How many credit cards should I have?

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:07 pm
Post subject: How many credit cards?

Eileen Leigh
Date: 9/3/2000 9:43 pm CDT

I just read Credit Card Debt and loved it! I plan to put the advice to use immediately. I have a question about my sister. She has two credit cards with no balances. After reading your book, I think that she should apply for more cards so that she can have flexibility should she need it down the road. What do you think? And how many cards are enough?

Thanks!

Eileen

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Tue Jan 11, 2005 11:07 pm
Board Monitor - AD
Date: 9/4/2000 10:44 pm CDT

Eileen,

If your sister is currently not in credit card debt, she should probably stay away from applying to additional credit cards. Unless, she can be extremely responsible and not use those credit cards, having access to additional lines of credit often leads many individuals who are not in credit card debt to overextend themselves with various credit cards.

However, if she does forsee that she will need to access her credit cards for needed funds, then it may be wise to have access to a few additional credit cards (one or two), so that she can have an easier time taking advantage of lower interest rate offers, but she should only access the credit that she actually needs, and not overextend herself. Getting in debt is easier, getting out of it is the hard part...

I'm glad you enjoyed the book!

Sincerely,
Alex Daskaloff
http://www.creditcardfreedom.com

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CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!

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