CREDIT CARDS 101: How Many Credit Cards Should I Have? скачать в хорошем качестве

CREDIT CARDS 101: How Many Credit Cards Should I Have?

Are you wondering how many credit cards you should have to build your credit? Here’s the answer! Click “Show More” to see Ad Disclosure. 💳👉VIEW CREDIT CARD OFFERS! https://markscreditcards.com/offers 🛍 RAKUTEN - Earn Cash Back! http://markscreditcards.com/rakuten ‼️ GET FREE STOCKS FROM WEBULL when you open an account & deposit $100: http://markscreditcards.com/webull 🎬 VIDEO: When To Pay Credit Card Bill To Increase Credit Score:    • CREDIT CARDS 101: When To Pay Credit Card ...   DISCLAIMER… The following information is simply my general recommendation and should not be taken as financial advice of what you must or must not do. ANSWER #1: THE SIMPLE ANSWER (Build Your Credit Score only) 1. You don’t ‘need’ a credit card to build credit. Other loans that appear on your credit report will work just fine, including: personal loans, auto loans, student loans, mortgage, etc. 2. If you want a credit card, get one. You can build a strong credit score with a single card. 3. Buy what you’d normally buy & pay your bill on time. Pay your entire statement balance on/before the due date each month. This avoids interest, too. My Answer... It doesn’t matter how many credit cards you have. You can build your credit score with or without credit cards. You can get 1 card, or you can get multiple cards. Most important = HOW you use your financial products. ANSWER #2: THE ADVANCED ANSWER (Build Your Credit Score | Maximize Your Credit Score) First, you’ll need to understand the 5 major credit factors that make up your credit score. An easy way to remember this = PHURLEMINA PH = Payment History | 35% of your credit score What To Do: Make on-time payments on/before your statement due date. How Many Cards: 1 card or multiple cards is fine. UR = Utilization Ratio | 30% of your credit score What To Do: Use 1% - 29% of your total credit limit by the statement close date on each card & across all cards. Use under 10% to achieve top scores. If using more than that: (a) Make an early payment several days before the statement close date to get utilization to ideal range. (b) Wait for your statement, then pay remainder of balance on/before due date. How Many Cards: 1 card w/ large limit … or 2-3+ cards w/ lower limits. LE = Length of Credit History | 15% of your credit score What To Do: Keep cards open long term & in good standing. How Many Cards: 1 card or multiple cards. MI = Mix of Accounts | 10% of your credit score What To Do: Use multiple types of loan products responsibly. How Many Cards: Likely 2+ cards. NA = New Accounts | 10% of your credit score What To Do: Avoid opening new cards frequently, esp. in a short timeframe. How Many Cards: Open 0 to 4 cards per year; space out applications. My Answer… 2-3 credit cards on average ANSWER #3: THE FUN ANSWER The IDEAL # of credit cards for YOU will… 1. Give you enough total credit that your monthly expenses will use up less than 30%. 2. Offer strong rewards in your biggest spend categories each month (3% cash back / 3X points … or better). 3. Be easy to manage so you don’t forget payments or get overwhelmed. For most people, that’s likely 2-4 credit cards. My answer… As many as you like! (Again, for most people that’s likely 2-4 cards). Q&A Q: Can having a lot of cards hurt my credit score? A: No. ‘Having’ cards doesn’t hurt your score. How you use them might. However, if used properly, having a variety of cards could increase your credit score because: (a) You will have more total credit, which will lower your utilization and boost your score, (b) You will end up with multiple cards that have been open for many years, which will increase your average length of credit history and boost your score, (c) You will build positive, robust payment history and boost your score. Q: Can applying for a lot of cards hurt my score? A: Yes, though the effect will be temporary. Most credit card applications will result in an inquiry on your credit report and will likely result in a drop in your score. The effect of an inquiry decreases over time & falls off your report completely after 2 years. If you get approved, those new accounts will lower your average length of credit history and also temporarily decrease your score. In general, the best practice is to avoid applying for a lot of cards in a short timeframe. Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor. #creditcards #creditcards101 #creditcardsforbeginners