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DeSean M | Which is better? One credit card with $10,000 or two cards totaling $10,000? |
Additional Details
The limit on one card is $20,000 with a 4% rate right now. The limit of the other is $7,500 with 0% rate. Which is better for my credti score?
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Phil H
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I am no expert but they say at my work (where we sell credit cards) that two cards are always better then one:
Keep one in your wallet to use and put the other in a safe place (safe-deposit box etc...) in case of an emergency such as your wallet is stolen, your house burns down.
Use one card for on-line purchases only, this ensures that you will spot anyone who may be using your number without your permission because you can track it easy (most people purchase one or two items per month on-line if any at all compared to dozens of little purchases on your regular card)
Two open lines of credit, both current and no late payments shows more credit responsibility than one card in good standing. This will boost your credit rating faster, if you really pay them on time. It also helps to keep one with a zero balance and then just put one good purchase on it every few months.
Also, you can typically get one of those cards to have 0% rate on balance transfers, so charge on the one with interest on purchases, transfer it to the 0% transfer card, and make payments at your ease on large purchases!
Regardless you will be able to spend up to $10k so it just depends on if you are able to responsibly use two cards or just one. |
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David Beasley
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It doesn't matter. As long as the BALANCES reported each month (on your monthy statement) is $0-$25.
You see it is what is BALANCE REPORTED by the bank every month that matters... THEN it is how many accounts are open, etc.
If you have more than 1 account with balances above 50% of the limit... THEN multiple accounts is bad for your score.
Best of luck to you! |
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Chris C
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Two with different companies.
One or the other may offer you a 0% interest (with or without a fee) for consolidating balances.
So, you get two shots at a zero percent offer (for a limited time) |
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bdancer222
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It would be best to NOT carry that kind of debt on credit cards. Credit cards are not meant to be long term financing.
Two credit lines are better for your score than one. But carrying balances of more than 30% of your available credit hurts your score.
I suggest you work on paying off all that credit card debt. Take every penny you can squeeze out of your budget and put it on the highest interest rate credit card, while making minimum payment on the other. When the first one is paid off, throw everything at the second.
Then only charge what you can afford to pay in full every month. You'll have a great credit history, save on the interest, and stay out of debt. |
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guyster
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Two cards will show a slightly higher credit score than one, usually.
But two cards may (depending) increase the fixed costs per year, if they have annual fees. |
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cosmoe o
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Just have 1 card...is easier to manage in my opinion ...you might want to get a balance transfer with one of those cards....you might want to check out this list of cards...a few of them could help you manage that debt better
Low Interest Credit Cards
http://www.easy-creditcard.com/low-interest-credit-cards/
or check out how to reduce that debt with balance transfer credit cards
Become Debt Free with Credit Card Balance Transfers
http://www.easy-creditcard.com/credit-card-articles/become-debt-free-with-credit-card-balance-transfers/ |
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SoStayWithMe&I'llHaveItMade
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That depends on some details. If you mean for your credit score, that is based on ratio of credit available to credit used so if you have one card with a $10K limit and and a $10k balance thats worse than putting $5k each on 2 cards with higher limits....but if your total available credit is $20k then it does not matter how you carry the $10k in debt (1 card, 2 cards or 8 cards). For expense purpose you jut have to compare fees and interest rates, cuz generally no 2 credit cards are created equally so you could probly save money by using only one or the other. |
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footballer
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My advice as a Financial Advisor (who should be at work today but I have no client meetings or anything so I stayed home) is keep the one card with 0% interest, throughout my years I have not seen one person who is doing good financially have two cards and especially 10,000 limits maxed out....you don't need it! if you are planning on spending 10,000 plan on filing for bankruptcy just keep the card with 0% it has enough max on it right now and eventually once you pay the monthly payments on that your limit will rise along with your credit score.......certain people will tell you that you need 2 revolving credits on your report (i.e. 2 credit cards) but you don't! I started out at the age of 16 working on my credit and now I have some of the best credit around and only one card and I have more clients than anyone in my firm....so you can either listen to me or most likely end up in debt, your choice. |
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pmty
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It depends, actually.
While it is true that the cumulative interest fees and charges might be slightly higher for the combination of two cards than the interest fees for one card (that has a higher credit limit), but then, there are a lot of options and periodic offers that are given by cards. So, having two cards increases your chances of making better - and more wise - choice of spending, apart from giving you an added option (than having just one card). Also, if you have one card and it gets stolen/lost, then you are in a difficult situation (for example, if you're travelling and are depending on credit card payments for most of your expenses and you card is stolen/lost ..)
Also, having two cards might also attribute towards a higher credit rating. |
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ashkeithster
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I would say two cards. As long as you keep your balances below 35% of the credit limit and make all of your payments on time, then you will see a signifigant increase in your credit score in about six months or so.
Good Luck |
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JB
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Both mean 10,000 dollars of debt. |
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Jake
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1 card less likly to get fuked in debt |
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Melissa2323
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One card. Less interest charges, and more opportunity to pay more than minimum as opposed to splitting by two. |
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