Is having a lot of credit cards, but only using them sparingly, bad for your credit?
Doug G asked:
I’ve opened a few credit cards lately, but don’t plan on using them, only for emergencies. Will just having 4 or 5 credit cars available for my use somehow hurt my credit score, or credit in general for future loans I might want?
Karl
I’ve opened a few credit cards lately, but don’t plan on using them, only for emergencies. Will just having 4 or 5 credit cars available for my use somehow hurt my credit score, or credit in general for future loans I might want?
Karl
Tags: Credit Loans, credit score, Emergencies
June 1st, 2009 at 2:56 am
Not that bad – but it will affect your score whether you are on time on paying. It could make your score low. So get a scissors and cut your cards in pieces – but – leave one or two that is your favorite to use. Lenders don’t like that people have so many open accouts, that is why they offer loan consolidation. meaning you put all your loans into one account only and you will be rewarded.