Do I Have Too Many Credit Cards?
Author: Brammy
Posted: Tue Jun 06, 2006 11:19 pm
Post subject: Too Many cards?
I opened two cards 3 yrs ago ( VS & MC) and three cards (2 store 1 major) this year. Only have balance on one about 25% of total avail. I that too many cards? I am trying to rebuild history. Does it matter if balance is spread over all cards or just on one as in my case?
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Author: mouse
Posted: Wed Jun 07, 2006 12:33 am
Post subject: Re: Too Many cards?
Quote:
"Brammy"
I opened two cards 3 yrs ago ( VS & MC) and three cards (2 store 1 major) this year. Only have balance on one about 25% of total avail. I that too many cards? I am trying to rebuild history. Does it matter if balance is spread over all cards or just on one as in my case?
TOO MANY???????
YOUR KIDDING RIGHT????
TRY--->NOT ENOUGH
Author: Board Monitor
Posted: Wed Jun 07, 2006 8:31 am
Post subject:
Quote:
Does it matter if balance is spread over all cards or just on one as in my case?
Don't think that matters. Your utilization rate is below 30%, so that is good.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
Author: tonyb
Posted: Wed Jun 07, 2006 10:08 am
Post subject:
I wish I could find this article, but it talked about a guy who had around 20 cards, and a credit score above 800. His credit utilization was low of course, and he paid his bills on time, so he wasn't carrying a balance on all 20 (or any, if I remember correctly, all were paid in full). He even put a car on one (which is normally a bad idea, but for him it worked out).
As long as you're not going to run up all the cards with compulsive spending habits, having lots of cards doesn't hurt. In fact, it often helps, by making your available credit pool higher, so any balance you may carry doesn't have the same effect on your debt/credit ratio. But again, if you're not disciplined with spending, then having a lot of available credit can get you into deep trouble.
Also, don't get too many in rapid succession, that can hurt your score.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Wed Jun 07, 2006 10:22 am
Post subject: Do I Have Too Many Credit Cards?
Thanks, I filed BK about 4 yrs ago and have been slowly trying to rebuild. After gettting a 'bad credit' credit card was pretty happy until the fed rates started going up and my 'bad credit' card wound up with a rate close to a store card. Decided to start applying again this year to see who would bite since I have been perfect since. Won't try again until Amex or Discover comes knocking on my door
I requested a low limit on the WalMArt Card (200.00). I made my kid the auth user on that one. He can make purchases according to his allowance. DVDs, video games and such. Aloowance goes to a card fund to pay it off every month. What he doesn't charge he is refunded in cash plus 5%. Hopefully he'll learn the lessons I didn't.
Hey, he's got a better deal on his CC arrangement than I do
Author: tonyb
Posted: Wed Jun 07, 2006 1:02 pm
Post subject:
I found that article:
http://smartmoney.com/consumer/index.cfm?story=20041228
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Tue Jun 06, 2006 11:19 pm
Post subject: Too Many cards?
I opened two cards 3 yrs ago ( VS & MC) and three cards (2 store 1 major) this year. Only have balance on one about 25% of total avail. I that too many cards? I am trying to rebuild history. Does it matter if balance is spread over all cards or just on one as in my case?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Wed Jun 07, 2006 12:33 am
Post subject: Re: Too Many cards?
Quote:
"Brammy"
I opened two cards 3 yrs ago ( VS & MC) and three cards (2 store 1 major) this year. Only have balance on one about 25% of total avail. I that too many cards? I am trying to rebuild history. Does it matter if balance is spread over all cards or just on one as in my case?
TOO MANY???????
YOUR KIDDING RIGHT????
TRY--->NOT ENOUGH
Author: Board Monitor
Posted: Wed Jun 07, 2006 8:31 am
Post subject:
Quote:
Does it matter if balance is spread over all cards or just on one as in my case?
Don't think that matters. Your utilization rate is below 30%, so that is good.
_________________
Regards,
Curtis Arnold
Board Monitor
http://www.CardRatings.com
20K+ Credit Card Reviews
Author: tonyb
Posted: Wed Jun 07, 2006 10:08 am
Post subject:
I wish I could find this article, but it talked about a guy who had around 20 cards, and a credit score above 800. His credit utilization was low of course, and he paid his bills on time, so he wasn't carrying a balance on all 20 (or any, if I remember correctly, all were paid in full). He even put a car on one (which is normally a bad idea, but for him it worked out).
As long as you're not going to run up all the cards with compulsive spending habits, having lots of cards doesn't hurt. In fact, it often helps, by making your available credit pool higher, so any balance you may carry doesn't have the same effect on your debt/credit ratio. But again, if you're not disciplined with spending, then having a lot of available credit can get you into deep trouble.
Also, don't get too many in rapid succession, that can hurt your score.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Brammy
Posted: Wed Jun 07, 2006 10:22 am
Post subject: Do I Have Too Many Credit Cards?
Thanks, I filed BK about 4 yrs ago and have been slowly trying to rebuild. After gettting a 'bad credit' credit card was pretty happy until the fed rates started going up and my 'bad credit' card wound up with a rate close to a store card. Decided to start applying again this year to see who would bite since I have been perfect since. Won't try again until Amex or Discover comes knocking on my door
I requested a low limit on the WalMArt Card (200.00). I made my kid the auth user on that one. He can make purchases according to his allowance. DVDs, video games and such. Aloowance goes to a card fund to pay it off every month. What he doesn't charge he is refunded in cash plus 5%. Hopefully he'll learn the lessons I didn't.
Hey, he's got a better deal on his CC arrangement than I do
Author: tonyb
Posted: Wed Jun 07, 2006 1:02 pm
Post subject:
I found that article:
http://smartmoney.com/consumer/index.cfm?story=20041228
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:03 PM
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