Originally posted by: solleyman
Originally posted by: bNeta86
Originally posted by: JSLIM
Originally posted by: isekii
Originally posted by: JSLIM
I have a "?", how many CC is a person allowed in a year? I already signed up for like 2 this year (ebay, and buy.com), and will do this one too.
You can sign up as much as you want.
It doesn't look good on your credit tho...
that sucks, I thought the more credit cards, the better your score should be since I pay my bills on time.
If I were you I would check out the finance forum on "hugebillfold." They have some very good posts about this exact topic- its more complex than simply applying / having too many or too few cards. Good luck to you - my simple answer is that $100 is worth going for as the hit to the score for applying for a card is only a few points usually - just pay it off on time. In the long run - the more cards you have - the better...to a point.
Not to post-crap, here, but this is a wayyyy too simplified look at credit scores.
Best long-term advice is keep the cards you already have, don't apply for any new one's, and stay current on the current cards.
The lenght of time that you've had a card plays a big roll in score.
Here's another thing to consider...
You have 20 cards that all have a 5k limit. You've kept a zero balance on all of them every month. Seems great, right?
Well, you go to get a loan for a $100k house. The bank determines that you have enough income to support a $100k debt. Problem is, you already have access to $100k from your credit cards. They won't want to give you the loan for fear that you'll go max out all of your cards next month and have $200k in debt, with the income means to only pay a $100k debt. In other words, they'll turn you down.
This, too, is simplified, but I'm trying to illustrate the complexities of the credit score situation.
Basically, JSLIM, if you don't want to do the research to understand the credit score situation, I'd advise you to pass on offers like this.
My $0.02.