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Racin Girl | Will having multiple credit cards increase my credit score faster? |
I'm currently 18, so Im new to credit and would like to build credit. I have a decent part time job and am currently a student and will be a student in college in the fall. I have applied for student credit cards. Around 5 or 6 to be exact. What Im curious to knowing is that if I pay off whatever I use my credit cards for to purchase, BEFORE the grace period ends, will my credit increase more quickly? I do not intend to keep large balances on any of them, (I would like to keep only 3).
Additional Details
I said they would be paid during the grace period, therefore they would all be paid on time. |
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echo
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You should always try to pay before the statement cuts or immediately when you get the statement. Waiting through the grace period may backfire, if your payment doesn't reach them in time. Even if you pay online, you may run into problems if you wait until near the end of grace period to pay.
Paying in full is always the best way to go. Not only will you avoid having to pay interest, but if you consistently pay in full you may create the habit of not overspending.
Having 5 or 6 cards right now will definitely help you in the future - as long as you keep the accounts in good standing.
And, as long as you keep the accounts in good standing, by the time you graduate you will probably have scores that many people would love to have.
Available credit is not income and should not be treated as income.
Available credit is not debt. |
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iraqisax
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One thing that you ought to know: credit is the ability to go into debt. Having good credit is a good thing. When you want to buy a house, you will need a mortgage.
But going into debt is a bad thing. You should NOT go into debt unless you really need to. This is not the way most Americans handle their money today. The average family is over $7,000 in debt to credit cards. Do you think this is a good think. Credit cards are the biggest rip off in this country. You could end up paying as much as 24% interest! Why would anyone want to do this?
I don't have any credit cards. I don't use them. If I don't have the money, I can't afford it.
I have never had money problems. I have always had money. Don't get in the habit of buying something when you can't afford it, and then paying these legal loan sharks.
Credit cards are a rip off. Cash rules! |
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twv706
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Two credit cards will increase your credit score faster, but keep your balances below 50% of your total credit line. |
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farran abat
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Whether you have taken a secured loan, unsecured loan or applied for a debt consolidation matters. The loan or credit types also reflects on your credit score. Credit rating agencies give it a 10 % weight to determine your credit score.
Calculation of credit scores is quite confusing and very complex. Exact method of calculation is seldom explained by credit reporting agencies. The 5 critical factors mentioned above, give you the nearest estimate and will help in keeping your credit reports in a good shape. Read more about it at: http://www.credit-card-gallery.com/article/204,5_critical_factors_affecting_your_credit_score |
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puppylove
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No. Paying your credit cards on time will. |
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michael_w_anderson
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There is such a thing as too much credit which will actually decrease your credit score. At your age, I would suggest 1 or 2 cards tops, and make sure you make the payments on time. They do not count that you made payments early, only balances and ontime payments. Old credit is always better than new credit, so don't apply for everything that comes your way. Don't go over your limits and bear in mind that you should use credit wisely which it what it sounds like you want to accomplish. Good luck! |
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mytwodogs60463
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to many credit cards will ruin your credit. don't open all those up you signed up for. keep 1 -2 and that all and make your payments on time as that will help your credit. |
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asjrb
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Having too many credit card will hurt your score whether you use them or not. The best way to increase your credit score is to pay on time, don't charge the credit card to the close or near the max capacity and having only 1 or 2 credit cards. The reasons are when you charge close to the credit limit you become a risk a factor and having fewer credit cards results in reporting to only 1 or 2 credit bureaus. Not all banks, mortgages, car loan people use the same credit bureau. You don't want to have conditions when you do not have any credit history when the banks you bought credit cards from only reported 1 or 3 agencies.
Finally, if you pay soon or near the due date does not make any difference. This is black and white. Did you pay before the due date <period>,
Keep all 3 but have any more. You are only 18 and don't need to worry about identity theft or credit problems. |
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sgoldperson
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5-6 is TOO many. Stop at about 1 or 2, excluding ATM/Bank Card, which are credit cards. As was said if you have too many it will bring down your credit because they view it as you aren't responsible if you need that many. Yeah credit is tricky. You are going to pay off at each grace period and yet from what I read carrying a small balance can actually help your credit, it shows you are paying them. |
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