Boosting credit rate by acquiring credit cards
By wigzues
@wigzues (2)
United States
May 19, 2008 5:49am CST
Do you know that far above paying bills on-time, that having several credit cards boosts your credit rating more than anything?It is true, the more credit cards you have the higher your credit score will be. Just don't max out your cards or go over 75% of the limit.
http://www.creditcardsprompt.com
1 response
@melissacody (88)
• United States
19 May 08
This is complete crap! lol Having more credit cards hurts your debt to income ratio. Even with Zero balance on those cards banks look at the fact that the potential to spend that total debt is imminent.
@melissacody (88)
• United States
19 May 08
PS.. you want to keep your balance on your credit cards to $35 % or lower of your total limit on each card
@wigzues (2)
• United States
19 May 08
The credit reporting agencies base the rating on available credit. Having cards allows you to have that credit available, but you don't want it to look like you need to use it.
I disagree that having more card hurts you. We are talking about credit score, the higher it is the less rates you will be offered on other loans.
