Sydney Garth, Credit Cards Moderator
In theory, there shouldn't be a major difference between having many low limit credit cards vs. having a few high limit credit cards, if the accounts are managed properly. That means that you should aim at having a flawless payment record on all of your accounts, as well as maintaining a credit utilization ratio below 30%.
Making on-time bill payments is the biggest factor in your credit score. One downside if you have more cards than you can manage, is that you can set yourself up to forget a payment. A payment that's more than 30 days past due can seriously affect your credit score if you have spotless credit.
Lastly, credit card accounts are most likely opened at various dates, and a factor to consider is the length of credit history. It makes up 15% of your credit score and it measures how long you’ve been using credit as well as the average age of your accounts. So, the more new credit card accounts you open, the lower that average will be.
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