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Any disadvantages to having a lot of credit cards?

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  • #1

    Any disadvantages to having a lot of credit cards?

    Assuming you pay off your balances, are there any disadvantages to having a whole bunch of credit cards? Does it negatively affect your credit score?

    Also, I bought my laptop taking advantage of a 0% APR for 12 months. Is there anything negative with regards to credit score by holding a balance that long?
    "Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
    "I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi
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  • #2
    i don't have a credit rating (according to the good folks at my bank) and therefore am unable to partake in such things, even if i was so inclined. which i'm not.

    however, if you're unemployed with an income of zero i can see a few problems you might have down the line with borrowing money at usurious rates.
    "The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.

    "The most obvious predicition about the future is that it will be mostly like the past" - Alain de Botton

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    • #3
      Yes to the first. And **** if i know to the second one.

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      • #4
        Cockney, but didn't you own a business? How did you manage that without a credit rating? Or do you mean you don't have one in Brazil?

        And, Noodle, why yes to the first? If you have a lot of credit (meaning a lot of financial institutions deemed it appropriate to give you credit) why would it lower your credit rating?
        "Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
        "I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi

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        • #5
          I think there's a risk factor or something built into your credit score. It's all just a scam anyway. Your credit actually gets hit every time you close a credit card account.

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          • #6
            The more credit cards you get, the worst your credit score becomes even if you never use them. Not sure if it is the same all over the owrld or that's just a thing localised to Canada.

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            • #7
              But why? This is why I ask. I want proof.
              "Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
              "I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi

              Comment

              • #8
                yeah but i borrowed the money to start it in cash, and then the whole business was conducting using cash, and when i sold the vans, i was paid in cash. i do have a bank account, but i've had it since i was like 15 or something. in fact i have two, i opened another one to put my poker winnings into a few years back.

                i actually asked my bank if it was possible to get a credit card for emergencies in brasil, and they told that it wasn't because i didn't have a credit rating, maybe they meant i didn't have enough of one, but those were the words they used. i can't get a contract mobile phone for similar reasons, again not that i'd want one.
                "The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.

                "The most obvious predicition about the future is that it will be mostly like the past" - Alain de Botton

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                • #9
                  Well how the hell am i supposed to get you proof?

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                  • #10
                    Originally posted by NoodleNaught View Post
                    Well how the hell am i supposed to get you proof?
                    Break into the offices of Experian or Equifax or something and download their proprietary credit rating software and see what they use to calculate it!

                    Seriously though, there should be something known about this. I tried to google it and all I got was crap like "If you have a lot of credit cards, you need help to get out of debt! Here's how!"

                    Nothing about if it affects anything.
                    "Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
                    "I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi

                    Comment

                    • #11
                      Besides why have credit cards, when you can have debit cards?

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                      • #12
                        Originally posted by NoodleNaught View Post
                        Besides why have credit cards, when you can have debit cards?



                        Okay, can an ADULT help me out here?
                        "Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
                        "I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi

                        Comment

                        • #13
                          No but really i talked to a guy who was taking that up as a profession, and he explained to me that one of the things that will make your credit score bad is having lots of credit cards or other like things. And i'am an adult depending on where your from, hell i could get into bars legally two provinces over at my age.

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                          • #14
                            Originally posted by NoodleNaught View Post
                            No but really i talked to a guy who was taking that up as a profession, and he explained to me that one of the things that will make your credit score bad is having lots of credit cards or other like things. And i'am an adult depending on where your from, hell i could get into bars legally two provinces over at my age.
                            Okay, can an ADULT help me out here?
                            "Flutie was better than Kelly, Elway, Esiason and Cunningham." - Ben Kenobi
                            "I have nothing against Wilson, but he's nowhere near the same calibre of QB as Flutie. Flutie threw for 5k+ yards in the CFL." -Ben Kenobi

                            Comment

                            • #15
                              You don't believe me? Seriously dude we were in a halftrack together and it was a long trip to the front so there wasn't much else to talk about.

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