Does it help your credit rating to have more than 1 credit card?

From the same bank?

Does it help your credit rating to have more than 1 credit card?
It does help as long as you have financial discipline and don't misuse the credit.





Ideally it helps the most if you have a good mix on your reports - major credit cards, store cards, mortgage, car loans, etc.





Having more than one card from the same bank does not hurt either.





If you have a pretty thin file - short history and/or few accounts, you will take a pretty good hit on your scores for both the inquiry and the reporting of the new account. But, the inquiry will mean less around 6 months and, for the most part, mean nothing at the one year mark.


If the new account is kept in good standing, you should see an improvement in your scores at the 4 to 6 month mark.





If you already have quite a few accounts that are in good standing and with fairly long history, you won't be dinged as hard for either the inquiry or the new account.





edited to add - I agree with everything sandmom had to say, and that creditboards is my favorite site also
Reply:If lets_be_logical was actually a 'nationally known' anything, he would give his NAME. Report Abuse

Reply:it dont matter one way or another if you have more than one card from the same bank.


it does matter as to how many revolving accounts you have, what the limits are, and how long they have been open.





I had no revolving cards and was denied credit because of it regaurless that i was making lots of money. i applied for a really easy one and bam my credit limit was only $500 but my score jump about 20 points instantly tehn another one $500 and about 10 piont jumpt these were both from teh same bank. i then got another card $500 got about 7point score and two other store cards another 4 points from the frist one then zero point increase from the last card so that is were i stopped. once i hit the 6 month mark i got another 11 point increase.





having a mix of credit is very important. get cards that you are going to use, do just go on a card getting spree. inquires will sometime hurt your score so becareful of how many you applie for and only applie for those you think you will get.





take care of your credit. pay in full each month and you will see your credit score sore. become a member of a credit forum too where experts in this field help each other. my favorite is creditboards.com my fico when from 550 to 670 in less than a year thanks to their help. good luck.
Reply:The best score is achieved with 1 major credit card and 1 store card. Nothing more, nothing less.
Reply:Speaking as a nationally known credit score and lending expert (book, radio shows, newspaper columns, etc.)...





You want as big a credit line as possible for best score. BUT, opening a new account CAN hurt your scores until the account gets older and is used correctly.





If you cannot get approved for anything more than $750 limit credit cards, do NOT open ANYthing except secured cards at Wells Fargo and/or Bank of America.





These are the ONLY secured cards that will raise credit scores.





Such cards as Cap One, First Premier, Orchard, Household, etc wherein they offer $250-$500 limits will HARM scores if you open them.





Good luck.
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