 Credit Card trouble............? |
| Got myself in a little over my head with the credit card thing....any suggestions on what to do to get out with out filing for bankruptcy????... |
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 Question about Credit Rating? |
I have an account that I am getting ready to pay off, and found out that it is a revolving credit account.
After paying it off, will it negatively impact my credit rating by closing the ... |
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 Trying to get approved for a 13000 boat loan? |
| I have two charge offs on my credit with a total of 3000 $. These items will be payed before applying for the new boat. I have a truck that was payed off and not late and I also have an active ... |
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 What's bad about credit cards? |
What are monthly and annual fee? Do I have to pay those amounts every month and year despite paying my credit card transactions on time?
My sister wants me to apply to old navy credit card ... |
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 How to you pay for things on ebay? |
| I really want to get something on ebay but I don't really understand the payment methods, if the seller allows payment to be money order does that come up as an option for payment method when ... |
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 How can a person rebuild his/her credit? |
| See my dad awesome credit score like what did he say it was, like 847? Something like that, anyway, he had back surgery in 2004, and was out for awhile and jacked up is credit bad. So his credit is ... |
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 What is a good credit card to start out with if you want to build your credit? |
| I have no credit and I am having a hard time getting approved becuase of it. Just wondering what kind of credit card I could get approved for that isnt ripping me off with fees.... |
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 Where is a good site to apply for a credit card or get info on a credit card? |
| I have average credit, and need to transfer my credit over to another card since the apr is going up on mine. So I was wondering if anyone knew a good place.... |
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 Credit cards: Are the card companies required to send a monthly statement? I only get one when I'm past due. |
| At least it seems like I have only been getting them if I don't make a payment, and I called today (15 Aug 06) and received a message that I didn't have a payment due. It would normally be ... |
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 What is better on my credit score? |
| After i pay off a credit card, is it better on my credit score to keep the card open with a zero balance, or to just close it completely?... |
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 Does parents credit affect their children's credit? |
| i am turning 18 years old and my parents credit has not been the best..and i was wondering if my credit will be affected? Also does overdrafting a checking account cause bad credit?... |
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 Debt consolidation , how it works ? |
| I have about 5000 of credit card debt , I rent so home equity wont work (i rent) I cant really cut down on stuff , my FISCO went from 740 to 505 in a year (financial problems). So i need help getting ... |
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 Poor credit rating please help? |
im in urgent need of 8000 dollars, where would i be able to obtain a loan quickly and that would accept poor credit ratings?
Additional Details
i dont mind paying a higher interest rate, ... |
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Nhut N | How many credit cards is consider too many, and how will this effect my credit score? |
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Studly
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From my research and personal experience, you should try to keep it to 3-5 credit cards.
Spiff is a smart guy, but I gotta disagree a bit with his answer. One of the things your credit score looks at is the amount of available credit. If you have a lot of credit cards, you will have a lot of credit not being used. That scares the heck out of a potential lender, because if you decide to run up those cards you will drastically hurt your debt.
As for some of the responders....just because you can't handle your credit, or maybe mishandled it and got in over your head.....does NOT mean everyone is as stupid as you! |
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SPIFIMAN1
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To get the best credit score and profile you need 3 credit card accounts (revolving) with balances below 30% of your limit and 2 cars, boats, homes, furniture or personal accounts (installment) all with good long pay history's.
Now, I am going to get so many thumbs down for saying this but I don't care because it's the truth. The number of credit cards you have doe's not matter, how you manage them is what matters.
I once had 14-credit cards and my score was over 750 because I paid them in full every month. Now I only have 8 and my score is still over 750 for the same reason.
OK Studley, you know very well that having high credit limits and low balances increases your score. A full 30% of your score is based on debt to credit ratios. |
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torrie
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More than the 2 that I own would be to many for me. Everything is paid off every month, I do not have dozens to keep up with and they meet my needs.
SPIFIMAN1 is correct in that if you have excellent credit the number will not hurt you so much unless you get wayyyy up there the the potential debt to income might ouch.
I also agree with bdancer222 in his/her analysis.
Most people just haven't the discipline not to run each sky high then come back complaining about not being able to make the payments. |
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William
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It isn't necessarily the number of credit cards it's the payment history and the balance. You need a balance under 30% and under 20% is better. If you make your payments on time each month, you pay no interest and you build credit history as well. When looking at your credit report, the total available credit is used to determine a portion of your credit score but having the balances low and payments made are more of a plus. Honesly I think all department store, gas credit cards, specialty credit cards are a real waste. I try to keep about 3 of them AMEX and a couple of Visa / Mastercards. I also use my Bank Debit Card instead of checks. People sometimes look at you strange when you pay a $8 charge with a credit card but at the end of the month, I can go online and make one payment for all my monthly charges versus writting 50 checks. |
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Luv2Answer
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More than 4 is probably too many. |
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bdancer222
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As others have pointed out, it's not the number, it how you pay them and keeping the balances below 30% -- paid in full each month is even better.
Personally, I think it is stupid to collect a bunch of credit cards just for the sake of having them. You have to monitor and secure those cards. All those cards just have so many opportunities for problems.
I recommend not more than 2 major credit cards. Only keep store or gas credit cards if you have some special situation. |
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binder
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Find very useful info and tips on getting and managing credit cards on http://creditcardmanager.credithelperhome.com |
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koreangurl
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More than one is too many...Credit cards should only be used for absolute emergencies and not for everyday use. Just think, whatever you charge, you are paying that back + 24% interest. If you have A credit card and use it, pay it off as soon as possible to keep the monthly payments down and the interest down. |
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Marc X
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Strictly an opinion as how many are "too many". Me, I'd say 3 or 4 minimum and NOT more than a half dozen. Here's why.
In the old days, gas stations and dept stores would only accept their own cards, so you needed several for that reason. Now nearly everyone accepts the major cards, so why tie up your credit in a few cards that have limited use? Besides, stores that issue their own cards are doing it because there's lots of money to be made in issuing credit cards. Kinda says something about YOU being the sheep while THEY are the ones shearing you.
As for having more than 1 major card, not all places will accept all cards. So it's a good idea to have one of each of the major ones, so when one isn't accepted, another one is.
Also, if there is a problem, like one major card processor has a modem line down or a dispute about a payment on 1 card, you can still use a different card.
And I use a credit card for EVERYTHING. That way I can track my spending, I have a method of dispute with defective products, and really, WHAT difference does $1 or $10,000 have on a credit card machine? And then I pay most of it off each month just as if I'd spent cash.
(Yes, I have a business and I accept all major cards, and the difference I pay the processing company for tiny amounts is so negligible that it's worth doing it. Really, I prefer all my customers to use credit cards.) |
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CrackBerry Addict
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For me I am never really using credit again. You can find lenders willing to look at other factors, such as on-time mortgage or rent payments, for the past couple of years to determine your credit worthiness. I much prefer to pay for things in cash.
Now you will get people saying, "Well you need at least ONE for emergency purposes." Why not save the amount of money you have in credit and put it in to a Money-Market account that allows for check-writing and cash withdrawls? So if you have a $1,000 credit card, instead save $1,000 in cash as an emergency fund. That way while the money sits there you get paid interest. |
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