How many credit cards should you have?

Here’s a question I get asked all the time. How many credit cards should I have?

For some people, who can’t control their spending when they have a credit card, the answer is none. For others, having 10 cards is no problem. It all depends on your financial situation and what you do with those cards.

Adam Levin, chairman of credit.com, says for most people 3 or 4 cards should be plenty.

“You may want to have a rewards card,” he said. “You may want to have a low-interest rate card that you use for emergencies or major purchases. You may want to have a card that you use for business-related purposes.”

Levin says if you keep the balances low, pay your bills on time, and don’t get in over your head, having more than one card can actually boost your credit score.

“Available credit is a positive thing if you use it responsibly. It can be a destructive thing if you become irresponsible,” he said.

Remember, one factor that determines your credit score is the percentage of the available credit you use. The lower that ratio is the better.

More Info:
How many credit cards is too many?

Article source: http://www.kcby.com/news/consumertips/129650563.html

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