Member of the Month

partyandBS
December, 2024

Online

Welcome to the Newschoolers forums! You may read the forums as a guest, however you must be a registered member to post. Register to become a member today!

Having three credit cards. Can it affect my credit score?

profile picture
FreeWilley
Posts: 464 - Karma: 134
I have excellent credit and i treat my current two credit cards as if they were debit cards (charge something on my credit card, and then pay it off instantly). I've never paid any interest due to the fact that I never let my balance roll over into the next month. Chase has a new offer that gives you a $200 bonus if you spend $500 in the first three months. Looking to sign up simply to get the bonus. So my question is, is it bad to have a bunch of different credit lines open? Does having multiple cards affect your credit score in any way? Like I said, I always pay my balance in full, just wondering if simply having a bunch of credit cards can affect your score negatively.
Nov 21 2013 9:25PM
5 4
profile picture
Bachto
Posts: 400 - Karma: 954
If you pay them all off like you have been doing it should't affect your credit score
Nov 21 2013 9:28PM
2 0
profile picture
coling
Posts: 1086 - Karma: -3
Dont know. I prefer debit
Nov 21 2013 9:28PM
0 4
profile picture
Charlie_Kelly
Posts: 11955 - Karma: 12,302
I have bill me later and a NTB credit card (for car). I thought I could handle it, now I'm late on the bill me later payment and was late on the NTB payment. That was in between jobs but it will still be lowering my credit score. Be careful.
Nov 21 2013 9:33PM
0 0
profile picture
deleted5
Posts: 14507 - Karma: 13,507
Didn't read the op post, but this. Why is it so hard to understand if you don't pay your bill, it will go down, if you do pay it, it will go up.
Nov 21 2013 9:34PM
2 0
profile picture
Ski_the_east01
Posts: 5203 - Karma: 2,306
That is insanely dumb for so many reasons...

OP - it will not affect your credit score negatively. You seem to be very on top of your debt through CC's so you'll be perfectly fine. Credit card companies HATE you because they are losing money on you, but you're doing the right thing.

I just opened up that same Chase card you mentioned about a year and a half ago for the cash back reward. It was a good choice they also do a significant 1,2,3% cash back on certain purchases which is nice
Nov 21 2013 9:36PM
0 0
profile picture
Ski_the_east01
Posts: 5203 - Karma: 2,306
Also, the best thing you can do with multiple CC's if you use all of them is to set up a minimum payment. This will automatically debit your bank account linked to the CC therefore you don't have to worry about missing a payment just because you forgot. It's a good backup plan
Nov 21 2013 9:38PM
0 0
profile picture
line686
Posts: 406 - Karma: 205
Stop posting. Sounds like you'll be fine though since you're good with your payments.
Nov 21 2013 9:41PM
0 0
profile picture
KrazyistKarl
Posts: 1725 - Karma: 599
it wont hurt to have multiple cards one bit. its a wise thing to do, especially if you travel or road trip a lot and a card gets canceled or demagnetized you have backups
Nov 21 2013 9:59PM
0 0
profile picture
motionmovement
Posts: 108 - Karma: 59
Unless you plan on applying for a loan in the next 6 -12 months, I wouldn't worry about it. It will have a small negative impact your credit score initially but by 6-12 months it will actually increase your credit score. Your credit score is helped by having a long credit history and paying your balances on time so if you take out the new card and have it for over a year and don't close it, it will help your credit score.
Nov 21 2013 11:22PM
0 0
profile picture
GiganticCircle
Posts: 82 - Karma: -337
More cards. More score. More debt.

Watch out for Experian they out shit on your report that never happended. Creditkarma.kom
Nov 21 2013 11:25PM
0 0
All times are Eastern (-5)