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Greenman2016

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Is it better to have multiple credit cards or just one?

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More is usually better

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Most scoring models tend to use the number of accounts in their calculations.  Having more credit accounts in a positive state is a sign of a responsible debtor and raises your score faster.  So this can affect your overall credit limits, utilization, and diversity of your credit history; all of which are things creditors look at when determining whether or not to grant you credit with them. 

Besides showing good credit payment histories and diversity of credit accounts reporting to the credit bureaus, you will also want to watch out for opening too many accounts too soon.  As too many new accounts can drastically drop your credit score as lenders tend to see this as a sign of someone in toruble finacially.  A good rule of thumb in this case is opening about 1 new account per year.

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