How Many Credit Cards Should I Have?
Hi
I just applied for and recieved another credit card but I really don't need another
I was told that haveing more than one credit account kept paid up makes me look better. Is this true? As it stands now I have only two credit accounts.
Who impresses you more, a guy who can play the kazoo, or one who plays a Wurlitzer?
You want to have a lot of cards. You want to have held them for a long time. You want them all to be prime cards with high limits. You want to keep your utilization on any one of those cards below 34%.
You really want 2 credit cards, 2 Installment loans and 1 mortgage to creat the highest scores. Besides paying them all on time, your credit cards should be used at least once a quarter and your balances should stay below 50% of your limit. Avoid anything to due with department stores or gas stations, these do not look good.
4-6 prime cards, balance of 33% of limit or less.
where can I apply for credit cards with credit lines of 2k and above as well as good aprs.
[addsig]
Thanks guys
But what do you mean by prome card?
[ Edited by Niceguy1 on Date 10/19/2004 ][ Edited by Niceguy1 on Date 10/19/2004 ]
Prime means it's a card people get when they have good credit, and it has a good interest rate, no (or small) annual fee, etc.
"Sub-Prime" is a category populated by Cross Country Bank, Capital One (they are also prime), First Premier and the like. High interest rates, low limits, high fees, sort of like the "last-chance" gas station at the edge of the desert.
patrecejames -- try MBNA
http://www.cardreport.com/
http://www.artofcredit.com
http://www.creditinfocenter.com
http://www.creditboards.com[ Edited by flacorps on Date 10/20/2004 ]