e3geek

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.

Bob

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.

Pulaski

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.

Hotscot

Did you ask your company about your public holidays?

RICH

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...

Jscl

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.

HannahJ38

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.

Michael

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.

e3geek

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

Hotscot

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

hungryhorace

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

Hotscot

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

sir_eccles

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

hungryhorace

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.

Orangepants

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