is it bad to apply for to many credit cards. I already have a few cc cards…

Credit and mortgage advice Forums Consumer Credit Credit Cards is it bad to apply for to many credit cards. I already have a few cc cards…

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    • #210354
      Anonymous
      Inactive

      …but got a gr8 offer to open anothe Will it kill my credit rating to have to many open credit cards. I only use 2 or 3 cards and always pay it off but is it bad to open up new ones when they ginve great incentives to. American express offered 300.oo to open aother credit card.
      if the score gets lowered a little does it go back up after some time has passed?
      I’m sure everybody gets good incentives to open up another-this offer is a $300.00 credit to open it.



    • #281414
      Anonymous
      Inactive

      Why do you need another card? You should have one or two for emergencies. You should pay them in full as soon as you get the bill.

      You don’t need 4 credit cards.

    • #283227
      Anonymous
      Inactive

      Yes, too many cards can hurt your rating. One factor considered in scoring is how much open credit you have available considering your income and employment history.

      What is with the $300 incentive to open an account? Or is it an initial $300 credit limit? From AmEx? Read the fine print. American Express does not give away that kind of money.

    • #284530
      Anonymous
      Inactive

      The more credit cards you have the better. When you have a lot of cards, all of them increase the credit limits and all the other card companies start sending more, where as to the point that a credit score means nothing, because the credit limits goes up and then it’s offers to transfer from one credit card to another and get a low interest rate. This can fix credit issues that was on the report, that’s you need a lower interest rate and are more likely to accept your new 101 card. It gets so good that you get offers from the places you use them, hotels, Disney Land, American Airlines etc……………

    • #284798
      Anonymous
      Inactive

      so long as you pay on time its fine.its only bad if you apply and get turned down

    • #285661
      Anonymous
      Inactive

      you do not want to many credit card accounts. this will hurt your chance of obtaining car/student loans and mortgages.(depending on your income vs. debt) if you have c.c. accounts open now and a.e. is only offering you 300.00 then i would not open a new account. the mistake you are making is that you always pay off your cards. you need to maintain a 20%-30% balance on all you open accounts if your balance gets up to 50% then immed. pay off your card to 20%-30%. this way you will see your score rise. paying the interest is the price for a good score.

    • #325430
      Anonymous
      Inactive

      I think this may apply to your question as well ..

      I have a large above ground swimming pool (vinyl) in my back yard.. It is considered to be ‘uninsurable’ because it is not a ‘permanent’ structure by the definition of the insurance company..
      If it was made of a durable material (like cement.. and was surface level) it would be insurable.
      If it can be easily assembled and disassembled.. it is not permanent, and therefore uninsurable.
      So, without knowing a definite answer to your question, I will say it has more to do with how it the object is constructed rather than what it actually is.

    • #291562
      Anonymous
      Inactive

      Yes, it is called “utilization” and “capacity”. Utilization is the percentage of balance to high credit ratios. Example you owe $500 on a credit card with $1000 credit limit is 50%. 50% is good, 75% is not so good. Capacity is the amount of available credit open but not used. The more you have available, the higher risk you are.The inquiries will eventually have less of a impact to your score, each time a account opens the score goes down during the”too new to rate” period, typically 90days. The below website is a good source of information about building a better credit file. The Federal Trade Commission. Hope it helps

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