Comment on [deleted]
Sludgeyy@lemmy.world 9 months agoMy credit score is over 800 and I have 8 cards plus some store ones.
Getting more cards helps your credit score in the long run
No you don’t have to have a lot of cards to get a good credit score
But it does help
bob_wiley@lemmy.world 9 months ago
Sludgeyy@lemmy.world 9 months ago
I’ve always found it difficult to increase the credit limit on cards I have had.
My first card started at 400, and then after a while, I finally got approved for a credit line increase, and it went to 1000.
A couple of months later, I opened a new bank account and got their credit card. I had like a 15k credit line at the start.
I’ve never asked for a credit line increase again
However, add on some more cards, and now I have a hefty credit line
The best thing about getting a new card is the rewards and perks.
For example, I just got a new card with 0% apr for 15 months. I get to borrow money conveniently for over a year while making interest on it. I get to keep my money in my investment portfolio while making interest the whole year.
More cards with higher credit lines means I can spend more during that 15 months while not affecting my credit score. It keeps credit utilization low.
Yeah, credit cards are easy to abuse. You should always be able to pay off a credit card if need be. You shouldn’t be overspending. Emergencies unfortunately happen, but unless you have the money, you shouldn’t be swiping the card. Treating is like a debit card is the best policy.