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Credit cards can be handy to manage your finances, but is it a good idea to have more than one and will it damage your credit rating? There isn't a limit to the number of credit cards you can have. Credit cards can help you manage your finances in a number of ways and show lenders that you can handle credit.
- How many credit cards can you have at 1 time?
- Does having 2 credit cards hurt your credit?
- Is it OK to apply for multiple credit cards in one day?
- Is it OK to have more than 2 credit cards?
How many credit cards can you have at 1 time?
Technically, there's no limit to how many credit cards you can have. If you want to break the Guinness world record for the biggest assortment of valid cards, you'll need to collect a whopping 1,498. But the perfect number of cards for you will depend on your personal financial needs.
Does having 2 credit cards hurt your credit?
Therefore, every new credit card you open decreases the average length of your credit history. While new card accounts often lower your credit score about five points, it typically rebounds in a few months. However, if you frequently open new cards, the negative effect can add up.
Is it OK to apply for multiple credit cards in one day?
There's no limit to how many credit cards you can apply for in a day, but submitting multiple applications at once isn't necessarily a good idea. Applying for and opening several cards can result in hard inquiries and a lowered average age of accounts that can hurt your credit scores.
Is it OK to have more than 2 credit cards?
Bottom line: Is it good to have multiple credit cards? Being a multiple credit card holder is good as long as you keep track of payments due, avoid overspending and maintain a low credit utilization ratio.
