NAiLs wrote:Credit cards are by no means stupid as they help build you a credit. Do not have a ton of them, as financial institutions will see all that as potential credit debt, which I believe will lower your credit score.
Actually, on the contrary, having multiple credit cards (with no debt on them) INCREASES your credit score. Financial institutions look at your total credit (add up all of your credit limits) and then look at your debt:credit ratio. If you have 5 credit cards with $2000 credit limit on each, then you have a $10,000 credit limit which looks good, not bad. It's when you USE that $10,000 that it looks bad. I explained it in a lot more detail in a previous post.
