How Many Credit Cards Should You Carry?
Once you succeed in getting a credit card, you might be hungry to apply for many more cards.
Not so fast. Having too much credit probably contributed to your debt problems in the first place. Ideally, you should carry one bank credit card, one department store card and one gasoline card. Your inclination may be to charge everything on your bank card and not bother using a department store or gasoline card. When creditors look in your credit file, however, they want to see that you can handle more than one credit account at a time. Don’t build up interest charges on these cards—just use them and pay the bill in full.
Creditors frown on applicants who have a lot of open credit. So keeping many cards may mean that you’ll be turned down for other credit—perhaps credit you really need. And if your credit applications are turned down, your file will contain inquiries from the companies that rejected you. Your credit file will look like you were desperately trying to get credit, something creditors never like to see.
Taken From : Credit Repair by Attorneys Robin Leonard and Deanne Loonin
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