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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Credit Score Question
I know nothing about credit scores, so I apologize if these are dumb questions. If a person has several credit cards that they don't use, is it better for the credit score to keep the cards open and not use them or to close them?
Also, how bad is it to have a lot of credit cards, but to never make a late payment or carry any debt? Is a person's score lower simply by having a lot of cards? TIA.
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Posted 2/9/07 5:43 PM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Credit Score Question
no i think its actually better for your score to have alot of credit with no balances. i've been told not to close accounts, just keep them open and dont use them.
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| Posted 2/9/07 5:48 PM |
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Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
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Re: Credit Score Question
I am a credit analyst so I have a pretty good idea about reading credit reports. Having a lot of cards open generally does not lower your score especially if you do not have a balance. Having a history with credit cards actually reflects positively on your credit report. In general though I would suggest only having about 5 cards-One MC, one Visa, one amex or discover and then maybe 1 or 2 stores. If you have new cards that you are not using and have no intentions of using I would suggest cancelling them.
I guess my question to you would be, how many is a lot?
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| Posted 2/9/07 5:51 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Credit Score Question
Posted by Kierasmom
I am a credit analyst so I have a pretty good idea about reading credit reports. Having a lot of cards open generally does not lower your score especially if you do not have a balance. Having a history with credit cards actually reflects positively on your credit report. In general though I would suggest only having about 5 cards-One MC, one Visa, one amex or discover and then maybe 1 or 2 stores. If you have new cards that you are not using and have no intentions of using I would suggest cancelling them.
I guess my question to you would be, how many is a lot?
this is my understanding as well. I have one too many store cards right now since I just applied for some 0% offers but my credit is good right now so I'm not concerned.
I have one MC that I don't use, one Visa not used and an Amex that's used a lot.
I do have one visa that I'm paying down and will be done with in a few months.
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| Posted 2/9/07 6:05 PM |
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MrsS2005
Mom of 3
Member since 11/05 13118 total posts
Name:
B
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Re: Credit Score Question
Thank you. 
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| Posted 2/10/07 11:25 AM |
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Arieschick29
aries+cancer= pisces&gemini
Member since 3/06 4268 total posts
Name:
Jen
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Re: Credit Score Question
When I checked mine back before my wedding , I saw my credit report had some credit cards listed on there that I never applied for.
Im assuming this is B_A_D but I dont know how to handle this.
Also, can I get a 2nd free credit report?
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| Posted 2/10/07 3:03 PM |
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Kierasmom
I love my kids
Member since 5/05 2885 total posts
Name:
Jenn
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Re: Credit Score Question
If you had cards listed on your credit report that you never applied for you need to contact the three major credit reporting agencies ASAP. Equifax, Transunion and Experian. You should also contact those card companies and let them know. You can have an alert tagged on your credit report to let agencies know that you are a victim of identity theft so that no new credit will be extended without additional info being verified.
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| Posted 2/12/07 10:36 PM |
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