 About credit card debt. I have 5 major credit cards. I only owe 50.00 on one but much more on others.? |
| I know I should pay off the high interest rated ones first but since I only owe 50.00 on one that has a medium interest rate shouldn't I pay that off and close it leaving my card total down to 4?... |
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 Are debt settlement companies a scam? |
| I was thinking of signing up with a debt settlement company but I have heard the debt settlement companies not what they seem. They promise to settle your credit card and unsecured debt for half or ... |
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 Am I getting a good auto loan rate? |
| I'm taking out an auto loan for $32,000. My credit union has offered me 5.5% for 72 months. Is that a good rate? I have looked at several other places and they all want a minimum of 6.9%. My ... |
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 What happens if I do not activate a new credit card? |
| I applied for a new credit card, and got approved. I changed my mind and don't want it. The card has arrived in the mail. If I fail to call the number on the card, does that mean the card will ... |
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 I've been having some trouble not going over drawn in my bank account I need some help!? |
| Ok so I have been trying REALLY hard to save some money and keep on track. But it seems that everytime it comes to pay day I'm over drawn and my check being deposited is going to cover the money ... |
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 Should I pay this? |
| I am trying to buy a house. When I looked at my credit report I found that I have a charge off for $400. The thing is it is going to be removed in 4 months. Is it better to pay it or will it ... |
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 Is 681 a good credit score? |
could i get a new car with that?
Additional Details
it's just me not combined with a partner (just have a bf not a hubby i'm barely 20)... |
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 How do you get credit? |
| I.E. to buy a car, make a loan, etc.... |
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 Building credit with Credit Cards? |
| Do you need to pay late or skip a payment to build credit? I have been told that if you always pay your monthly bill on time and never let any interest get attached to your balance, you don't ... |
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 Stop paying credit card bills? |
Hi,
I recently visited a BK lawyer and he said just don't pay them any more.
I have several small balances.
Capital One 600
Providian 1000
Orchard Bank 300
Bank of A... |
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 Which is worse - real bad credit or filing bankruptcy? |
Additional Details
and why? Does anyone know for a fact?... |
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| Why do people think having (good) credit is a "good" thing? |
Having credit means you get a purchase or loan and defer the payment. In other words, you *owe* money or whatever it is you use to pay, trade, etc.
This usually comes with some sort of ... |
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sel_bos | Having too many credit cards will hurt your credit score? |
My friend told me that having too many credt cards will hurt my credit score. Isn't true
I have about 35 credit cards and most of them are applied through invitation. I pay my due on time every month. |
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J P
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Generally speaking 35 is way too many revolving credit accounts. A good general rule is to keep (for credit rating purposes nothing more) between 3 and 10. Most banks (when you're applying for a home loan for example) will say you need to close them if you have more than that.
That said, it really depends on how much actual credit balance versus credit limit you have compared with your salary. If you have 35 cards each with a $1000 limit and you only make $25000 a year, then it will be bad even if you don't carry significant balances. If however you have 35 cards with $1000 limit and you hold say $100 in balances for each card ($3500 total) and you make $80000 a year, it will be considered okay. If you had 5 cards with the same total balance and limits, it would be considered very good.
Lenders like to say regular, on time payment and a reasonable ratio of debt to income. If you can acquire more debt than you can pay it's considered very bad. |
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sunbubbles81
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Yes, having too many open lines of credit (of any sort) WILL hurt your credit score. And it doesn't matter if you carry a balance on any of them or not. Also, the 'through invitation' part doesn't matter in the least. Even when invited, you still are the one who 'applied' for the credit - as in, they didn't just 'give' it to you. And keep in mind that even people with horrible credit get credit card invitations.
Any why do you need 35 cards?!? |
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ohnoslen
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Don;t know about the credit score, but if you try to apply for a home loan, the bank will not like it that you have 35 creditcards. Too much credit just floating around. They might even ask you to cancel some. |
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beauty s
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um. wow !!!! why would have some many cards?? and yes to much credit can hurt u.. Try to close some of them that u don't u... |
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Luke D
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I have 11 credit cards that have over $60,000 available credit between them. They all have zero balances, no late pays, and I have a FICO score of 781.
Hasn't hurt me. |
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Tom S
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What matters most is the status of the accounts. If all are current, that's good. If all of them are at or near the limit, that's bad. I would recommend that you pay off, and cancel all but one or two of them. You will probably come to the realization that even two will be more than enough. Having all that credit can be a red flag; especially if the amounts due exceed your income. If what you're paying each month is just the "minimum amount due" you're in real trouble. It can take many years to pay off just a few thousand dollars because of the astronomical interest you'll pay. This is also reffered to as "slow credit" and will deflate your credit score. |
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Tim
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When I bought my home, I was told that having too much credit open is hurtful - - it's seen as a risk because you have the ability to rack up all 35 cards to the maximum limit. |
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OC1999
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As for your credit "SCORE" the number of cards does not hurt your score. The score takes into account your utilization, length of history and how many are new accounts. As long as you are using under 30% of your limit you would be okay.
However, the "SCORE" is not the only thing. Say of your 35 cards you have an average of a $2000 limit. This gives you a total avaiable credit of $70,000. If you are using none of them you have $70,000 open. You might have a great score, but because you already have what is considered enough available you might get denied for another card. This also applies when you apply for major purchases such as Cars or Houses. They will look at this as a negative, because you could technically "max out" your credit limits and stop paying your bills.
On the Identity Theft side, you have to review each and every statement you get. Because you have to verify that every purchase was yours and for the correct amount. Because of the amount of statements and cards you have you would be an ideal candidate for identity theft. Someone could probably open up a card in your name and it would take you a couple of months to realize they did this.
You really need to rethink why you have 35 cards. You should cut it down to no more than 10 open at the very maximum. For the best effect you need to make sure you keep your oldest cards open as well as the ones with the highest limit. Just when(if) you close them be sure that they are paid off and listed on your credit report as "Closed By Consumer" not "Closed by Credit Grantor". Your score may take a hit on the short side for this, but it will bounce back and your history will look better as long as you continue to pay on time. |
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LiveLoveLife
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having too many credit cards will deff. not hurt ur credit score as long as u pay the full bill at the end of the month...cuz if u dont they will charge soo much on interest,,and then over time it will all add up and that causes debt, which hurts ur credit score |
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flying_bull
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No, it won't husrt your score as long as you are using not more then 30-50% of your credit lines and paying them off in time. In fact the longer you keep the credit card the better it is for your credit scores. All the damage would have been done if you applied these credit cards in a short duration, if these credit cards are applied in a spread out fashion you are good there too. |
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iceman
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In a general sense having more cards helps your credit score, doesnt hurt.
Why? Well because you are building more credit history, and you have a larger credit line. Both of those are good for your score.
However, if you look at it from the point of view that having alot of cards can let you get into trouble easier.. then the opposite would be true.
It all just depends on how careful you are with your credit. I have to say though, having 35 cards seems like way way more then anyone would ever need. |
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