Does having a lot of Credit cards hurt your credit score?

I am wondering if you have like 10 credit cards with little or no balances will hurt you credit score? Meaning...debt ratio wise...do they go by the amount of credit you were given in order to access the debt ratio...or the amount of credit you actually have used? Meaning..if you have 10 cards with little or no balances...that doesn%26#039;t really bring your FICO score down does it?

Does having a lot of Credit cards hurt your credit score?

No. But getting them all at once, maxing them out or late payments on them sure will. For ratios I assume you mean credit utilization. That should never be over half or 50% either cumulative or combined. Hope that helped. Having ten cards for several years and with little on it will actually HELP your score drastically.

Does having a lot of Credit cards hurt your credit score?

No, I think that in order to have a good credit score you need to exercise the use of them -wisely of course, like you said little or no balance(keep it that way) If you use them and pay them off as soon as you recieve the bill then that will reflect good credit :)

Does having a lot of Credit cards hurt your credit score?

yes...and no....if the carry no balnce then you should be building, but if they carry more than 30% then it can start to be a problem.

Does having a lot of Credit cards hurt your credit score?

Be careful because as crazy as this sounds closing accounts could have a negative effect on your score because they do represent lines of credit. Credit cards that are not used - Although it is believed that having too many credit cards can have an adverse effect on a credit score, closing these lines of credit will not improve your score.

Credit rating formula looks at the difference between the amount of credit a person has and the amount being used, so closing one or more accounts will reduce your total available credit. And the lower the percentage of available credit, the more the credit score will drop. The credit formula also factors in the length of time credit accounts have been open, so closing an account with several years of history is another avoidable credit mistake.

Does having a lot of Credit cards hurt your credit score?

My suggestion is trying to obsord as much information as you can before making up your mind,here is a good one.http://credit-score.onlinebestoffer.info...