Is it bad to have too many credit cards?

For just about anything you want to get off your chest about credit cards.
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namvet
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Postby namvet » Wed Apr 25, 2012 5:49 pm

Nope! Yes if you can't manage your credit lines.


agp
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Postby agp » Wed Apr 25, 2012 11:42 pm

What does managing one's credit lines mean? Paying off all the balances on time?

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FastSRT8
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Postby FastSRT8 » Wed Apr 25, 2012 11:58 pm

I guess in short what it means to manage your credit lines is to make sure you make at a MINIMUM your min payments. Obviously this is not ideal as you never really pay down the principle which means you technically remain in debt. IF you can pay it down and have a plan as to when you want it to balance zero, then you are ahead of the game.

Just make sure you take into account emergencies which always happen and put a wrinkle on your pay down plans
Carpe diem quam minimum credula postero!

JCarter
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Postby JCarter » Thu Apr 26, 2012 1:08 am

FastSRT8: I am afraid I am older than you are, and still haven't outgrown it. ;)

I maintain no balances, and pay before the statement is printed in most cases for those interested.

namvet
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Postby namvet » Thu Apr 26, 2012 7:19 am

agp wrote:What does managing one's credit lines mean? Paying off all the balances on time?


No you don't have to pay off all the balances but as mentioned you do have to pay at least the minimum on time. You also have to control the amounts being charged and not max out your credit lines. Also pay attention to cards with no activity and make sure you use them every now and then to keep them from being closed due to no activity. Cards with annual fees should be reviewed and kept to a minimum. Starter cards that have high interest rates and no room for growth should be closed once you have a great credit score.

JCarter
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Postby JCarter » Fri Apr 27, 2012 1:09 am

namvet wrote:No you don't have to pay off all the balances but as mentioned you do have to pay at least the minimum on time. You also have to control the amounts being charged and not max out your credit lines. Also pay attention to cards with no activity and make sure you use them every now and then to keep them from being closed due to no activity. Cards with annual fees should be reviewed and kept to a minimum. Starter cards that have high interest rates and no room for growth should be closed once you have a great credit score.


Or if possible, just directly upgrade the card.



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