Is it better for your credit rating to have, 3 credit cards, or just one?

Here's Your answer ..... As it turns out, I have three. Last year, I finally got suckered into getting a Free Credit Report through one of cards I use. It showed me the value of having 3 and not one, because Your credit is based on how well You manage more than one.

With only one, card companies can’t get a read on You. On the other hand, if You’re not interested in credit and have tons of money, so You rarely use cards, then one will be OK, because You won’t need credit any way. It’s just a convenience for You.

I was always told that ’if’ I paid off My bills each month I would have an excellent credit rating. Well, mine was nice and high, so I guess I am doing fine. Two things I might mention that I’ve learned from talking to others with credit cards over the years, is that it’s not a good idea to have tons of cards (or more than 6).

Otherwise, card companies will see You as a potential big risk. The other thing, if You do have BIG money and don’t have a credit line somewhere, banks see You as a risk and won’t loan You money. At least thats what an old friend told me.So, as I see it, three is enough.

Of course, You do realize that there is no such thing as ’Credit’ anyway, don’t You? It’s just a ’hype’ word someone made up. You can’t bank credit.

It’s not tangible. Sources: Personal experience..

3 cards are okay. Credit companies look at the number of cards in your name & imagine them maxed out & your ability to repay say a car/home loan & the maxed out cards at the same time. There are good reasons for having more than one card, but I don't know where the companies become concerned.

The maximum limit of credit available on the card will attract more attention as will the total balance you are carrrying.

It's not so much the amount of cards..........but rather your payment history. If you're historically late in payments, it doesn't matter whether you have 2 or 20 cards, you're perceived as a risk. The same can be said if you have an open line of credit or revolving credit, that's looked at as a liability even if you have a zero balance.It's always a good idea to get a copy of your credit report every 3 or 4 months.

They're free if you only get one a year from each of the three major credit reporting companies.

ONE! Having a single credit card that you pay off regularly is much better than three. Not only will your credit score improve, but some car insurance companies will charge more if you have more credit cards.

I'm thankful that my father taught me that when I got my first credit card (I only have one that can be used everywhere; I also have a credit card that can only be used at one store), because this means that I have a high credit score (by the time I was 19, my credit score was 716! ) and my car insurance will be cheaper when I go buy a car. Sources: My father .

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