Is it best to only have major credit cards?

Question

I have a Visa and a Mastercard. I also have 3 other department store credit cards. Should I close the store cards since I can use the MC or Visa anywhere if need be?

Answer 1

if you have zero balances on the store credit cards.. DO NOT CLOSE IT. leave it open but do not use them. This will help your credit score stay at a high level. The more available credit you have, the better your credit rating looks.  

Answer 2

It is best to only have one, maybe two, credit cards.  Simply because they lead to DEBT and it is always best to stay out of debt - particularly credit card debt.  Make sure you pay the balances off monthly - and a major card - with the widest acceptance is best - so you don't get stuck in an emergency.  Good luck.

Answer 3

Get rid of the store cards and just keep 1 or 2 for other purposes.  Pay off the balance every month to keep your credit score up, if you can't pay cash then you can't afford to charge it!   Read Dave Ramsey's Total Money Makeover.

Answer 4

In my opinion, I would check the interest rates for each credit card, what the bonuses are for having the store credit cards and consider the hassle of organizing each of the bills i.e. paying montly minimums etc.

The good thing about having a few different card is if you keep all your credit cards up to date, something like that can build your credit rating quickly.

On the flip side, if anything happened that prevented you from keeping your credit cards up to date, something like that could ruin your credit rating very quickly.

I'd weight out the pros and cons (so to speak) and what is most beneficial to your financial situation - current and future.

Answer 5

the more credit card you have, the more you will use them. close the store cards they are of no use and there interest is probably higher. you should try to get credit cards that give you a percentage back city card gives 1 percent back on  purchases.  two cards are sufficient.