What is the most amnt of credit cards to have open w/o looking badly on credit score???

Question

If heard some people say the most is four but you should only have one cause it looks bad I guess cause the credit bureau sees that the more you have open the easier it it for you to get in debt or something.... so how many till they consider you haveing too many??

Answer 1

It's not the number of cards that hurts your scores, it's the ratios (and paying your bills on time, of course).  Don't max a card out- spread the debt out on 2 or 3 instead.  Ideally, you want higher credit lines with lower balances.  You actually want at least 3 open credit lines (although mortgages and auto loans are better than cards).  Go to the website listed (Fool.com).  It is an awesome site with really great information.

Answer 2

There is a number that would be considered too many credit cards but it would a lot more than 4 or even 20.  More important is how you manage the credit cards.  Payment history and the ratio of credit card debt to available limit (carrying balance of more than 30% hurts your score).

Most credit score advisors recomend 3 open revolving credit lines and 2 installment loans to get the best credit score.

Answer 3

You can have 20 and still have perfect credit. Department store cards do more damage than good so I would stick to Visa, Mastercard, Discover, and American Express. More important than how many you have is are you paying them like you should? Also, don't max them all out, that will hurt your rating if you have high balances on them. Another thing to consider is your debt to income ratio.