According to Fair Isaac, the company that created the credit score, on average, today’s consumer has a total of 13 credit obligations on record at a credit bureau, 9 credit cards and 4 installment loans.
How many cards do you have? Can you name what’s in your wallet? If the answer is no, you have too many cards. You probably don’t need more than two cards, maybe three. Yeah, I know you get some great deals with these cards.
But unless you are a really, really big spender it will take you an eternity to reap any real rewards from so many cards.
Pare down the number of cards you have. Pay them off, stop using them, take them out of your wallet and then consider canceling them. I did say consider canceling them. Your credit score uses a very complicated formula to come up with a simple number that creditors can use to judge your credit worthiness.
Part of that score is the percentage of credit you use each month to the amount of credit you have available "
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