Will multiple cards build credit score faster?

[Deleted User]

Fighter1986 said:

Ebe_Scrooge said:

Fighter1986 said:

By all means, open another credit card, try to only have a balance on one of the cards at a time, and keep your balance below 33% of your limit on each card when you do use it.

This is not quite correct.  Percentage utilisation is much-hyped by the CRAs, but actually matters not one jot - so long as you're clearing the balance every month.  Likewise your statement about only having a balance on one card at a time - there's no reason at all to do this.

The main thing is to use your cards regularly and always pay them in full every month.  If you're not clearing them in full then yes, the utilisation comes into play.  But this really should be avoided at all costs - not only will you be paying interest, but it's a less-than-favourable data point on your credit history.

No it really does matter especially if not clearing in full each month, which there are plenty of legitimate reasons for (interest free spending / balance transfer / money transfer / slow stooze).

Utilisation percentage is the most obvious sign of debt stress and absolutely make a huge difference in a number of credit scoring models.

I pay all my cards in full each month and notice a big difference when it comes to pre approved offers if my utilisation rate gets too high.

I've literally been told by an MBNA underwriter back before they were Lloyds Banking Group that the only reason they weren't giving me a card was because my utilisation of other cards was over 66%. This was back in 2007 before the big credit crunch so if lenders were applying that metric before the bubble burst I'm certain they will be today also. 

You're mixing up 2 things - under 33% and over 66% are completely different and utilisation is not a factor if the card is paid off in full every month. Utilisation is an issue when you are holding a balance and not paying it off every month, whether it's a BT card, MT card or just overspending. If you want a counter anecdote, I have 2 BT cards with balances on them - one about 50% and one that at the time was probably closer to 70% and got a new Lloyds cashback card without any problems. My other 2 cards did have balances but were paid off every month in full.