Keep your lines of credit small. Unless it’s for a Bottle Opener Batman Visa Card.
The number of open accounts and lines of credit affects your credit score. There’s no end-all, be-all equation to calculate how much is too few or too many. No calculation will be applicable to all borrowers and all accounts.
A dozen of open accounts and credit lines is looked at differently for a typical working employee compared to an entrepreneur. It’s expected for the self-employed entrepreneur to have more lines of credit than the typical working employee.
Too many open accounts with high balances lowers your credit score (and thus lowers your borrowing power when you need a car loan or a mortgage). Don’t have an absurd number of open accounts and lines of credit and you’ll be golden.
How Many Credit Cards Are Too Many? [American Chronicle]
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