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Ben
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Subject: Are multilple cards a good idea?
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Tue May 05, 2009 5:02 pm
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| I am in college, and receiving an abundance of credit card offers. I just signed up for one, and my bank sent me an offer. Does it help or hurt credit to have multiple cards? |
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GarySnober
Joined: 08 Apr 2009
GarySnober's page
Posts: 67
6 Magic Points
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Tue May 05, 2009 6:40 pm
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| Hi ben, If you know how to control and manage having multiple credit cards then its a really good thing, really helps you build credit and shows ur responsible and the higher the overall credit limit you have always helps out your credit score. Just keep your total debt to overall total credit limit under 30% and your score will increase over time and dont be late on your payments please. |
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rachael
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Wed May 06, 2009 6:43 am
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Hi Ben
With multiple credit cards you might be eligible for different loyalty programs, gifts, discount schemes and bonuses on different cards. At the same time if you own multiple credit cards, a different method comes into play to calculate your credit score. One thing that is used to calculate your score is the ratio of amount of credit used to the amount available. For example, if you have a credit card with a limit of $10,000 and your balance is $3,000 then your utilization rate is 30%. A lower utilization rate is seen as a sign that you do not use their credit loosely. So pay on time and enjoy owning multiple credit cards. |
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Mary
Joined: 06 Jul 2006
Mary's page
Posts: 730
17413 Magic Points
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Wed May 06, 2009 7:23 am
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Hi Ben
I would suggest you that instead of going for multiple credit cards, you should first learn to use one card and build up a good history with it. If you go for multiple cards, you may fail to keep track of your payments on the cards and become delinquent. Now, if delinquency is listed on your credit report, it will lower your score instead of improving it. Having multiple cards does not affect your credit.
_________________
Where there's a will, there's a way !! |
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Daniel
Joined: 24 Apr 2009
Daniel's page
Posts: 7
291 Magic Points
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Wed May 06, 2009 9:55 am
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Hello 
I also offered for new card daily. But i would like to ignore them. It will charge different interest rates. In my opinion while you applying for new cards it will effects to your credit score reducing. So i would like to use 2 or 3 cards regularly.
But multiple cards is grate to get more offers, schemes & other loyalty services this is the best option also.
Thanks |
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scott
Joined: 28 Jun 2006
scott's page
Posts: 462
10934 Magic Points
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Tue May 12, 2009 11:28 am
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Hi Ben,
Though with multiple credit cards you become eligible for certain discount offers or some other benefits, more than often they cause problems. If you have many credit cards, you will have to remember the different due dates of payment. In case one slips out of your mind, it would adversely affect your credit score. Creditors might also think that because you are unable to make timely payments, you try to revolve your credit in different cards .So as a beginner use one credit card and try to build a strong credit history. Once you learn to use your credit account wisely, you can apply for multiple credit cards.
_________________
SCOTT
Use your credit account responsibly and enjoy a debt free life. |
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Firang
Joined: 28 Apr 2009
Firang's page
Posts: 59
0 Magic Points
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DEVID85
Joined: 05 Mar 2009
DEVID85's page
Posts: 23
-9 Magic Points
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Mon May 25, 2009 7:08 am
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Multiple cards is a good option until you manage your debts sharply. Also they are better if you are taking cards with diffrent types e.g a travel or business card. These cards are specialized in their fields and gives advantages of perks and discounts. If your expenses ae much, you can add a good amount of savings when you use these perks.
But, it is not an easy task. You generally get habitual and this may harm you a lot and will affect you goals e.g you may be denied for a home loan in long run if you run into habit of shopping. If you understand yourself well, then you can really decide on it smartly. |
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Jack
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Subject: Millennium Secured Credit Card
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Tue May 26, 2009 5:56 pm
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There are literally hundreds of credit repair websites and a lot of them try to guarantee success but the reality is most of them are just a waste of money. They use methods of repairing your credit you can do yourself if you simply google credit repair templates. Their process is very lengthy and requires months and even years to get a lot of things removed and sometimes the bad marks can come back as some companies are very persistent, especially if you still owe them money.
The only guaranteed method to repair your credit is to pay off the old bills and get your derogatory balances to $0. "Well that isn't very helpful" is probably what you are saying. Since none of us just have cash laying around to do that there are other things you can do that are guaranteed to increase your FICO score practically overnight and start rebuilding your credit.
It's actually very simple. Sign up for Millennium Secured Credit Card and send them $300. Buy $90 worth of groceries on it and make the payments. Keep the balance under $90. Then sign up for alliedtrustdiamond.com and get a $10,000 unsecured credit card, buy something and make the payments. Do a google search for USA Shopping Club and sign up with them for $12,500 unsecured credit card buy something and make the payments, Eclub USA and get your $3,500 credit card and finally Horizon Gold and get your $500 credit card.
Once all of these companies report to the credit bureaus you are going to see an immediate increase in your FICO score. Guaranteed. Then you can work on getting the bad marks paid off and removed. It's much easier to get them permanently deleted if you don't owe them any more money. |
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interstudy
Joined: 14 Nov 2009
interstudy's page
Posts: 6
112 Magic Points
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Sat Nov 14, 2009 2:54 am
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As long as you arent maxing them out, yes. It shows several positive marks/accounts reporting and that shows that you can manage your credit. More +'s are always better!
_________________
Learn How To Live With Your Bad Credit
http://badcreditanddebt.blogspot.com/ |
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Margaret
Joined: 13 Nov 2009
Margaret's page
Posts: 55
992 Magic Points
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Sun Nov 15, 2009 4:32 pm
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| Many people are afraid to have multiple cards. Some are afraid that they'll lose track of the different bills each month and fall behind on their payments. Others fear that the temptation of high credit limits will entice them to overspend. And some people fear that creditors, upon seeing multiple open credit lines, will be less likely to lend them money because the creditors suspect they're more likely to fall into debt. |
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Margaret
Joined: 13 Nov 2009
Margaret's page
Posts: 55
992 Magic Points
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Sun Nov 15, 2009 4:33 pm
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| Duplicate content removed as per TOS |
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