Real Estate Community Forum

I have several credit cards and sometimes I pay more then the min payment. However, I'm getting concerned because I currently have seven credit cards and I want to know if this will affect my credit score? The balance on these cards range from $1,000 to $5,000 dollars and all payments have been sent on time with no late payment fees. I realize that having too many cards affects your credit score, but is seven too many? What does everyone think?

I think you should have no more than two credit cards, maybe a Mastercard and a Visa, but use only them use for emergency and not for convenience. I always pay the full balance each month. There was a time when I had three credit cards and it was almost impossible to pay off the balances. You don't want to get into that situation. It's way too stressful.

If you are looking for a good credit card, make sure to get one that gives you some kind of reward, cash back, air miles, etc. My feeling is if your going to have a credit card, get one that offers some type of benefits.

One credit card is really all you need. If you have more than one, then chances are your spending more then you need. If you do have several credit cards, I would consider consolidating the balances on to one credit card that has the lowest interest rate. This will help you pay off your balance faster, you'll save money, and it'll be easier to pay just one credit card per month rather than 4 or 5 credit cards. Sometimes it's hard to keep track of so many cards and mistakes can be made, such as forgetting to pay a credit card on time. I have only one credit card and it's the best thing.