Today I applied and got approved for the AMEX everyday credit card. I’m currently 18 with a total of 3 credit cards and a limit of 9000 between the 3. Should I aim to keep my utilization as low as possible still?
Today I applied and got approved for the AMEX everyday credit card. I’m currently 18 with a total of 3 credit cards and a limit of 9000 between the 3. Should I aim to keep my utilization as low as possible still?
It’s fine to have that many credit cards as long as they are all no fee and you pay them off in full every month. Keeping utilization low is important if you care about your credit score in the near future, but if you don’t plan to take out a loan in the next couple years it doesn’t really matter because your credit score only looks at your recent utilization history.
There are some that will tell you that you need multiple credit cards to get the best credits. But I worked for a credit card lender and can tell you from personal experience, you don’t need many cards for good credit. Too many cards can also be hard to manage if you are not on top of your balance. And when getting loans too many open cards can actually be detrimental (because you can drive up balances and increase your income to debt ratio) I have had one credit card my entire life. I do not max it out. I use it for all my purchases and pay it off every month. Never been late. Never carried a balance. When I bought my first home in my 20s, I told the mortgage lender what I wanted for rates and to keep payments under etc (I knew my budget and was knowledgeable). He kind of scoffed and did his speech about I was young and may not qualify for exactly that blah blah blah. They ran my credit and came back and basically said “you can have what you want.” This same scenario repeats itself with cars etc. Obviously you will find what is best for you. Just sharing my experience. 1 card has been more than enough.
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