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Hopefully, you’re working hard to keep a high cred...
Everything you’ve ever wanted to know about your credit score
How to pay down holiday debt
Let’s explore the major components of your credit that credit scoring agencies, like FICO and VantageScore, use to calculate your score:
Over time, having multiple cards can boost your score in two important areas:
There is no magic number of cards you should shoot for to achieve a high credit score. Instead, let’s take a look at the credit cards of consumers with excellent scores.
Statistics find that the average individual with a FICO score exceeding 785 has 7 open credit cards. The average credit account is 11 years old and the most recently opened account is 28 months old.
While it may be OK to have a few cards, having lots of NEW cards probably won’t help you achieve excellent credit.
If you’re planning on needing a large loan within the next year, applying for new cards can hurt your score. Here’s why:
Keeping your credit score strong can positively affect your finances for years to come.