Most Americans have been taught that the number of credit cards and accounts they have significantly impact their overall credit score. However, they aren’t told how many they should have. While many know that the correct answer isn’t zero, there’s rarely information given by an industry expert letting them know what that right answer is.
US National Credit Solutions is an industry expert that works to repair poor credit scores. They have broken down the various options and specific things to look out for when determining the correct number for an individual.
How many credit cards someone needs
As US National Credit Solutions discusses, this is a different number than the total number someone should have. Having no credit cards can lower a credit score and prevent the opportunity to improve it over time through making payments and proving that a person is trustworthy with the money they borrow.
To begin with, determining the total number, US National Credit Solutions begins with that single card necessary to start building credit.
Reasons to have multiple cards
Different cards have different rewards. US National Credit Solutions talks about access to travel insurance or special lounges at airports, only available for certain credit card holders. The value of these items makes it more than worth it to keep or get one of these credit cards. Many also have cashback incentives that, over time, can add up to a significant amount of money.
These cards can also help to continue to build credit. However, that doesn’t mean someone should go out and sign up for every credit card they can find with good incentives and rewards.
Knowing when someone has extra cards
The actual number is different for every person. Still, US National Credit Solutions explains that if someone is having trouble keeping up with their payments and fees are stacking up to maintain them, it’s time to evaluate which cards should be kept and make decisions based on the high-interest rate or annual fees to know what accounts to close.
When to get a new credit card
Adding a credit card with advantages like a lower interest rate or good incentives, such as large sign-on bonuses or cashback options, can be a good idea if the addition won’t make it difficult to make payments. It can also be a great option if someone with a high-interest card with a balance opens a lower-interest card and transfers that balance to help pay it off.
Conclusion
US National Credit Solutions ends by explaining credit cards are neutral accounts. If used properly, they improve credit, and if misused, they can damage credit. It is the management of the cards that is indeed the deciding factor on how many a person should have, and that makes the proper number different for everyone.
Media ContactCompany Name: US National Credit SolutionsContact Person: LannyEmail: Send EmailPhone: 800-863-7024Country: United StatesWebsite: https://blog.usnationalcreditsolutions.com/
