How many credit cards are too many?
I’ve heard too many credit cards/open accounts can decrease credit. So far I have a secured Capitol One mastercard, Shell gas card and AE store card. In a couple months I’m going to try applying for an airline credit card. Would this be too many credit cards? If not, how many credit cards would someone have to have for their credit score to go down?
Um, I have plenty of money to pay them off. And I’m concerned with building credit, not just to “buy stuff now”.
3 or 4 credit cards wont hurt you, just make sure you use them wisely. Try to pay the balances off each month, or within a month or two. If you charge something lets say for 150.00 pay off 75.00 this month and then 75.00 the next month. Yeah……..everyone I know you pay a little interest but remember he/she is building credit. Rotate the cards as well and don’t open them close together, too many credit inquiries hurt as well. Never charge more than you can pay off if an emergency happens. There are plenty of articles on the internet to help you along as well.