Is having to many credit cards bad for your credit score?
May 26, 2009 by Switch it up | Posted in Credit
If so what is the mythical number?
Idealistic is between 3-5 with balances below 30% of your credit limits and good long payment history's.
Actually there is no cap, I once had 14 credit cards with well over $100,000.00 in on tap credit and my scores were all over 800 because I always paid them in full every month.
The trick is not how many credit cards people have it's how they manage them that counts.
I now only have 4 still pay them in full every month and all of my scores are still well over 800.
I in reality make several hundred dollars a year off of my credit cards due to the cash advance rewards and never pay a cent in fees or interest.
Not bad for using someone elses affluent for free.
| May 26, 2009
not paying back is bad for your credit numbers, dont think the amount of cards you have effects it negativly.
insane_mad_maniak | May 26, 2009
Credit cards with bad credit?
Mar 07, 2008 by tomtomiszippy | Posted in Credit
Does anybody have any test of bad credit and being able to obtain a credit card, if so which one accepted you?
I have a few defaults from about 6 years ago which should be clearing soon but I know a spaced out street bank still wouldnt accept me.
The 3rd bill has the right idea. Check to see if secured cards are offered where you do your banking. How it works is simple, either your savings account or a seperate account you can read e suggest deposits in is used as collateral while you're establishing credit. This is better than the unsecured card offers for bad credit becuase at least you have a all right shot of getting the deposit back sometime later on as opposed to getting an unsecured card and paying an unchaste amount of fees before the card even gets to you. A secured card also teaches how to manage a credit card properly since you're placing your own bundle at risk with the deposit. Also the deposit could and should be used to start up an emergency fund once the card does convert to a habitual card. This way, you don't have to rely so heavily on your credit cards.
The best way to manage the account would be by making SMALL purchases that can be paid of on at all times every month, while increasing the limit by adding to the deposit. Usually after a year or so, you get the deposit back and a regular be unsecretive.
I posted several links to some secured card companies, in my personal experience, Bank of America offers the upper crust secured card overall.
I hope this helps, good luck!
$m¤¤v¥ £¤¢¤ | Mar 07, 2008
