Is it better to have 2/3 credit cards rather than just one?

Question

I have been using my only credit card for a year now but recently heard that having more credit cards and responsible use of them show more creditworthiness. How true is that? I don't really need more credit card for my expenses but if getting one more will help my credit then surely I'll apply for one.

Answer 1

I'm from the old school where 2 credits are enough. Of course, I'm 64 and had both Visa cards for over 30 years. Most restaurants, dept stores,hotels accept the card so why have more than 2 cards? Most people go crazy when they use the card, you need control your spending. If It's until $10 or when we get gas, we always pay cash. If it's something big we want to buy, we always sleep on it before we do it and in most cases, we talked ourselves out of it.

Answer 2

Yes, it's better.  It all depends on the circumstances.  Some places accept both and some places accept one or the other.  More credit cards also increase the amount of your total credit limit available to you.

Answer 3

Yes it is true. You can open a new one and stop using the one you usually use, just keep it in a lock box at home. You do not need to use all of them... just have open credit. I have 8 credit cards at home..I open a new 0% card every year.. others say that is bad for your credit, but last I checked (a few months ago) I had a 792.. that doesn't sound bad to me.

Answer 4

It's true if you're paying them off in full  each month then your credit score will improve more than just one.  But it's really not that necessary if you have a high limit on the one card.

2-3 is the max most people should have though:

http://www.buildcreditblog.com/credit-ca...

Answer 5

Wow !!! I agree with Spifiman, he said it all in a nutshell.  Types of credit, being responsible, and paying on time, longevity of credit history, and other criteria is needed for good credit.

Answer 6

That is correct.

To have the very best credit score and profile people need 3 credit card accounts (revolving) with balances below 30% of their credit limits and 2 cars, boats, homes, computers, furniture or personal accounts (installment) all with good long pay history's.

The reason is credit scores are based on the following;

1. Pay history  35%

2. Time in bureau  15%

3. Types of credit  10%

4. New credit  10%

5. Debt to credit ratio  30%

The reality is it makes no difference if you have 3 or 14 credit cards what matters is how you manage them.