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Gamergrl | Does having too many credit cards have a negative effect on your credit? |
I currently have 2 Mastercards, 1 Visa Card, and 1 retail credit card all with balances. Does this reflect negatively on my credit? If i keep all with zero balance will it still have a negative impact?
Thanks for help!
Gamergrl |
 |
 
sortaclarksville
 |
How many cards you have isn't as important as how much of your total credit that is available to you is actually being used. If your balances aren't pushing the max credit limit on your cards and you make your payments on time, your credit should be very good.
If your total available credit on all cards combined is $10,000 and you have $9500 in balances on them, then creditors will think "she can't control her spending. If it's available, she'll go shopping." But, if it's $10,000 and you have a balance of $2,500 on them, then creditors will say "she's reponsible with her credit. She could go out and buy things, but she's responsible enough to only buy what she can afford to pay for."
Because of that, don't start cutting up cards because you will change your available credit vs. used credit ratio.
Credit cards with a zero balance do NOT negatively affect your credit. It is a very common misconception that having a bunch of cards shows irresponsibility. But, in reality, being able to have a bunch of cards in your wallet/purse and knowing that you can't run out and max all of them out shows responsibility and self control on your part. |
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ZinaRae
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Too many CC means too much revloving credit. This HURTS your credit score. Usually one CC (Visa/Mastercard) and an AE card, and one gas card are enough to keep your credit healthy providing you pay on time. Do not over extend and buy frivulous items. Remember, they see what you buy. |
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grierGRIER h
 |
The temptations to own a new credit card are so numerous in modern times that many of us end up with a purse-full of them without any real need. They stay there and cause a lot of problems in repayment. The confusion that comes with too many credit cards can easy lead to a missed payment and resulting penalties. Frequent defaults will reflect poorly on your credit score. So, keep only the necessary and discard the rest. Read more from: http://www.credit-card-gallery.com/article/239,Credit_score_repair_in_5_simple_steps |
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michael_w_anderson
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Yes and no. If all your cards are maxed and you're only making minimum payments, then yes. If you're keeping minimum balances and making regular payments on time, then no. If you're trying to build credit for a mortgage loan, too many cards does impair your credit rating based on amount of credit available which may impact your ability to repay the mortgage. Old credit is better than new credit. |
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beauty s
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You are ok.. aslong as u are paying on time and don't get anymore cards.. |
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david a
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Not really, only if you have 20 CC
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http://www.bestcreditrates.net |
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SCH
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If you are using the cards and then paying them and keeping the balances less than 50% of the available credit then you should be OK. But if you are keeping them chaged to max then it is negatively affecting your credit. |
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agf_sj
 |
Having too many credit card will lower your credit score but by very little. What hurts most is that you have lot of recent new credit card with low credit limit and have high balance.
Best is to have 3 credit card. It can be any major C.C. and retail card combine.
Also you need long history. Keep the cards that you had with you for the longest time.
Need to have high credit limit. Longer you had c.c. higher the credit limit should be. If not then ask your c.c. for higher limit.
Do not have high balance in just one card. Credit rating agency like to see small balance spread out to many different card. Better if you have NEAR zero balance. If you use your card and pay full balance each month, then that is best. |
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Jonas with a Z
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Well, if you are using the cards and then making payment (not just the minimum) then no, it shows that you have good revolving credit. However, if you just have the cards sitting there are doing nothing with them, then yes it does have a negative effect |
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J P
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Too many can have a negative effect, but unless your balances and limits are very high, you're probably okay. Especially if you're making your payments on time. |
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