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is it bad to have too many credit cards, i have about 5 major credit card and have about 15... |
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Date:
August 7, 2007, 8:17 pm |
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is it bad to have too many credit cards, i have about 5 major credit card and have about 15 department store cards. will it effect my credit score if i have so many. only about 3k total owed |
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Answer:
Your credit score depends on many factors, including the number of your current cards. As a rule, you should have a couple credit cards in good standing (you pay on time) open at any time. Three or four with high credit limit is an ideal situation. If you have too many cards it will decrease your score (because you have too much credit and that is a risk for banks). Also, if you have too few credit accounts (not necessarily credit cards, you can have loans, mortgages, etc) it is also bad for your score. If you have a couple of credit accounts in good standing and you can have only 2 or even 1 credit card, it is ok. Now if you have 5 cards with high limit and you close one or two of them, it will probably not effect your score. |
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