How many credit cards can you have before it hurts your credit?

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asked Jan 6, 2020 in Credit by dgeastgoast (200 points)
How many credit cards can you have before it hurts your credit?

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answered Jan 7, 2020 by Carrie123 (14,510 points)
You could have as many credit cards as you want to have or you can afford to pay for and it won't hurt your credit.

However taking out too many credit cards or applying for to many credit cards in a short time could harm your credit because every time you apply for a credit card or even a loan they put a hard inquiry on your credit report which lowers your credit score temporarily.

It's recommended to not apply for anymore than 2 credit cards at one time and then once you have those credit cards and have built up credit using them then you can apply for other credit cards if you can afford to pay off those credit cards.

But if you cannot pay off those credit cards then having multiple credit cards could hurt your credit.

Also closing a credit card with a high limit could put a ding on your credit score as well so if you need to close credit cards close the ones with the lower limit instead of the high limit credit cards.

Having two credit cards will help build your credit score up.

That is as long as you use the two credit cards responsibly and pay the credit card balance you owe off on time.

If you don't pay the credit card balance off or miss credit card payments then the two credit cards could harm your credit.

But having two credit cards open and using them responsibly and making the on time payments or paying off the balances in full on the credit cards can help boost your credit score.

The longer you have those credit cards open and the more payments you make on those credit cards helps to build an age of credit and credit history which is a good thing to show that you're a responsible credit card user.

That helps you get loans and other credit as you keep your credit score built up.

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