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Top Contributer who got deleted. | Why do some people have multiple credit cards? |
Also,
Does having multiple credit card affect your credit score?
Is it better to stick with one credit card? |
 |
 
bdancer222
|
To get the best FICO score, you need three credit lines in good standing.
It is also a good idea to have different types or brands of credit cards. Some businesses accept one brand but not another. And sometimes store charge cards offer discounts or other special deals.
A lot of people also have one credit card they use for business purposes and another for personal stuff.
Collecting a big ole stack of credit cards isn't a good idea. You have to monitor and secure all those cards against fraud and ID theft. Stick to just the credit cards you will actually use. And of course, the best thing is to charge only what you can afford to pay in full every month. |
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Femme Flamme
 |
Some people will tell you it's bad to have multiple credit cards. However, I've found that it's actually the opposite - the more credit cards you have that you manage well, the -better- your credit score gets. The key is in making sure you don't carry more than around a 30% balance on each card if you _do_ carry a balance at all.
So, if for example, you currently have just ONE card and it's maxed out, but you've got 3 more offers, in _theory_ you should get those 3, transfer the balance over so that each card is below 30%. The problem with that, however, is that a lot of people will then max out all 4 cards! THAT would RUIN your credit rating, especially if you then fail to pay one or more of the minimum balances on time.
It's a question of how much self-control you have. Don't underestimate the lure of the next "oooh, I gotta have that" toy! :)
Cheers,
LBF |
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golferwhoworks
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yes it does as long as paid as agreed.
I personally have 2 and float the balances when I pay them monthly as each has its own billing cycle. Depending on what day of the month it is that determines which card I use. I pay them off monthly , but I float the balances for 30 days so no interest acruse. |
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wayfaroutthere
 |
Some do it to get a larger credit line. The reason I have four credit cards is that, as my credit score got better, I'd get a better credit card offer, and then wouldn't cancel the card with a bad rate and no credit limit because I forgot about it. Since there is no balance and no annual fee, it doesn't hurt to have it in the wallet, though I'd never use it and should just cancel to simplify my life.
One reason to have two is fraud protection. Some companies may notice that you never make online purchases, so they will give you a phone call the first time your card is used online. So if you have a low-limit card to use online, and a higher limit one for stores, you help limit your vulnerability to fraud.
The biggest problem with multiple credit cards is having too much credit available. If you go to get another loan, such as a car loan, and have $15k in available credit already, even though your balance is under $2k, they may be afraid to loan to you, because any time you choose you could take out another $13k in loans, and they know you can't afford $15k plus the car. In that instance, you usually just have to close the extra credit so that your available credit is down to something that would be reasonable with the new loan, but it delays your buying that car. |
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raha
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More than one credit card is some times good ,i experience that different credit card companies use diff ex rates when you go abroad,having low credit limit on multi cards is safer than having big limlit on one card |
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amberelise
 |
It could help your credit score, or it could hurt your credit score.
FICO (the system used to calculate your credit score) takes into account several things. Of them:
- Your utilization *per card* AND *overall*. So, if you have one card with $5,000 out of $10,000 charged you have a 50% utilization. (Not so good, not terrible.) If you have a 2nd card with $0 charged out of $10,000 it as 0% utilization (great!) and you also have an overall utilization of 25% (better!). But, the 50% utilization card will still affect you as well. The more cards you have and AREN'T spending on, the better your overall utilization!
- Length active account lines have been open. Sometimes users have a card that is no longer doing anything for them (no rewards or high APR) but doesn't have an annual fee. The user may not use the card anymore but won't close it because closing it may affect how long their active account lines have been open. Let's say you have 2 cards. One you've had for 10 years and the other you've had for 1 year. If you close the card you've had for 10 years you've suddenly greatly reduced the length of time your active accounts have been open! (Bad!)
And, of course, people have multiple cards because of the rewards. I have a Macy's card, for example, because I like the discounts I get when I exclusively shop with this card. My husband has a United card for the free miles. I have a Citi Dividends card for the 5% cash back bonus.
And, finally, some people have mutliple cards because they spend too much and maxed out their first card!
Btw, I've NEVER heard the three trade lines rule. Further, having a huge available credit does NOT lower your score. I have over $100,000 available to me to be charged. But I'm responsible and keep my utilization low. I have a FICO score in the high 700s. |
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efflandt
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Two issues are self control and fraudulent use. As long as you use credit wisely, not too high a percentage of it, and always pay it on time, it helps your credit. Having more credit, showing that other lenders trust you, and using a small percent of it, looks better than only having one and maxing it out.
One of my card numbers was used fraudulently while I was out of town. Not sure if it was intentional (maybe accidental) or how they got my number. But they used the wrong name and the bank immediately put a stop on it, stopping an attempted fraudulent charge at an online travel agency. If that was my only card, my credit would have been cut off until I got a replacement. There was only one charge I had to dispute (posted locally while I was out of state) and that charge was dropped. |
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tashapred
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It doesn't hurt to have more tahn one credit card as long as they are not high balance and you pay more than minimun payment. |
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Ryan
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You should have at least 3 open trade lines. The advantages one one card are only that it is easier to keep track of and pay down. |
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momoftwo
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Stick to one credit card and ONLY use it in an emergency.
The more open credit you have the lower your credit score. |
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