You can have excellent credit, no matter how many credit cards you have
Also, she says, there's no real benefit for having a credit score of 850 — no matter what anyone says. Having"excellent credit," or a score over 800, is more than enough to get the best interest rates and terms when you apply for a loan.There are a ton of misconceptions when it comes to credit cards and credit scores, including the falsehood that having more than a few cards will spell disaster for your credit score.
Currently, my husband and I have 26 different credit cards to our names — but look at the TransUnion credit score I gleaned from my free Credit Sesame account!Credit Karma also lists excellent credit scores for me even though I have a ridiculous number of credit cards, so what gives?More importantly, what lies are we letting people tell us about our credit scores and how they are impacted by credit cards?you should be taking advice from, but I'm obviously doing something right.
If you're angling to get more out of your cards this year but worried about your score, here's what I think you should know:While it is true that new credit card applications place a hard inquiry on your credit report that can ding your credit score, the impact is usually minimal. The credit factors you should pay the most attention to are35% of your FICO score
, you want to make sure you're paying all your bills — including credit card bills — early or on time. If you fall behind on your credit card bills, you will hurt your score no matter how many cards you have.credit utilization — makes up another 30% of your FICO score. Generally, you're supposed to keep your credit utilization below 10% to keep your FICO score in tip top shape. That means you would carry less than $1,000 in debt for each $10,000 in available credit you have.You shouldn't have any debt if you're pursuing credit card rewards. Since the average credit card APR is now
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