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Does having too many credit cards affect a credit score?

April 26, 2017affect credit cards Credit score

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Does having too many credit cards affect a credit score?

3 Answers

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• Having too many credit cards with either high balances or large amounts of credit available can negatively impact risk scores depending on the overall credit history.

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There is no magic number of cards. It depends on the amount owed balance a person carries on each of the credit cards. Having too many credit cards with either high balances or large amounts of credit available can negatively impact risk scores depending on the persons overall credit history. Alternatively, having several cards with a modest balance and a good paid-on-time history will always improve a persons credit score.

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Having too many credit cards with either high balances or large amounts of credit available can negatively impact risk scores, depending on the overall credit history.