Is it a good idea to have more then one credit card?
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M$3 Answers
1. If you make payments on time every single month
2. How close you are to your limit on the cards
If you are making payments on all of your credit cards and the balances are at less than 1/2 of the limit, you should be fine. This really shouldn't matter on how many you have, unless it's just massive. If you can make payments on time, and keep balances of less than 1/2 of the limit on 2 or 3 cards, that's really a good sign to creditors. They like to see that you can handle your finances and credit. If you have 2 or 3 that are maxed out or near the limit, it says "look she can't handle credit, don't give her any more!"
Too many of what is called "open revolving accounts", which is credit cards, can look bad, especially when there are charges. Even worst when near the limit.
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M$
But if you have a number of cards and they are all close to or over the credit limit, then that will have a negative impact on your credit score. Remember that credit cards should only be used if you have the cash on hand. It should be used only as a temporary replacement for cash and not as extra money.
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They advise that it can be a positive to have more than one revolving account open on your report but they advise about having too many because lenders may potentially view the consumer as someone who is preparing more than they can afford. This is one reason why consumers should not apply for a for several lines of credit within a short period of time, the exception being either a home loan or car loan]]. From personal experience I would have no more than two or three and would only use them in cases of emergency and do my best to make purchases that can be paid back within 90 days or less.
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