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In reply to the discussion: How many credit cards do you have? [View all]tritsofme
(17,467 posts)12. I don't believe the number of cards is all that important.
The most important factor is credit utilization, keeping this under 3% will lead to optimal credit scores. Even assuming you pay off credit cards each month, the balance is still reported, meaning depending on your monthly spend habit, you may require significant amounts of available credit.
The average age of accounts is also an important factor.
I regularly use five cards, that offer rewards for different categories of spend.
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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