Joined: 16 Jan 2017
Credit cards and FICO scores, how much is too much?
I have just recently fixed my credit from when I was younger. I have one credit card as of now. I'll buy something and then pay it off completely when I get my first bill. My score is starting to rise. I wanted to get a couple more cards and continue to do the same thing but I have heard that too much credit could be a bad thing and negatively affect your credit. It doesn't make sense to me, but none the less, I wanted to look into it and get some advice on the subject. Thank you for any response.
Mon Jan 16, 2017 7:49 pm
oldguy Senior Member
Cash: $ 717.80
Joined: 21 May 2006
quote: I wanted to get a couple more cards and continue to do the same thing but I have heard that too much credit could be a bad thing and negatively affect your credit.
Yeah, I don't think that a stack of cards does much for your credit-score, we just have one card that we use. (I use a visa cc for everything, almost never pay with cash - it's convenient, I don't have to carry change. ) My score stays around 820 - I don't do anything in particular to keep it high. Actually, I have never borrowed from them, I pay the bill monthly.
Tue Jan 17, 2017 2:42 am
GardenCat Full Member
Cash: $ 11.60
Joined: 07 Dec 2014
Agree with OldGuy - you don't need a pile of credit cards to maintain good credit score. Mostly you need to be smart about how you use your money and pay your bills on time always.
One thing that influences your credit score, but not necessarily your availability to access money or loans, is how much of your available credit you use on a regular basis. It is recommended that you utilize only 30% or less of whatever credit limit(s) that you have...
If you can qualify for additional credit card you will have more available credit access, and you will be utilizing less % of that available credit. BUT you Must maintain wise use of your credit, ie don't go on a spending binge just because you can.
Best use of cc's is to use them as needed and pay off the entire amount charged each and every month. If you don't have the money or cash flow to buy something don't put it on your credit card - save up until you can pay for it at the end of any month.
Sounds like you are on the right track. Good Luck!
Tue Jan 17, 2017 4:41 pm
Cash: $ 381.25
Joined: 09 Feb 2009
My wife and I have credit scores over 800 and only use 1 credit card with a 11k credit limit. The FICO score largest factors are the following.
1. 35% is based off of your payment history. Make sure you never miss a payment.
2. 20% is based off your credit use percentage. Try to use no more then 15% of your credit limit. 5% is better, but using it for something and paying it off every month is the best.
3. Credit History is around 15% of your score.
So just pay your bills on time and use one credit card and pay it off each month and you're going to see a rise in your score.
Risk comes from not knowing what you're doing. (Warren Buffet)
Tue Jan 17, 2017 9:50 pm
Roger Contributing Member
Cash: $ 0.45
Joined: 26 Aug 2014
I only use the credit card from worldcore and it never disappoints me and I have no complaint with it. It is easy and very smooth to use.