YOUR CREDIT CARD OUTLET

Does having too many Credit Cards is my credit score?

If you have a major credit card from your bank (Visa) and 5 other cards Store credit (three MasterCard, and two of them exclusively for the store), that lowers your credit score? (Assuming that all the cards always paid in full by the required date). I ask because it seems that more than 2 or 3 cards is not a good thing, but what if they are always paid in full ASAP?

This is how your FICO credit score is calculated: 35% is based on whether you pay your bills on time 30% is the amount of debt currently 15% have outstanding credit history is 10% is the type of credit you have (Credit Cards, loans, etc) -10% of new credit accounts opened a short period of time. Suze Orman says you can have 100 accounts in your credit report. As long as they are paid, not hurt your credit score with the exception of credit above 10% again. The only way those accounts will hurt your score if you open a once in a short period of time. I have seven counts of credit, plus a car loan and my credit score is 815. Do not worry about it. Continue paying in full-time and scored continue to grow.

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