How Too Many Credit Cards Could Hurt Your Personal Finances

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How Can Credit Cards Hurt You

When you apply for a new credit card, you are opening a new account which will be recorded in your credit report. Having a solid payment history from a variety of credit accounts is the key to building a good perfect credit score. All credit cards have a credit limit, the limit on how much you can spend on the card.

Maxing out your credit limit can cause your credit score to drop. Even if you pay off your balance, your credit card company will still report a high balance on the credit report. The high balance record is not good when creditor look at your credit report. As a rule of thumb, you should always keep the credit utilization of the card to 30%.

You should always try to pay more towards your credit card balance. If you can, you should pay it off in full. The more payment you make to your credit card balance, the faster it can boost your credit score. Making payment on time is a crucial factor that affects your credit score. Late payment can result in the dropping of your credit score.

You are to keep in mind that the credit card company will not report the late payment until it is 30 days past the due date. Usually, the credit card company will charge you a late fee when you make payment past the grace period which is a few days after the due date. Your credit score will not be affected as long as you make payment within the 30 days following the due date.

Every credit card application that you make can have an impact on your credit score no matter if you get approved for the card. Another mistake that people make is to submit too many credit card applications in a short span of time. If you want to get the best deal on credit card, it is recommended that you get preapproved which means only a soft credit check will be carried out.

You will also want to limit the number of credit cards you carry in your wallet. Too many credit cards can have a negative effect on your credit score. The ideal number of credit card you should have is not known as it is different for every person.

It is important that you only apply for a credit card that intend to use. You should only apply if you are confident you can manage in making the repayment. Once you apply for a card, make sure you use it and make payment promptly so that you can have a positive payment history. There will be increment on your credit score if you promptly make repayment.

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