How many credit card accounts should I have?

Author: cyborg
Joined: 10 May 2004
Posts: 14
Posted: Thu May 13, 2004 9:57 am
Post subject: Recommended Amount of Credit Cards..

if anyone know if having 1 - Citi 6700 1 - MBNA 5700 1 - AMEX 2200 is too many or too little credit cards? i usually keep about 1000-1500 balance combined. i just want to raise and build my credit.. should i get more credit cards?

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Author: nativechild48
Credit Expert (100+ Posts)
Joined: 10 Nov 2003
Posts: 315
Posted: Thu May 13, 2004 11:38 pm

If you keep a balance then do not obtain too many cards at one time. Some companies take this into consideration when they look at your use of credit.( They can and will jack your rates if you have too many and too much debt) As NightStar always say you have to have a good mix revolving, store, credit cards, equalization of the utilization of your credit, do not exceed your debt Vs income, pay down or pay more than the minimum, and aging of the accts. with no slow or lates or charge offs.

native

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Author: Guest
Posted: Fri May 14, 2004 8:37 am

i think i have pretty much all the things u have mentioned.. except for a store card. do ppl still use them? i use to use them for the intro 15-30 percent off first purchase... but now id rather use my regular cards for rewards or cash back..

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2132
Location: Illinois
Posted: Fri May 14, 2004 9:07 am

Myself recommend staying away from the store cards if you can help it, they generally charge higher interest rates then any deals they would be offering for the card.

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Author: bubba jo
Guest
Posted: Fri May 14, 2004 10:20 am
Post subject: store cards

NightStar wrote:
Myself recommend staying away from the store cards if you can help it, they generally charge higher interest rates then any deals they would be offering for the card.


I agree with NightStar. Another reason to stay away is that dept. stores, and their outsourced billing vendors (sometimes from overseas) do a horrific job of keeping their records straight and they can really ruin your credit rating (even if you always pay on time) and make it a nightmare to correct.

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