Ask Terry Questions too many credit cards?

too many credit cards?

By Terry Savage on January 17, 2024 | Credit/Debt

what problems might arise if you open cred cards just to accumulate points? is there an amount of credit cards you can have and does opening too many affect your credit score. thank you

Terry Says

Yes, having too many credit cards with too much unused but available credit could result in a drop in your credit score. But a lot depends on how you utilize these cards. Your credit utilization counts for 30% of your credit score, and a ratio higher than 30% will hurt your score.
And, having a lot of cards can tempt you to overspend. So it’s a delicate balance between “too many” cards — and the total amount of available credit.

PS Remember that most card issuers want you to actually USE the cards, so that’s where the real deals are!



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