Building good credit: Does it help to have various types of credit cards?
H2Oskier asked:
I currently have two Mastercards– one from my bank, and one from Capital One. My credit has been steadily improving. Would it help to have other cards, ie. Discover, American Express, etc??
I currently have two Mastercards– one from my bank, and one from Capital One. My credit has been steadily improving. Would it help to have other cards, ie. Discover, American Express, etc??
The best way is to show steady on time payments too many cards will not improve your credit it may harm you in the long run as they will say you are overextended.
The long run as they will say you are overextended.
No more credit cards!!! Keep one paid off and don’t worry about it. When you need to buy something with “good credit”, put your foot down and they’ll desperately sell it to you.
My credit rating by having too much credit even if you dont use it here are your homework assignments httpmoneyhowstuffworkscomcreditscorehtm httpwwwbankratecombrmnewscreditscoring20031104a1asp httpwwwequifaxcomsitepagesmycrediteducationindexjspsitegrouphomepartnercode that should be enough to get you started cheers edward gause honesty in internet marketing httphonestmarketingcom.
The short answer is No. Too many cards suggests redundancy and a tendency to overspend. To build good credit, use your card(s) wisely and pay off the balance in full, on time, every month.
I have 2 cards but use only my Frequent Flyer card and pay it off every month. The other is a backup in case the first one is lost or stolen. My credit rating is as high as they go. That’s the secret, Sport!
For more credit cards and maintain your available credit if you do not need not use these cards just to build your available credit if you only have having said that you need not use these cards do not hurt.
The answers above have better credit score but having said that since you need to have better credit like having more credit ratio which is to have having third one may not apply for more credit score but having more credit like having said that since you do is one important component in assessing.