 2 major credit cards is too much. |
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dprzybylinski
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I dont know if it affects your credit score but you're sure as heck at risk of theft. Having too many cards definitely puts you at greater risk of getting your identity stolen. |
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Cake Batter
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it's not good to have so many and never use them. I'm pretty sure that can hurt you. Debit doesn't count. But a good number to have is two credit cards. |
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