Getting multiple credit cards
 

Guys, I have received a credit card from one of the credit unions. The other two applications are still open and continuing. Is it a good idea to have multiple credit cards? How many credit cards are good for your credit score or should I stop at just one? The other two credit providers don't have my SSN yet so they haven't made any inquiries into my credit score.

Re: Getting multiple credit cards
 

A few aren't bad. Depends on the limits and what you do with them.

Score is easy to get though, but you've been told about that, numerous times and it's irrelevant till you've got any history.

Re: Getting multiple credit cards
 

My personal thought is that you should be glad that you have one and stick at that for 4-6 months. It is possible the others could be approved if you pursued them, but then if you need credit for, say, furniture or appliances in a few months you would be more likely to be rejected. Keep your powder dry for now. :nod:

Re: Getting multiple credit cards
 

Did you ask your company about your public holidays?

Re: Getting multiple credit cards
 

I had 2 different offers of credit cards from Chase bank in the mail TODAY. I don't think it is a good idea to have more credit than you can afford, but on the other hand, if you have debt, and can get more credit, your ratio improves...

Re: Getting multiple credit cards
 

I had just one credit card until recently, but it is such a pain when there is some fraud scare (such as the recent one at Target) and the bank has to cancel it and issue a new one... then of course you have to change all your numbers on everything you buy online, automatic payments etc. plus you don't have one to use until you get a replacement. So as of the last year I have one card for online, one for offline, and we use one debit card for our usual grocery store, and my husband has one for his grocery/cash back needs which gets used in about three different stores.

So four different credit card numbers now and it's a lot easier if one has to be cancelled out. (Just be wary where you use a debit card, because of the added risk to you if there is fraud on that account; stick to a credit card for most things.)

p.s. obviously having a credit card doesn't mean you should use all the credit on it, or any of it, just use for convenience if you're able.

Re: Getting multiple credit cards
 

I wouldn't go overboard on credit cards, It's fine to have more than one, and it is good for credit score, as long as you can pay all the fees, but I would stick to one, if you are going to use the credit card, use it for one or two big purchases, such as booking a holiday but use debit cards for smaller purchases.

Re: Getting multiple credit cards
 

If you pay you credit in full monthly, there is nothing wrong with having several credit cards. Part of your credit score is the credit card debt to the maximum credit available ratio. The lower the better.

If you have multiple credit cards and pay them off monthly, more credit history will be indicated.

Whenever you apply for a loan, pay off your credit cards fully and don't use them for another month prior to applying for the loan since normally a snapshot of your current credit card balance with be used to determine the ratio.

Re: Getting multiple credit cards
 

I am just doing it for the ratio. No intention to actually use all that credit.

Re: Getting multiple credit cards
 

You were asking about Public Holidays on another post...did you ask your company about it?

Re: Getting multiple credit cards
 

What is the advantage to using a debit card for *any* purchase (apart from to avoid potential transaction fees)? I see none.

Re: Getting multiple credit cards
 

Here in CA some petrol stations don't take credit cards at the pump.

Re: Getting multiple credit cards
 

Cashback when checking out at the supermarket so you avoid ATM fees?

Re: Getting multiple credit cards
 

Yep, I'll grant you that one. Though, by using the debit card you're probably losing out on the credit card rewards of course.

Re: Getting multiple credit cards
 

I agree - I put everything through my airmiles credit cards and pay them off in full.

Re: Getting multiple credit cards
 

It is possible that debit cards have rewards too.

Though for me, everything goes on my credit cards for the miles.

Re: Getting multiple credit cards
 

I use my United Rewards CC 99% of the time, paying it off every month.

Haven't paid for an international flight in 5 years:)

Re: Getting multiple credit cards
 

The only time I use my debit card for purchases is buying liquor at Specs who give a 5% discount for cash.

Re: Getting multiple credit cards
 

Most credit cards provide 100% cover against scammers, whereas debit cards don't. That's a big advantage in these Target times.

Re: Getting multiple credit cards
 

I like to have at least 2 credit cards for when one gets stolen or compromised. That has happened to us 3 times in the last 4 years, always while we are on a long trip. Never physically stolen, but the last time it happened the card was cloned. We had hold of our cards, and had been on holiday in Europe for 3 months, all sorts of charges at walk in stores such as Target and Gas stations started appearing in New York City.

Re: Getting multiple credit cards
 

Discover Card gives cash back at supermarkets with no fees/no interest if you pay the balance in full monthly. You don't get rewards for the cash back but you do for everything else in that purchase.

If I use my Discover Card, a screen appears asking for the amount desired but if I use any of the other credit cards, that screen doesn't appear.

Re: Getting multiple credit cards
 

Miles-earning debit card for transactions that can't be undertaken with a credit card. One of my personal favourites.

Re: Getting multiple credit cards
 

So what do you need cash for? :confused: I think I survive on less than $20 cash a month.

Re: Getting multiple credit cards
 

The amount of cash I use is from recycled bottles and cans.

Re: Getting multiple credit cards
 

:goodpost: $5 for a take out lunch at the office that someone put on their card this week. The tenner I pulled out of my wallet had been there at least a month.

Re: Getting multiple credit cards
 

If I get cash I get from the scrap yard I take it and deposit in the bank! :lol: .... Usually the scrap yard gives me a check.

Re: Getting multiple credit cards
 

It generally goes in my cookie tin, saving for a new amp.

Re: Getting multiple credit cards
 

Pain in the arse at some petrol pumps when you're out of state.

Same for debit cards actually for that matter....seem to work when you go inside to pay though.

Happened at a few places on our summer road trip, including Chicago.

Re: Getting multiple credit cards
 

Yes, me too. Though I always get scornful looks from the wife when I don't have a dollar to tip the complimentary valet which is becoming more and more ubiquitous here in Phoenix and harder to avoid.

Re: Getting multiple credit cards
 

That's ironic (or understandable), as when my debit card got cloned a couple of years ago, it was 3 gas station transactions outside Florida, that triggered the bank to notify me of suspicious activity, and cancel the card.

Also in the local news just today, a local Hess station issued a warning as they found skimmers on (inside somehow) some of their pumps.