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Will applying for more credit cards help in building a good credit history?

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Taking new credit cards will help in enhancing your credit score if

1) you shall use the cards regularly AND 2) always make the payments on time for all the accounts. Credit score is calculated using data from the following five records: * Payment history * Amounts owed * Length of credit history * New credit * Types of credit used Every new credit card will be associated with a credit enquiry, which will have a very small, temporary negative effect on your credit score. How you use additional new lines of credit will have a long range of effect on your credit score, from positive to negative. The effect will be beneficial or positive if 1) you always pay on time and 2) if you keep your debt to credit ratio in a healthy range. The higher a person’s debt to credit ratio, the lower will be that person’s credit score. For example: Person A has five credit cards and Person B has one. Even though Person A carries greater total debt ($7800) than does Person B ($2700), Person B’s debt to credit ratio is very high, at 90%, and their credit score is likely to be affected negatively..


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