Does Having Many Credit Cards Help Your Credit Score?

I was reading comments that a few people posted online about how they thought they could boost their credit score by getting as many credit cards as they could. You wouldn't believe the number of credit cards they thought they might need. As a credit expert, it is alarming when I read about innocent consumers relying upon bad information to make important financial decisions.

Let's address the following questions so you can get the real deal on what drives your credit score:
1) Does having a lot of credit card accounts help your credit score?
2) Does carrying a credit card balance and paying interest help your credit score?

Credit Score Myths
If the Daily dollar does nothing else, we want to help you separate facts from myths about how credit scores really work. If you have ever avoided getting new credit cards because you were not sure how that would affect your credit score, then this information is for you and you will want to check out all the information thoroughly for our useful tips.

You Have HOW MANY Credit Cards?
One of the people that I mentioned at the beginning of this article posted online whether having 21 or more credit cards would help their credit score. How thick is this guy's wallet? He must walk with a limp. This is what happens when you get credit score advice from Ned, your drinking buddy. This is a myth. Of course, credit card companies would love for everyone to believe that more credit cards equals better credit, but it's not true.

The Facts About Credit Cards and Credit Scores
The most important thing to know about credit cards and your credit score is that you have to use your credit card each month and make an on time payment (preferably in full) in order to help your credit. Carrying a balance and paying interest each month is not the behavior that drives your credit score. What helps is using the card and making an on time payment every month. It does not matter if you use your card one time per month or ten times. It does not matter how much you charge.

Just the simple pattern of (say it with me out loud) swiping and paying on time, swiping and paying on time, swiping and paying on time month after month is what you need to focus on.

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About the Author:
Nathan Randall, editor, Daily Dollar Newsletter provides free daily advice on money matters plus coupons and discount codes. FYI...you can now access the Daily Dollar Newsletter via iTunes podcast, YouTube video, and on Facebook and Twitter too.

Article Originally Published On: http://www.articlesnatch.com

Tags: Credit Card , Credit Expert , Credit Scores & Repair , finance , Poll

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