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Like everyone says here, in the long run it helps to have more cards and higher total credit limit. And don't close any cards you don't use unless it has an annual fee. Closing cards lowers your total credit limit and increases your utilization.
Also pay off any outstanding balance on your cards every week if you can to keep your utilization really low. That will help to increase your credit scores quickly. I went from below average scores to 800 within 15 months doing that.
The act of opening a card will slightly ding your score, but having more credit helps in the long run, especially if you keep your utilization low. I have ~25 open cards and my score has steadily gone up
Yeah, ultimately, will be better for your score as the unused amount of credit available becomes a big driver of score.
Like they said ^^^. The more the better in the long run. If you stop using other cards, keep them open so that your limit remains intact. Never close a credit card and you will have that positive credit line longer.
Thank you all... coming from nothing and now making the best of this amazing life I am currently working on building my credit to buy a house etc and was wondering the same thing.
The one thing to be aware of is your oldest account matters a lot and the average age of account matters a little. So you take a small hit with the credit check when opening, can take a small hit by decreasing average account age, and take a big hit if you close your oldest. Generally, benefits will outweigh all of the above
The more the better in terms of your score.. That is if you keep your utilization percentage less. But it also means that there is a higher chance of fraud and you'll have to keep monitoring it regularly.