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Does having mulitple credit cards raise your credit score quicker?*

Answers:

1) Not necessarily. You need to balance how much credit you have available with how much you're actually using. I'd suggest keeping it under 30%. If you have $10K available credit, keep your balance under $3000. Making timely payments on the balance works in your favor than number of cards. Also remember, when there are lookups against your credit history (like when you apply for a card), your score can drop a few points.

2) Yes it does. For the best credit score and profile you will need 3 credit card accounts (revolving) with balances below 30% of your credit limit and at least 2 cars, boats, homes, furniture or personal accounts (installment) all with good long pay history's.

3) It really depends on how much you use them and IF you pay them off, if not fully, then at least substantially, each month. There are many factors affecting your credit score, having credit cards and diligently paying them off each month is only part of it, a big part of it granted, but ......... Another factor is how much credit is extended to you via credit cards, loans, cars, etc., and how much of the credit you are using. For more information about your credit score go to http://www.how-is-your-credit.info and http://www.creditandcreditreports.com/your_credit_report_and_score.html

4) It can help your score but it can also hurt it. Primarily it isn't the number of cards you have but how you use them. Personally, I have used the same credit card forever and have never paid interest. It gets paid of at the end of every month. My credit score is in the high 700s. Also keep in mind....if you have 3 credit cards each with an available balance of $20,000 but you don't actually owe that amount, if you apply for a loan, the bank will take into consideration that you could potentially be $60,000 in debt. So, more credit is just as bad as no credit.

5) NO it does not. If you want to raise your credit score. Pay more than the min payment if they are wanting $50 then send them $150 and stop using the card until the balance is low. Do not spend more than you make by using credit cards. Buy what you need not what you want. Pay extra on you mtg payment. And Never, Never Never pay late or go over your limit on a card.

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