Comments on: Does Having Too Many Credit Cards Hurt Your Score?

By: Mike

Mike — Mon, 29 Sep 2008 23:33:44 +0000

I was told that in-store credit cards that I don’t use are bad to keep open. So I closed 3 of them in one day: Kays, Empire Carpet and SYMS Clothing (Kays I’ve had for 10 years). Based on your article above, how badly did I just screw up my credit. I’m currently a 740-750, how many points could this move cost me. I still have a couple Visa’s and a Mastercard, 2 lease payments and a mortgage so how much should I be concerned?

By: GENE RILEY

GENE RILEY — Mon, 22 Sep 2008 22:00:46 +0000

i get a paycheck bi-weekly. can i split my credit card bill payment in half and pay them bi-weekly and will this help me pay them off quicker ?

By: stacey

stacey — Sun, 31 Aug 2008 04:06:30 +0000

I am thinking of joining Identity Guard or something else to help monitor my accounts and to tell me what my score is. Is it worth it?

By: Jenna

Jenna — Sat, 30 Aug 2008 03:42:12 +0000

Robert,

Glad you liked it, thanks for the comment!

By: Robert Halliday

Robert Halliday — Thu, 28 Aug 2008 23:37:57 +0000

Interesting article I was looking for something like this. thanks Jenna

By: Michelle Steil

Michelle Steil — Sun, 10 Aug 2008 16:02:42 +0000

***Just FYI- the Advanta Busines Card that you suggest to use as the best balance transfer card for personal use, CANNOT be used for PERSONAL use. It says this in the terms and conditions portion of the card agreement. It also states in the terms of agreement that this card must be used for businesses only, NOT personal use. Therefore, you are recommending a card to people for personal use, which can’t be used in this manner. If you go to the card application and click on the terms of agreement and read, you will see this information. I know this because I tried to apply for this card for my own personal use. It is definitely a business card.***

By: Matt

Matt — Sat, 09 Aug 2008 17:32:47 +0000

I am 36 make 100K and have no credit cards or savings. I am married with 4 kids 9-15. I have a mortgage (30year fixed 6.125%)I owe about 79K, payment is $800, 2 new cars with $359 5% (26K balance 5 years left) + $589 0% (28K balance 4 years left). Boat payment $150 6% ($6500 balance with 6 years left)

My score is last I saw just under 700.

How many credit cards should I get to boost my credit score? Should I try to get credit cards with the highest limit? If I do not use the credit cards will they still increase my credit score.

I have always been against using money I did not have, but apparently this is not good for your credit score.

Quote from above
“If you give your accounts time to age, get your total debt to under 10 percent of your available credit”

Does this only refer to credit cards? If I open available line of credit at the bank but do not use it would this also boost my available credit? Do mortgage and auto/boat loan balances get considered as available credit? Or do the count as debt so it equals out? Should I open 2 credit cards, 1 or 3?

Please advise as to how I can boost my credit/FICO score?

By: Jenna

Jenna — Thu, 07 Aug 2008 21:37:33 +0000

Thanks for your question Autumn, we’ll answer it soon!

By: autumn

autumn — Tue, 05 Aug 2008 23:45:43 +0000

I used to have about 8 credit cards but I slowly cancelled them all. I refuse to open up a store credit card, no matter what the offer. So right now all I have is one credit card, my debit card and a carecredit card, which I hear mixed things about. I pay my bills on time, sometimes more than once a month. I was just wondering if having too few cards would hurt my score. In addition, I was wondering if the care credit card would hurt my score.
thanks