How many credit cards should I have to help maximize my credit rating?
Posted by | Posted in Credit Help | Posted on 17-06-2010-05-2008
3
Don’t give me a "it depends…" answer with a whole bunch of technical mumbo jumbo. I want a number here.
I had 1 credit card for about 2-3 years and finally graduated college and am working full time. I also never had any problems with payments (never missed a payment in my life).
Yeah of course I pay in full. I once thought about not paying in full and realized that I’d miss out on that sweet grace period. ::drools::
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1 is all you ever need. Having more credit cards and thus more available credit, may actually hurt your credit rating overall.
2 Credit cards.
Do not ever close your oldest (current) credit card.
This develops your "length of credit history" 15% of your fico.
One thing that worries me.
You don’t mention if you pay in full or not each month.
47% of Americans pay in full each month – they are the ones with the top scores.
It is 100% myth that carrying balances and paying interest is good for you.
And, any time you use more than 30% of your available credit limits at any time during the month you are reducing your credit rating.
Get a new card.
Use your old one for food and use your new one for gas, and pay in full each month – you will never pay interest this way.
Eventually, with time, you will reach those 800+ scores – ask anyone.
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2 to 3 is best. Now, that doesn’t mean if you happen to have more, your credit rating will drop, it’s just a good number of credit cards in order to have a good mix of credit when you obtain other types.