tag:blogger.com,1999:blog-4626545975155581763.post2666654858692534585..comments2023-05-04T05:50:19.612-07:00Comments on True Adventures in Money Hacking: Credit Cards and Credit Scores: Setting the Record StraightWren Caulfieldhttp://www.blogger.com/profile/10396487405768709623noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4626545975155581763.post-41477938005603833372009-03-09T11:27:00.000-07:002009-03-09T11:27:00.000-07:00@Nicholas: Thanks for the input. The bank POV is g...@Nicholas: Thanks for the input. The bank POV is good to consider. Like I said in the post, just because you *can* get multiple cards doesn't necessarily mean you *should*. I certainly don't advocate getting 10 cards just to increase your credit limit. That's pointless. Nevertheless, there's no set limit to the number of credit cards you can or should have since everyone's situation is different. If you're applying for a loan, the bank will consider your potential to default of course, but if you have a healthy credit history and haven't defaulted in the past, most likely they won't turn you down just because you have ample lines of unused credit. It all just depends on what you're trying to accomplish. Increasing my cards to 3 worked for me in raising my credit score and allowing me some flex room for my finances.Wren Caulfieldhttps://www.blogger.com/profile/10396487405768709623noreply@blogger.comtag:blogger.com,1999:blog-4626545975155581763.post-67076195402926162432009-03-08T06:53:00.000-07:002009-03-08T06:53:00.000-07:00Actually there is a limit to how many credit cards...Actually there is a limit to how many credit cards will help. For example, if you have 3 credit cards out there with no balances on them thisusually is a good thing. However, let's say your total available credit is $30,000 between the three cards. When I worked at a bank, this would cause a red flag, not a devastating one, but one that required more research. The reason lies in the fact that if the bank gives you a loan, you still may go out the next day and max out your cards, thereby throwing $30,000 extra on to your debt burden. Again, this isn't a huge deal but something that banks do look at. So the moral is don't keep getting credit cards just to increase your available credit.Unknownhttps://www.blogger.com/profile/06482193913132289223noreply@blogger.com