How many credit cards should I have?
I am new to the world of credit! I currently have 2 credit cards from Bank of America and Wells Fargo for 2 months. Should I still apply for another one or two or three?? If so, what’s d’ best credit card for the people whos just starting building credit.
Credit Score
2 is plenty. i only have one and i rarely use it.
stop at two. id say none! its bad to be in debt
One for backup, one to build credit and one specialty from a specific store you love.
Credit cards are bad news.
Keep to a minimum amount or if possible, get rid of them altogether…
Unless you’re loaded =)
Nobody needs 3 credit cards. You’d be better to keep your cards to one or two – one that you use, and one that you lock away in your closet for emergencies. Multiple cards can be too tempting and you may end up spending more than you can afford, resulting in fees and eventually hurting your credit anyway.
The best thing is to use one card and pay it off completely every month.
I’d recommend getting a Visa card with no annual fee and the lowest APR you can find. Then, every 6 months, call and see if they’ll lower the APR some more.
Try to stick with just one or two. Find out which have the best point systems, or flyer miles.
If you get too many credit cards you might be tempted to run them to the limit, then will end up with too much debt. Also, every time you apply for a credit card the company giving you credit must enquire into your credit history. This lowers your credit score, and can make it more difficult to get good financing for a house or car.
One and pay it off each month. Unless you want to pass nearly half your earnings to the people who gave you the plastic.
No more than 2 and shop for the lowest rate with no service fees.
Zero.
Credit cards are a way to spend money you don’t have … keeping you living paycheck-to-paycheck for your entire life.
Even “responsible” use of a credit card can get you burned … the CC lenders are notorious for changing due dates without notification, “losing” payment checks, and juggling charges to lead to more fees.
All in the name of “rewards” and “building credit”, the rewards are chump change and CC debt isn’t exactly a sign of a healthy financial plan … it is mostly a sign of being spoiled.
Just avoid the sleazy industry and pay your way with money you actually have.
I think you know the answer to this question already.
Ok two is all you need, no more. You could even close 1 and build credit. Don’t get rid of them like some people say, you need to establish credit right? Credit is really important because it saves you money in car loans, home loans…etc. Even background checks and stuff like that, people look at your history.
Keep at no more than 50% of your balance, any more brings your score down. Preferably at 25% and keep paying it off. Creditors like to see some balance because it shows you can pay things off. Just don’t go spending things because it’s money you don’t ever see, be smart.