How Many Credit Cards Can I Get before my Credit Score is Affected?
You have or want one or more credit cards and you know having one can help your credit score if used wisely. However, you also know that credit scoring is adversely affected by having too many cards. So where does one stop and how do you find your credit score?
A free credit report will show you every creditor you’ve had within the past several years, including current ones, but a free credit report is not the same as a free credit score. A free credit score is a little more difficult to come by and you’ll need to talk to a specific lender, because each one scores you differently. Therefore, your credit score from the furniture store is likely to be different than your credit score from a bank or credit card company. However, if you request it as part of your potential credit application with a lender, that lender is sometimes willing to provide your free credit score.
What if you find out your credit is not so good? How can you rebuild your credit score? Well, there are credit cards for people with bad credit. These typically have lower credit limits and higher fees, because when you apply for credit cards for people with bad credit you can only select from lenders catering to that category of borrower.
If you use credit cards for people with bad credit and pay faithfully on time, be sure to call and see if you can re-negotiate the fees and interest rate after a year or so. If you’ve improved your credit score, you should be rewarded for that.
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June 16th, 2010 at 8:01 pm
Yo I appreciate the above post. It is very refreshing.