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In reply to the discussion: How many credit cards do you have? [View all]Jedi Guy
(3,290 posts)5. I work in finance, at least for the next 5 days until my new job on the 12th.
I've never heard that five credit cards is optimal. I was taught that what's much more important is your DTI (debt to income ratio) and your credit utilization (balance vs. limit). For the latter, you want to carry a balance that's roughly 30% of your limit or less. More than that and it may actually lower your score even if you're making payments on time.
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Fair point, but the Nigerian bank I'm in touch with says not to reveal it...
brooklynite
Jul 2021
#3
I've lost track, but only one has a balance and that's paid off in full every month. Most are
Vinca
Jul 2021
#7
Thanks. I appreciate the information. Never thought I'd be penalized by the credit reporting
Vinca
Jul 2021
#34