One Credit Card or Many?
Should You Have More Than One Credit Card?
Many people debate over the fact whether or not they should have more than one credit card. Some people believe that having more than one credit card increases your buying power while others believe that having too many credit cards can actually have a negative effect on your credit. So who’s right? Should you only use one credit card or should you use many?
Compromise Is the Key
Both groups are both right and wrong. Having too many credit cards can definitely have a negative impact on your credit report, but only having one credit card can also have a negative effect on your credit rating.
If you have too many credit cards, lenders are going to view you as a higher risk. However, if you only have one credit card your credit report is never going to show you carrying a zero balance even if you pay your credit card off each and every month.
The best way to approach how many credit cards you should have is to use moderation. Remember, it’s okay to have more than one credit card, but having one credit card too many is something you should definitely avoid.