If you can afford to have more than one credit card, it can benefit your credit. Bankrate says that contrary to popular belief, lenders do not assume that people with multiple lines of credit are more likely to have debt. Having older, established cards on your account that you pay off frequently will benefit your score.
Applying for multiple cards in a short amount of time will affect your credit report negatively. Opening multiple accounts at once will make it seem like you are in financial trouble and need credit immediately. MSN Money expert Liz Pulliam Weston recommends starting with one credit card and applying for others later.
Any number of credit cards, if kept in good standing, can positively affect your credit score. Only carry the number of cards that you can afford to pay off. Bank of America recommends paying your balance on time each month and never carrying a balance of more than 50 percent of the card's limit to keep your credit in great shape.
I must appreciate you for this post and also for help removing such a misconception that having so many credit cards at a time hurts your credit score, which is undoubtedly a popular belief and in fact just a misconception that people are weighing on their shoulders since long. Yes, just having so many credit cards at the same time doesn’t mean that you are having too many debts. You, might be a wise purchaser and pay your balances on time. However, if you open so many credit accounts at the same time, it may hurt your credit as such an action reveals that you are in trouble and seeking help to recover your financial turmoil!!!
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