Creditopics.com

Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years - and begin rapid wealth-building - without sacrificing the things that matter most to you!

13 Responses

1. xsplodeit Says:
   May 3rd, 2009 at 11:54 am 1

   I DON’T LIKE CREDIT CARDS, BUT IF YOU YOU CAN MANAGE AND AFFORD YOURS THEN WHY NOT?

2. brandy.baybee07 Says:
   May 4th, 2009 at 8:03 am 2

   Well its not good to have too many if youu cant pay them off but if youu pay them off every month and never get behind and go crazy with the credit cards then its fine believe me ive learned my lesson :]]

3. Jill C Says:
   May 7th, 2009 at 4:14 pm 3

   yes identity theft is all over the place. if you do have a lot of cards then you should know exactly which ones you have made and which ones thieves might have made to steal your identity and your money.

4. Raphael D Says:
   May 10th, 2009 at 6:42 am 4

   If you’r confident you’r never gonna get all those credit cards stolen and you’r using them wisely then why would there be a problem?

5. skyler5599 Says:
   May 11th, 2009 at 7:05 am 5

   each store (best buy, macys, etc.) card take 2 points off your credit score. they see these types of cards as “impulsive”.

6. visvahere Says:
   May 12th, 2009 at 8:56 am 6

   Yeah kinda bad to have many credit cards. You tend to spend more knowing your 20K limit…
   If you can control your financial activity, you may use a debit card instead

7. boardupking Says:
   May 15th, 2009 at 8:58 am 7

   As long as you’re paying them ON TIME, I think it can actually HELP your credit. . . maybe

8. NytewolfAU2k7 Says:
   May 15th, 2009 at 6:04 pm 8

   yes. Even having 1 card is bad. Think about it. You’re spending money that isn’t your own.

9. Scott M Says:
   May 17th, 2009 at 8:47 am 9

   It can be. Your credit to income ratio is what could mess you up. If you make 25K a year and have 20K in credit cards available to you, you look like a high risk. If you should fall on hard times you could quickly put yourself in a hole and not be able to pay your creditors.

   So, yes, having too many credit cards or too much credit available makes you look like a high risk. This can lower your credit score and make banks think twice before giving you a loan.

   Canceling cards wont generally affect your credit score.

10. libbygail_51 Says:
    May 18th, 2009 at 1:12 pm 10

    It can be, but you seem to have it under control. I’ve done some reading on it and no you shouldn’t. What will happen, it will lower your debt/income ratio. So even if you continue doing what ur doing and controlling it, keep’em. If you watched your credit score, it should have dropped when you canceled those that you did.

11. kitty O Says:
    May 19th, 2009 at 1:05 pm 11

    I’ll say it has it’s good and it’s bad, to much credit can be just as bad as not having none at all, but some people would love to be walking in your shoes right now, i have myself 1 good card and that’s all i need. need a shopping buddy lol

12. richard t Says:
    May 22nd, 2009 at 5:24 am 12

    WAY TOO MANY CARDS…………….EVENTUALLY IT WILL BITE YOU ON THE ****……………NO MORE THAN THREE CARDS…………..

13. echo Says:
    May 24th, 2009 at 8:10 am 13

    $20k is not that high for a combined total in credit limits – unless you only make $5k a year.

    As long as a person takes care of their credit, having limits that meets yearly income or even exceeds yearly income could gain that person not only high scores but also creditors offering products with excellent terms attached.
    Again, as long as a person is taking care of their cards by keeping utilization down, paying on time (preferable in full), never going overlimit, etc. (which is what you say you are doing)

    The “only” time you should really carry a balance and make payments on a credit/charge card is when you have a 0% interest promo for x number of months.

    Since you state that you have no problem controlling your spending and you pay in full every month, you are proving to all creditors (current and future) that you are a good risk.

    I wouldn’t recommend cancelling the cards that the promo’s have expired.
    You might keep the cards locked up and pull them out every once in a while, make a small purchase then pay when you get the statement. Allow them to continue to raise your scores.

    It sounds like you should have a decent credit history, by what you have posted. So closing the occasional card should not have a major impact on your scores

    But opening cards for the promos, then closing them after the promo’s expire will show an unstable credit history and will eventually send red flags to any future creditors. You will probably find it harder and harder to be approved even if your scores are high.

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