Credit Cards ................?

Credit Cards ................?
How much is too much credit cards?
bank credit cards -and- store credit cards?
and which percentage should i look for to compare cards and see which one is better and has low interest?
any opinion?
thank you guys for all your comments; i will mention a bit more details; i already one card from MBNA (with $150 balance on it) and one from HSBC ($0) -but- i also have cards from kohls ($50), target($50), nordstrom ($0), best buy ($0) and macys ($0). what you guys think?

Answers:

b4freedom: Have no more then 5. Pay no annual fees for any of them. Never carry a balance on any of them. If you do carry a balance, pay it off and cut it up. If they charge an annual fee close it. Avoid store cards, they hurt your credit more then they help.
2006-04-14 09:25:22

progunr: There is an endless varity of credit cards. My advise, if you don't have the money, don't spend it. Seriously, you cannot believe the kind of stress, and demands that being in debt will put on your life. Avoid them if you really want to be happy.
2006-04-14 09:25:33

wickedkitten: More than one credit card is too much.
With each card you get you will have to pay at least a min. each month of the balance and whatever added interest for that card then add the same to every store card, gas card etc. Store cards are usually higher intrest. To not get yourself into deep debt it is best you only have one or two cards, preferably one. Your interest is going to be rated on your credit. Even if I could suggest low interest cards you may not get low interest if your credit isn't in great standing because youwould be offered a higher rate. Normally credit unions have a good offer on a credit card when your a member interest wise. The best thing is to focus on having good credit, then the offers won't stop and you'll get mailings for some cards that offer low interest and no annual fees. One card is best !
2006-04-14 09:28:06

Kaz: Great question!!!! Understand first that credit cards are a catch 22. Use them right and your credit score will soar like an eagle; but use them the wrong way and you could never be lower. If you are new to using credit cards it is important to understand that no matter what the interest is on the card, you do not have to pay it if you do one very simple thing....pay off what you owe EVERY SINGE MONTH. Do not use your credit cards like 70% of the American public does and use them because you do not have the money to afford it. Use them for the purpose of increasing your credit score and establishing and keeping your credit record in tact.

Also, there is no real formula to how many you should or shouldn't have, but once you open one up, keep it open. Do not ever close that account as it WILL lower your credit score. I would keep it around 3 to 4 credit cards with credit limits reaching in the $20,000.00. This is AVAILABLE CREDIT....not credit to use. Again, use them wisely!!!

The trick to cc's is to use them constantly and pay your balances off every month. If you do not use them the right way, we will all see you on here in a couple of years asking everyone how to file bankruptcy and none of us want that.

Good luck!!!
2006-04-14 09:32:23

Chosen Answer
Ryan: You can check here:
http://www.edealinfo.com/creditcard/ />
The most popular ones are Citi Dividend Platinum Select MasterCard and Chase Cash Plus Rewards Visa Card. Both have no annual fees, 5% cash back on grocery stores, drug stores and gas stations, 1% on other purchases. The only difference is that Citi Dividend has a $300 limit on cash back per year.

Having too many cards increases the possibility of identity theft and stolen credit cards, and most likely you will lose check of them. You don't really need specific credit cards for specific stores/purposes if you don't spend that much on them, because the benefit difference is not that much.
2006-04-14 09:43:22

Gazoo: First off there are thousands of different credit card products out there. Its important to be able to understand the differences. If you check out my blog I have some info that might help a little before you start choosing. The most important thing is understanding the APR rate. Even though the government forced the card companies to be more honest they are still very tricky. Look at the APR rate then also find out the rate it will switch to if you are late on a payment. Also make sure that you can qualify for the rate they are advertising. Sometimes you apply for a 9.99% rate and because of your score they actually give you a 12 or 15 % rate which most of the time people dont even realize. In general gas and store cards are easier to get but carry higher APRs or fees. I would recommend getting one from your bank since its easier to pay because you already do business there. Two cards is probably all you need and they should only be used for EMERGENCIES. Dont fall into the trap of reward points or anything else that makes you carry a big balance. Thats how the card companies make so much profit. They are called credit card but they should be called debt cards because when you are using them you are actually borrowing money. Its funny how people will buy things because they are on sale at 10% off with thier credit cards. If they take a while to pay off the card they will have ultimately payed 20% more for the item. If the sale sign said 10% more for that item instead of 10% off people wouldnt even buy it. Go figure.
2006-04-14 09:58:04