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An interesting point about credit scores is that there is a fine line
about how many credit cards you have.
I always thought that less is better, in other words you only have one to deal with therefore your credit score is better... recently though I heard differently. It has more to do with how much debt you have on the card. If you only have one, and it is near its MAX, the lower score you will have because you do not have much more credit until you are at your
max.
In other words, if you have $5000 on a $6000 card, you would have a lower credit score if you had $2500 on two $4000 cards. Get it? Of course you should not go out and get as many cards as possible, having to many is also a strike against you. So you have to find an even
balance; Not too many cards, and not too much debt.
Do not forget about income! Another item they look at is how much money going out versus how much is coming in. If you have too much going out to pay your bills, do not be surprised that your credit score is low. Lets face it, if you cant pay your bills, why would someone give you
good credit. Ease up on the spending (do you really need that $6 coffee everyday?), and pay down your credit cards.
Good Luck!
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