Comments on: How many credit cards is too many?

By: Credit Debt on Credit Speak » How many credit cards is too many?

Credit Debt on Credit Speak » How many credit cards is too many? — Thu, 13 Mar 2008 00:47:09 +0000

[...] pbucelwicz placed an interesting blog post on How many credit cards is too many? [...]

By: pbucelwicz

pbucelwicz — Tue, 19 Feb 2008 13:26:59 +0000

That is good that you pay off the bill in full each month. One store credit card is ok. It’s good to have a store credit card where you shop frequently because they give special rewards and coupons. The store credit cards that have a Visa or Mastercard logo are better. Some stores credit cards are simply for that store and cannot be used elsewhere. These are the cards referring to “Historically, store credit cards are issued to anyone with a pulse. They issue credit cards to people who otherwise can’t get credit.” It is recommended to limit the number of store credit cards to 1.

Having a good credit score is only needed when you want to take out a loan or open a new credit card. When you think you are going to take out a loan, you can check your credit a few months before and correct any problems you might have.

By: Andrew

Andrew — Tue, 19 Feb 2008 04:10:25 +0000

Overview

• Make your payments on time.
• Regularly pay off your balances in full.
• Keep your debt ratio low. Less than 50% on each card.
• Close out those store credit cards once you have received the benefit.
• Slowly close unused accounts. One per month.

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Why is it important to close out store credit cards? I currently have one that I use for only in store purchases and I pay the bill in full each month.

regards,
Andrew

By: Credit Cards on The Finance World For News and Information Around The World On Finance » How many credit cards is too many?

Sat, 16 Feb 2008 02:10:43 +0000

[...] How many credit cards is too many? As I was thinking about getting another credit card, it got me thinking “How many credit cards is too many?” I have been thinking about opening up another card, and another soon after that. After looking over my year end summaries on all my cards the majority of my purchases are in categories which do not have special rewards bonuses. I receive only 1% back on my biggest purchases every year. If you are like me and you are maximizing your cash back rewards, you want a card that benefits you t [...]