How Having Multiple Credit Cards Hurts your Credit Score

What makes a good credit card?

Interest rate. A low interest rate is only one aspect of certain credit cards.

What Makes a Good Credit Card?

  • Length of Credit History – 15%
  • New Credit Applications – 10%
    When applying for any type of credit, lenders use your credit rating to determine if you get approved for credit, how quickly you get approved, your credit limit, and the interest rate that will be applied to the money that you borrow.But How Does Having Multiple Credit Cards Hurt My Rating?Multiple credit cards can hurt your credit rating if your balance exceeds 30% of your available limit on one or more of your credit cards. When credit bureaus calculate your credit score, one of the key figures that they look at is your balance-to-credit-limit ratio. For example, let’s say that you have $8300 in credit card debt spread out over 5 different credit cards with an average credit limit of $2500 on each card.


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