Let’s dive right in and discuss if there is a one-size-fits-all answer to the question if it is bad to have multiple cards.
It is necessary to admit that there are 377 million open credit card accounts in the USA in 2020, mentions the American Bankers Association.
There are advantages and drawbacks to having a lot of cards. One thing is true – it can either boost or lower your credit rating depending on how you manage the debt.
Speaking of high score holders, people with a credit rating of over 780 own approximately six or seven cards. This includes both closed and open accounts.
Is it good to have multiple cards if you want to have a great credit rating?
Ethan Dornhelm, vice president of FICO Scores mentions that there is no single correct answer. The credit rating is an individual score that defines if you can qualify for a lending solution, or determines the interest rate for a certain lending solution.