More the better?

njoker555 · 03-09-2007

I've heard some people say that the more credit cards you have the better your credit score is. I am really new to using and getting credit cards right now, I only have one currently and thats a master card with low funding

I dont think credit score is related to this but just to be clear, answers are appreciated. Thanks!

MaryMary · 03-09-2007

What's important to your credit score is:

A. you pay on time

B. The ratio of your total balances against your total credit limit.

C. The length of time you have had your cards (so don't close older accounts)

njoker555 · 03-09-2007

dont close? what if you dont use those credit cards at all? or should I just let them expire and not renew?

MaryMary · 03-10-2007

You should use your older credit cards at least 3 or 4 times a year. This keeps them showing current and active on your credit report. Also the length of time you have had the account will help your credit score too.

If you only put your gas/groceries on your credit card and then pay it off in full each month, this will keep it active and you won't be charged any interest if you don't carry a balance.

Credit cards don't expire, they will always send you a new one with a new expiration date when it is time.

njoker555 · 03-11-2007

Ahh..Ok I get it more. They dont expire? They do send but cant I just call in and tell them not to send lol. I'll probably just buy clothes with my credit cards. With american express card mostly, good rewards in it.

inworx · 03-12-2007

Get all those cards which dont ask you to pay fee per year. like ICICI etc.

Credit Score is mainyl based on the timely payments you do against your statements..

njoker555 · 03-12-2007

Yeah, I have never missed payments, well not credit card payments yet, havent made any yet, more like webhost fees via paypal lol

, I dont like to do that, I am a timely person, but I am still new to this dont think I have a credit score yet, started just a few weeks ago.

**louj** · 03-15-2007

I don't think it is better to have more credit cards. The only way to have higher credit score is to pay on time and it also differs on how often you use your card.

maddie · 03-15-2007

I agree with all the above comments. One thing I regret is closing a credit card account I had for a nice length of time with a large limit. I should have just paid it off and used it sparingly.

quinda · 03-23-2007

My understanding of the way credit scoring works is that they consider how well the accounts are ran (so a couple of cards, all paid on time, is a good thing) but they also look at your total available balance versus your annual income - so if you have a ton of cards available to you, and the total debt you could run up was double your annual income, then that would go against you, even if you weren't using the cards at the moment.

03-09-2007	#1 (permalink)
njoker555 Senior Member Join Date: Feb 2007 Posts: 284 Rep Power: 2	More the better? I've heard some people say that the more credit cards you have the better your credit score is. I am really new to using and getting credit cards right now, I only have one currently and thats a master card with low funding I dont think credit score is related to this but just to be clear, answers are appreciated. Thanks! __________________ Gamers Forum << PR3 Forum WebZ Junk Zone << PR3 Blog ZenPix Web Blog << Another PR3 Blog DUJT Webmaster Forum

03-09-2007	#3 (permalink)
njoker555 Senior Member Join Date: Feb 2007 Posts: 284 Rep Power: 2	dont close? what if you dont use those credit cards at all? or should I just let them expire and not renew? __________________ Gamers Forum << PR3 Forum WebZ Junk Zone << PR3 Blog ZenPix Web Blog << Another PR3 Blog DUJT Webmaster Forum

03-11-2007	#5 (permalink)
njoker555 Senior Member Join Date: Feb 2007 Posts: 284 Rep Power: 2	Ahh..Ok I get it more. They dont expire? They do send but cant I just call in and tell them not to send lol. I'll probably just buy clothes with my credit cards. With american express card mostly, good rewards in it. __________________ Gamers Forum << PR3 Forum WebZ Junk Zone << PR3 Blog ZenPix Web Blog << Another PR3 Blog DUJT Webmaster Forum

03-12-2007	#7 (permalink)
njoker555 Senior Member Join Date: Feb 2007 Posts: 284 Rep Power: 2	Yeah, I have never missed payments, well not credit card payments yet, havent made any yet, more like webhost fees via paypal lol , I dont like to do that, I am a timely person, but I am still new to this dont think I have a credit score yet, started just a few weeks ago. __________________ Gamers Forum << PR3 Forum WebZ Junk Zone << PR3 Blog ZenPix Web Blog << Another PR3 Blog DUJT Webmaster Forum

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03-09-2007	#2 (permalink)
MaryMary Member Join Date: Mar 2007 Posts: 56 Rep Power: 2	What's important to your credit score is: A. you pay on time B. The ratio of your total balances against your total credit limit. C. The length of time you have had your cards (so don't close older accounts)

03-10-2007	#4 (permalink)
MaryMary Member Join Date: Mar 2007 Posts: 56 Rep Power: 2	You should use your older credit cards at least 3 or 4 times a year. This keeps them showing current and active on your credit report. Also the length of time you have had the account will help your credit score too. If you only put your gas/groceries on your credit card and then pay it off in full each month, this will keep it active and you won't be charged any interest if you don't carry a balance. Credit cards don't expire, they will always send you a new one with a new expiration date when it is time.

03-12-2007	#6 (permalink)
inworx Senior Member Join Date: Mar 2007 Posts: 160 Rep Power: 2	Get all those cards which dont ask you to pay fee per year. like ICICI etc. Credit Score is mainyl based on the timely payments you do against your statements..

03-15-2007	#8 (permalink)
louj Banned Join Date: Mar 2007 Posts: 139 Rep Power: 0	I don't think it is better to have more credit cards. The only way to have higher credit score is to pay on time and it also differs on how often you use your card.

03-15-2007	#9 (permalink)
maddie Junior Member Join Date: Mar 2007 Location: US Posts: 11 Rep Power: 0	I agree with all the above comments. One thing I regret is closing a credit card account I had for a nice length of time with a large limit. I should have just paid it off and used it sparingly.

03-23-2007	#10 (permalink)
quinda Junior Member Join Date: Mar 2007 Posts: 10 Rep Power: 0	My understanding of the way credit scoring works is that they consider how well the accounts are ran (so a couple of cards, all paid on time, is a good thing) but they also look at your total available balance versus your annual income - so if you have a ton of cards available to you, and the total debt you could run up was double your annual income, then that would go against you, even if you weren't using the cards at the moment.

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