marla
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Funny you asked this because i was watching a seminar on credit the other day, and the part i caught was talking about this. it doesn't necessarily affect your credit score, but it does affect the future decisions of other financial institutions. some institutions will deny you credit if you have too much credit extended to you already, even if it's not being used already. like you have a lot of credit cards, but they're not charged up. even if you don't owe anything, but you have the account, they call it "potential debt". and institutions become weary of lending to consumers with too much "potential debt". it wont hurt your score though. the best thing to do is just keep your balance on all of 'em low and make sure you make payments on time. close unnecessary accounts but always keep the account that's you've had the longest because it's a record of credit since that time.
FICO scores are calculated based on your rating in five general categories:
Payment history - 35%
Amounts owed - 30%
Length of credit history - 15%
New credit - 10%
Types of credit used - 10%
The median FICO score in the U.S. is 723 |
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caw8474
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The more you fill out for credit cards even if you know you can not get them you know just to get the free gift. This also causes your score to go down and when you close an account per an agreement with company and client score goes down again. |
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janet h
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yes.....to maintain good credit....2 should be a good number. everytime you fill out a application for a new card they check your score....every inquiry lowers your score a bit....so don't go nuts on the credit cards. People don't need a bunch of them anyways. |
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rrelectric1993
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Because the more unsecured dept you have the higher risk you are at pay it back. |
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Effem Tee2
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Yes. Yes. And yes.
Now you get it. |
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CHAR L
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It is NOT the amount of cards you have that makes the credit go up. It is if you pay your cards on time. The more cards you have can actually hurt you because you have that many open accounts |
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DarsiLlama
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It can affect your score if all of them have high limits. That tells the credit companies that you have a lot of money out there you could rack up in debt. If they have low limits and you keep them paid off, you are fine. |
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***#1DodgersChick***
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go to this website...its safe and secure. |
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FedMofo
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Having too many credit cards does not lower your score. What lowers your score is if you apply for too many credit cards at one time. Just try to lay off those applications at Stores that will give you a gift for applying. |
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Kera volk
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it has nothing to do with how many cards you have, its all about how you are paying them off. having more cards and paying them on time (or earlier) will do good for ur credit score. but the more you have, the more payments, the less likely your credit score will go up because you might not be able to make the payments |
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George G
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You don't need to have to many cards and for what. Just a couple is fine. Besides those two, maybe like a gap card, circuit city. |
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Kristi P
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it can because they can look at the amount of debt you COULD have even if you don't max them out....but if you use them and pay on time, it will help your credit score |
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stephanickety
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Yes, the more you cards you have, the lower your score will be. Also your score will be lower for having the 5th one check your credit report just to get that card, and the closer to the limits your cards are, the lower your credit score will be. |
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tobygross73
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it's not how many but maintaining payments more than the minimum payment. i have 4 and have great credit. |
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Reality Check!!
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Yes, the more people you owe, the less money you have, and credit agencies (getting a loan, etc....) look at your income verses your debts. Paid or not, but paying them on time helps you. I'd only keep what you have so you don't get in over your head!
Credit inquiries show up as flags on your credit history. |
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kirstenssyn
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It does in a way. It has a lot to do with how much you have debted total (like, ever.. school loans, credit cards..) and what percentage of that you have paid back.
Also, everytime you apply for a new line of credit (loan, cards..), or even have someone check your score because you are thinking about getting another one, your score goes down a few points.
And if anything is ever late, even a day, it gets turned into a blazing red mark, so to say.
Just be careful with the whole thing. I have 2 school loans and 2 cards and Im in about as far as I can imagine for now! |
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m0rdecai
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Yes it does in a way especially if they are all run way up. |
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ashkeithster
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From research I have found that a healthy credit score is a make up of 3-6 credit cards and at least 1-2 loans in good standing. Your credit balance should not be more than 35% of your credit limit and there should be a long history of ontime payments.
So if you are thinking abouth that fifth credit card lower your balances to 35% and keep making ontime payments, and a fifth credit card should not lower your score.
However when you get your new card you will see a slight decrease in your credit score, it will rebound after a few months of ontime payments.
Good Luck |
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cmt0113
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No as long as you pay them all on time |
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gama123
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10000000000000000000000000000
jk |
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