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schmellz24

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Why has my credit rating gone down since I received credit cards, and I always pay off my balance...

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Could be many reasons but here are a few of the most common.

1.  When you were shopping for credit cards hard inquiries were made at the credit bureaus to verify your credit.  Not much you can do about this except place a fraud alert to prevent hard inquiries without your permission.

2. These new accounts have not aged sufficiently to increase your credit score.  If you had one card 5 years old any new accounts would decrease the average age of history.  Better to add cards slowly if you already established a long credit history.

3. Make sure the cards you have are reporting a high limit.  Lately many card companies are just reporting the high balance as your credit limit.  Those cards always appear maxed out on your credit report. 

Years ago I had to max out my Discover card with a cash advance check and cash overs one month to get my credit limit up to $15000.  It stayed there after that.  Just make sure you call the card company and request a limit increase when you get up near 90% utilization and don't forget to pay it back down with the cash overs the next month!

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