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How Many Credit Cards Should You Have?

How Many Credit Cards Should You Have?

One of the biggest factors in determining your credit score is the number of credit cards you have. Having the right number of credit cards will determine what your score is going to look like. You should have at least three to five revolving credit cards accounts. This will let credit-scoring bureaus know about your payment history and if you pay your bills on time and in full. If credit bureaus don't see sufficient evidence of how you manage your bills or spending habits, they will lower your credit score.

But on the other hand if you have too many credit cards, the bureaus will look at that and worry that you are overextending your credit and potentially be hurtful for you in a financial stand point, because it could lead to digging yourself in a big hole of debt. The credit bureaus will respond to this potential threat by lowering your score as well.

Ideally three to five credit cards gives the bureau enough information to determine and evaluate your credit card payment history. Also it tells the bureaus that you are careful about applying for new credit cards.

If you have more than five, you do not need to close the extra accounts. This will not help your score, instead stop opening new accounts and properly keep the credit card balance positive. Bureaus will see that you are being a good steward with your accounts and will ultimately help your score in a long run.

At Atlantis Law we have great Attorneys that can answer any of your questions concerning credit restoration. Please don't hesitate to contact us with any of concerns and surely we will help you in every possible way.

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