Will having too many credit cards hurt a person’s credit score?
i currently have 2 credit cards a visa and mastercard by chase. I have Always paid my bills on time and never defaulted. I’m thinking about applying for a new one a CHASE FREEDOM CARD because it offers me a full 12 months of 0% APR…will it hurt my credit score by adding one more card to my name?
While there is a point where having too many credit cards will negatively impact you score, it’s a whole lot more than 3.
More important is the balances your carry. Carrying balances of more than 30% hurts your score. Paying off the balance and your score rebounds.
Since you already have 2 major credit cards with Chase, I recommend that you not get a third with the same bank. It’s a much better idea to have cards with different banks. That way if one changes terms/increases rates, you can just stop using it and use a different bank card. If all your cards are with the same bank, you are stuck.
Comments
While there is a point where having too many credit cards will negatively impact you score, it’s a whole lot more than 3.
More important is the balances your carry. Carrying balances of more than 30% hurts your score. Paying off the balance and your score rebounds.
Since you already have 2 major credit cards with Chase, I recommend that you not get a third with the same bank. It’s a much better idea to have cards with different banks. That way if one changes terms/increases rates, you can just stop using it and use a different bank card. If all your cards are with the same bank, you are stuck.
References :
You must make sure that your debt ratio is ok compared to your income. Do not get over your head. It’s none of my business but if you’re paying good on the 2 previous credit cards why get a 3rd.
The more credit cards you get not only affects your credit but could start eating your income up as well.
References :
http://www.game-tyme.webs.com
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