Quote:
Originally Posted by REDVAN
How do I do a credit report on myself?
And when I sign up for a Flames credit card, and then another Flames credit card, does that count as two or just one? If it only counts as one, then I have 3 credit cards total.
Us there any problem with having too many credit cards, if you never use them?
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To do a credit report on yourself google equifax (it's free).
The downside to having lots of CC's is that most of them would only have a $1,000 limit (not much use for most things & people).
Also say you have 5 cards... (5k credit available) If you wanted to get another loan (say for a car), the bank would look at your report and see that you have 5k already available for credit. You may have all of that paid off in full, but they see that you still have potential to spend that and be in debt.
So they are going to be hesitant to loan you any more money because if you go in debt say 30k with them and then max all of you CC's you are going to be in quite a bit of debt.
On the other hand if you only had 2k available, if they loaned you 30k and you fell another 2k (32k) in debt, that would be an amount that would still be manageable for most people.
(obviously with my #'s the difference isn't much, I just made those #'s as an example)
* I am not in any way a financial guy, this is just what I have been told.
Also I would assume no matter how much credit you have available, it would look better if it was only possible to go to one place (one card). It just seems that it would be easier to pay 5k to one guy than have to pay 5k to 5 different people.