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- Improves your <\/span>credit score<\/a><\/li>\n<\/ul>\n
One of the ways for you to improve your credit score is by having multiple credit cards that you have been using regularly and paying them off every month. <\/p>\n
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- Different credit cards to fit your needs<\/strong><\/li>\n<\/ul>\n
Take advantage of owning multiple credit cards with different features to fit your needs. For example, you can get a credit card that offers cashback, another credit card that\u2019s best for traveling, and more. <\/p>\n
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- As a backup plan <\/strong><\/li>\n<\/ul>\n
You can extend your credit limit by spreading out your payments over different credit. Hence, making your credit utilization lower for each card and you won\u2019t have to max out your credit card every month.<\/p>\n
Cons Of Having More Than One Credit Card<\/h2>\n
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- Pay for multiple fees and interest charges<\/strong><\/li>\n<\/ul>\n
Owning several credit cards also means paying multiple fees and interest charges. Not only that, you may also have to pay annual membership fees! <\/p>\n
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- Harder to manage <\/strong><\/li>\n<\/ul>\n
You could drown in debt if you\u2019re not managing your credit cards responsibly, as you\u2019ll have to keep your spending habits in check. <\/p>\n
Now you know the pros and cons of owning multiple credit cards, the next thing to help you decide is by asking yourself the following questions: <\/p>\n
Questions To Ask Yourself <\/strong><\/h2>\n
1. What is your credit score?<\/strong><\/p>\n
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It’s important that you find out what is your credit score before applying for a new credit card to help you understand your current financial situation. Make sure you\u2019re in the healthy credit score range of 697 to 850. You can calculate your CTOS score here<\/a>. <\/p>\n
2. When was the last time you applied for a new credit card<\/strong><\/p>\n<\/div><\/div>\n<\/p>\n
If your answer is less than 6 months ago, you need to put a pause on that new credit card application! This is because your applications could be recorded as hard inquiries, should you apply for many cards at the same time. It\u2019s where the creditor perceives a large number of credit score viewing as a sign of credit risk! <\/p>\n
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3. Are your spending habits in check?<\/strong><\/p>\n
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Credit cards offer some financial benefits, but they won\u2019t do you any good if your spending is out of control. Be honest with yourself! If you\u2019re an impulsive shopper with outstanding credit, then opening a new credit card is not a good idea.<\/p>\n
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4. Have you made any late payments?<\/strong><\/p>\n
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Not only on your credit card repayment but also on your loans or other monthly bills because this also affects your credit score. Every time you add another credit card, you add another due date to keep track of. So if you haven\u2019t been able to keep up with your monthly repayments, you may not be ready to get another credit card.<\/span><\/p>\n
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5. What type of credit cards are you looking for? <\/span><\/strong><\/p>\n
- Harder to manage <\/strong><\/li>\n<\/ul>\n
- Pay for multiple fees and interest charges<\/strong><\/li>\n<\/ul>\n
- As a backup plan <\/strong><\/li>\n<\/ul>\n
- Different credit cards to fit your needs<\/strong><\/li>\n<\/ul>\n