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Why You Should Have More Then One Credit Card

Having credit cards is very important. I hate when people tell me they don’t have credit cards because all it does is make them debt. There is an easy solution, apply for the card and cut it up. Having a credit card is important even if you don’t use it. As a matter of fact your credit score likes when you have a low credit utilization. Get those credit cards!

Why is having credit cards so important?

Credit cards build a health relationship with your bank. Did you ever call a bank? They always say thank you for being with us. True, that is what their customer service department told them to say, but the bank knows you as a customer if you were to need their services at a later date.

Why should I get more then one?

I have 1 credit card, do I need more? The answer is yes. I was looking into mortgage options the other day, seeing the rates, costs and other factors that may affect home buying. One of the loan officers asked me if I have 3 lines of credit. He wanted to make sure that I had more then one credit card under my name. This is very important for getting a mortgage. You will need more then one credit card. (Too much utilization is no good, but credit is good). Besides, credit cards without annual fees are free. Why wouldn’t you get more then one?

Meeting with a Loan Officer

Image HT: The Nest

Read these other great topics!

Business Card Benefits: How A Business Card Impacts Your Credit Score

Credit Score: How To Fix A Poor Credit Score

FACO Credit Score FICO Score: What’s The Difference?

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In Summary:

Have more then one credit card in you pocket, it will help you get a mortgage.

 

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