how many credit cards is too many?

byateammate

Hey everyone, I have two 0% interest credit cards i'm paying off and a normal credit card i've had for ages.

I was thinking of getting a 3rd 0% interest credit card to clear out the normal credit card but was wondering if this will be bad for credit rating and/or wont get one since I have too many?

Thanks

jcontest

I think that the credit utilization is probably more important than total credit.

3 Cards is not excessive and I would say your okay.

I am not a expert, just a lurker. We have had about 7 each before (stoozing days) but that was quite a while ago. It didn't give any negative impact back then.

[Deleted User]

It's entirely dependent on your own circumstances.

byateammate

cool thanks, from what I've read having a bigger credit limit seems to be better for your score which gets you credit cards anyway, just seems counter-intuitive

The cards are all paid off and not actually paying much per month just tyring to spread stuff out

maxximus75

The question you should be asking yourself really is; "Am I paying interested on a balance?"


If the answer is yes then you need to address two things. One is, how can I not pay interest and the answer would be a 0% balance transfer card.


The second question is "How have I got two credit cards on 0% and now looking for a third".


If you do get another 0% card, I certianly would have a think about it before you put anything new on your normal credit card and get into this cycle of possibly needing another 0% card in the months ahead.


That aside, don't worry about doing whats better for you to pay less/no interest rather than what looks better of a credit rating of made up numbers.


Unless you are going for a mortgage in the next six months then I would'nt really apply for any credit until after you close.


Your repayment history is what counts.

byateammate

fair points. one 0% I will have paid off by sept when the rate runs out, the second is about 12months off and I have a DD in place to pay that off in time but I have some xmas payments which sadly means my normal credit card has 2k on it now.

I think you're right that I need to be careful of getting into dangerous cycles but it pains me to be paying interest on the one card and I could get a 29month deal which would be very little per month, then I can just set a DD up and try and be better in 2020.

born_again

To many is when they are all maxed out and you can't afford the repayments...

yksi

I think the bigger question is, what's actually going on here that you need to keep adding 0% cards?

You could get another 0% deal (it's not necessarily a bad thing to have four cards). Beware this idea that having lots of available credit is good for your credit history - that is not necessarily the case. You have high utilisation and persistent debt which tells a lender you aren't able to repay it. Some lenders won't like the look of that.

Ideally you should examine your spending to understand why you need this in the first place. Repeat after me, credit is not for treats (neither gifts for myself nor gifts for others)

If you do it, also do yourself a favour and increase the DD on one or both of the other cards, knock them out and knuckle down on the self-discipline. In a years' time, you might not get any 0% offers at all, and that wouldn't be fun.

femalemonarchfemalecanine

I've got 7 credit cards, recently closed my 8th card as it is one that frequently has good offers for new customers.
as others have said it's how you use them that counts; you need to show that you can run them responsibly.

mro

Don't think there is a problem having spare cards you hardly ever use, you never know when you might need them.

You may not get those cards easily in future as T&Cs change.