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How Many Credit Cards Should I Own?

How Many Credit Cards Should I Own?

The importance of maintaining a good credit score is old news. As you likely know, the higher your score, the more attractive you will be to potential lenders, making larger loans and the best interest rates more accessible. Hopefully, you’re working hard at keeping that score high by using your cards and paying your bills on time. You may be wondering, though, if more is better. Should you open a few more and get more available credit? Or, are too many cards a liability to your score? Read on for the answers to all your questions. How your credit score works Before we answer the number of cards question, let’s explore the way FICO and other credit scoring agencies, like VantageScore, calculate that all-important credit score. Here are the major components of your credit score:...

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