Financial Security

Don’t have “too many credit cards.” There are many good reasons to have at least two credit cards, but many people collect a stack of cards, including those from stores and oil companies, and rarely use them.

One problem with having a lot of credit cards is that lenders look at the ones with no existing balance or a very low balance and conclude that you have the potential to use them and get into debt. Even if you’ve proven in the past to be a responsible user of credit, these “extra” cards could come back to haunt you the next time you apply for a mortgage or other loan.

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