When You Hit College, Is Three Still the Magic Number?
By: Larry Goldberg
Once you’re off to college, you’re off to credit land as well. You’ll be inundated with great student credit card offers the moment you hit campus, and knowing how many to apply for, how many to carry, and what the ideal number of cards is can be a little tough.
The simple truth is that nobody knows for sure exactly how many credit cards you should have, but there are several lines of thought on the issue.
No Matter How Many Cards You Carry . . .
Whatever you decide your magic number of credit cards is, there are a few rules everyone should adhere to. First, don’t open store credit card accounts unless you must. Every time you open a store account, your credit score gets lowered. Second, keep your balances at only thirty-five percent of your limits. Any more than that can cause serious damage to your credit score. Finally, make your payment on time, and when you can, pay off the balance in full. It will give you a better overall credit rating, and lenders will be more likely to offer you more credit deals on things like home and auto loans.
Choosing the right number of student credit cards while you’re in college is a bit tough, but these tips should help. Do a bit of research before you apply for any credit card, and you’re sure to get products that will work for you on a long term basis. In the end, that’s the best way to get and keep a great credit score.
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