Is having 5-6 credit cards bad for your credit score?

I heard that having too many credit cards was bad for your credit. If I have 4 Store Credit Cards and 1 Visa Card and am planning to get another FINAL major credit card...is that too much?

Is having 5-6 credit cards bad for your credit score?

Only if you do not manage them well.

The number of credit cards a person has is not important, how they manage them is.

Keep your balances below 30% of your credit limit and pay on time every month and you will be fine.

I had 14-credit cards at one time and my score was over 750. I only have 8 now and it%26#039;s still over 750 because I manage them well.

Is having 5-6 credit cards bad for your credit score?

I%26#039;d say yes, but there are many factors there, such as how long you%26#039;ve had them, their balances, how close they are to their limit, etc... Any inquiries made on your name have negative effects to your credit. I suggest looking into financial counseling to learn to live on your income and not credit.

Is having 5-6 credit cards bad for your credit score?

NO....that%26#039;s not too many, the big thing is to not use more than 30 to 40% of your credit line. If they are all maxed out it would be bad for your credit score, but if you keep them lower than 40% you should be just fine.

Is having 5-6 credit cards bad for your credit score?

If you can pay the bills and keep your house and feed your family, you aren%26#039;t doing badly.

Why get another credit card? As any reasonable person would council you, pay off what you have. THE SECRET is to cut them up once you are done, but do not close the accounts unless they charge yearly fees. IF the fees are high, you are hurting yourself. IF they don%26#039;t charge annual fees, keep them. When you close an account, it is reported, negatively. Your score is helped by open accounts that never show a deliquency.

I%26#039;ve already been this route. Family members work for several credit companies and finance companies.

Is having 5-6 credit cards bad for your credit score?

Yes it is. You really only need 1 or 2.

Is having 5-6 credit cards bad for your credit score?

Definitely!

The reason is that you can very easily run up a huge debt by maxing out your credit on all those cards. The more cards you have, the higher the debt you could run up. Your FICO score is reduced by the number of cards you have if you have more than a small number. Rread this booklet:

http://www.myfico.com/Downloads/Files/my...

My own advice is to have only one major card. It%26#039;s hard enough to avoid running up more than you can pay in one month with one card! Having 2 is too much temptation, and you don%26#039;t need 2!

Take the estimated credit score test at Bankrate.com

Is having 5-6 credit cards bad for your credit score?

Yes it is bad and heres why. Say you make for example 50k a year. So about 4k a month, roughly right. Say you have 5 credit cards. 3 cards have a limit of 5k a piece and 2 have a 4k a piece limit. That%26#039;s an added value of 23k in open credit. Now say that you have car trouble and you need to buy a new car. Conservatively we%26#039;ll just say 20k. The bank is first going to look at how much money you make a year. Then they are going to look at your assets such as value of your house, IRAs, anything of value to see what your net worth is. (In case they need collateral) Once they know how much you are worth, they are going to see how much debt you have, ie. debt/income ratio. So you only have 10k in debt. They average what you%26#039;ll be paying off each month at a minimum, figure you are worth a total of 35k because of your assets, but you already, and heres the catch, you already have 23k in open credit against you. So that means they%26#039;ll loan you about 5k and call it a day. To much debt, to many open accounts, not enough income. In short, you only need two credit cards. Keep the oldest one you have, (for credit history) and then keep either the American express if you have one, or your favorite being second choice. Now you have purchasing power because you have the ability, the past history of solid credit, and the potential for more. Cut three up.. Good luck to you. And close the accounts before you forget about them.

Is having 5-6 credit cards bad for your credit score?

Yes it is. You need 2-3 credit cards maximum.

Is having 5-6 credit cards bad for your credit score?

Get rid of multiple credit cards. Although this might sound difficult, but if you are struggling to repay on time and, juggling with the repayment dates is causing you to default- it%26#039;s time to think. If there is a genuine need to keep multiple credit cards, then try to automate their monthly payments. This will ensure that you don%26#039;t default unwillingly and face the negative consequences. Read more from: http://www.credit-card-gallery.com/artic...

Is having 5-6 credit cards bad for your credit score?

No its not...