http://www.theonlinecreditscore.com/improve-credit-score/does-having-several-credit-cards-in-good-standing-improve-a-credit-score-or-than-just-having-1-or-2-cards/ Get Your Free Online Credit Score And Report Tue, 07 Sep 2010 05:39:24 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://www.theonlinecreditscore.com/improve-credit-score/does-having-several-credit-cards-in-good-standing-improve-a-credit-score-or-than-just-having-1-or-2-cards/comment-page-1/#comment-4403 Charlie Sun, 28 Feb 2010 04:07:08 +0000 http://www.theonlinecreditscore.com/2010/02/28/does-having-several-credit-cards-in-good-standing-improve-a-credit-score-or-than-just-having-1-or-2-cards/#comment-4403 Having multiple account on your credit report in good standing (never late, balances under 50% of credit limit) will definitely help your credit rating. But part of your credit rating is also reflected by the amount of time you've had the account open. So if your thinking about opening several credit cards at once in hopes of improving your score, then you might actually lower it. Opening an account results in an inquiry on your report (usually only lowers the score minimal amount for a few months). It also lowers the account time average (the average length of your accounts. So if you open multiple accounts at once then it looks like your going into debt. However, pay the accounts on time every month and your score will actually be higher in about 10-12 months because you will have multiple accounts showing a positive payment history. Also, having multiple types of credit improves your score. Consider opening a small loan at a bank for about $750 for 12 months and pay it on time until its paid off. Multiple types of credit will also improve your score. Credit cards are considered revolving credit, whereas loans are consiered installments. Having multiple account on your credit report in good standing (never late, balances under 50% of credit limit) will definitely help your credit rating. But part of your credit rating is also reflected by the amount of time you’ve had the account open. So if your thinking about opening several credit cards at once in hopes of improving your score, then you might actually lower it. Opening an account results in an inquiry on your report (usually only lowers the score minimal amount for a few months). It also lowers the account time average (the average length of your accounts. So if you open multiple accounts at once then it looks like your going into debt. However, pay the accounts on time every month and your score will actually be higher in about 10-12 months because you will have multiple accounts showing a positive payment history. Also, having multiple types of credit improves your score. Consider opening a small loan at a bank for about $750 for 12 months and pay it on time until its paid off. Multiple types of credit will also improve your score. Credit cards are considered revolving credit, whereas loans are consiered installments.

]]> http://www.theonlinecreditscore.com/improve-credit-score/does-having-several-credit-cards-in-good-standing-improve-a-credit-score-or-than-just-having-1-or-2-cards/comment-page-1/#comment-4402 stan c Sun, 28 Feb 2010 03:24:21 +0000 http://www.theonlinecreditscore.com/2010/02/28/does-having-several-credit-cards-in-good-standing-improve-a-credit-score-or-than-just-having-1-or-2-cards/#comment-4402 All you need is one major credit card. If you pay on time, your credit score should go up about every 12 months. Make sure they belong to the credit bureau. All you need is one major credit card. If you pay on time, your credit score should go up about every 12 months. Make sure they belong to the credit bureau.

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