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How To Get People To Like How Many Open Credit Accounts Should I Have | how many open credit accounts should i have

If you're trying to figure out how many open credit accounts should I have? If you're like most people, the answer is never. It's a bad habit that many people (including some of the big credit reporting agencies) get into. But here's why it's almost impossible to have too many open credit accounts.

Think about it. Banks and credit reporting agencies collect information about you at all times. They need that information to determine your credit worthiness. They are willing to sacrifice your privacy in order to get this information, because it reflects directly on them! Why shouldn't you be worried about how many credit reports you get a month? Why should you have to give up all your privacy rights just to have a good credit report?

Another reason that it's hard to have too many open credit accounts is because so many companies are reporting your credit data. Each time you apply for credit or purchase a big ticket item, it registers on your credit file. Eventually, if you don't take control of this problem, the credit companies will be able to access this information and report your credit negatively. This can be very dangerous to you as an individual, because if you show poor credit to a lender, you could be refused financing.

So what do you do to fix this problem? How many open credit accounts should I have? The simplest solution is to avoid having too many credit accounts. This is easier said than done, however. You need to evaluate your financial situation to decide how much credit you should have.

How many credit accounts is too many? Many people mistakenly think that they only need one account open. The truth is, it's a good idea to have multiple accounts open. If one gets closed, then you have lost that credit account and any activity that were done on it.

Ideally, you'll want to have five to ten credit cards open at all times. This way, you'll be able to make purchases using your card and you'll be using your credit as well. Having multiple cards will also show lenders that you are responsible and have the discipline to handle credit responsibly.

If you do have a large number of accounts open, there are a couple things that you can do to minimize your debt. First, you'll need to pay off any debt that you have on each card. Ideally, you want to pay more than half of your balance each month. This will lower your total credit balance and show your lenders that you're committed to paying off debt.

The last thing you'll want to do is to reduce the overall limit on your credit cards. This is where having a low balance will help. It will prevent you from charging up to 30% on an account and it will help prevent you from paying off accounts and then having no balance to show for it. As long as you don't overdo it, keeping your open credit accounts at five or ten will keep you out of trouble and help you build a solid credit history.

So how many open credit accounts should I have? There's really not single answer to this question. You should be comfortable having at least one account opened for each of your major credit cards. Ideally, you want to have three accounts open, but it's not necessary to have them maxed out. Having one account open for each of your credit cards will be sufficient.

What if I don't need all of these accounts? Don't close them down. You should still have at least one, but two would be better. Having two open credit accounts with good rates and fees will give you an advantage over lenders. They'll know that you've paid off some of your high-interest debts and you have another account where you can manage your money better.

So how many open credit accounts should I have? This depends largely on your current financial situation. If you're paying off a lot of debt (or you're just trying to minimize your current debt load), you should probably consider having as many accounts as you can afford. If you're just trying to get back on your feet after being laid off or having an unexpectedly large medical bill, two or three accounts may be sufficient.

So how many open credit accounts should I have? That depends largely on your personal circumstances. If you think you'll be able to pay off all of your debt in a reasonable amount of time, then you don't need dozens of accounts. If you feel that you'll have time to manage two or three of those accounts at best, then you can have as many as you like. But whatever you choose, make sure you're always making payments on time to maintain the good terms of your debt consolidation loan. Otherwise, you'll just be wasting your time paying off the interest and fees on something that doesn't improve your financial situation in the long run.


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