Does owning multiple credit cards ruin a person's credit score?

Having multiple credit cards will not hurt your credit, but maxing them out will. Getting pre-approved credit offers in the mail does not mean you will be approved believe it or not. It just means they can offer you the deal.

Applying for new credit cards will hurt your credit temporarily. Each application will result in an inquiry, each inquiry will stay on your credit for 2 years. Inquiries make up 10% of your credit score.

Maxing out credit cards will drastically hurt your credit. Your debt to limit ratio is 30% of your credit score. So the higher your balance and the more you owe the more it hurts your credit.

Take the recommendations of others. Get the best credit card possible and pay it off each month. Getting a variety of credit is better than just getting one type. Types of credit makes up 10% of your credit score.

Owning multiple credit cards does not ruin a person's credit score. Borrowing money and NOT paying it back however is what will achieve that.

RE:

Does owning multiple credit cards ruin a person's credit score?

I get tons and tons of credit card applications with many fabulous deals associated with them. For Example: No interest until 2012 including balance transfers. If I were to theoretically apply for th...

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Judy is VERY incorrect and I doubt that score as she is the one who constantly tells everyone their score does not matter. Anyhow having multiple cards with the possibility of being able to charge each to the max is VERY bad for your score or a decision on a loan or more credit. The applying hit is temporary but you will have a "looked at" file on yoru credit report that will last for about 2 years but stops hurting sooner.

Definitely not, in fact it helps you to improvise the score. One needs to utilize it carefully and make sure whatever you use the payment is done accordingly. If payment not done on a timely basis it will then hurt your credit score. You need to control the usage on your credit card as it's one of the important parameter which is considered for calculating your credit score. To know about credit utilization visit

New credit will lower your scores for the first 6 months.

I have many, many credit cards.

Yet I have top credit scores 800+

The secret - make sure you NEVER carry a balance on any credit card.

Pay in full each month.

Carrying balances destroys credit - you'd be surprised how many people don't know this.

Forget interest rates - carrying balances - even with no interest - will dramatically lower your credit rating.

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Just because you are getting tons of credit card offers doesn't mean you would be approved.

Yes, applying for multiple cards will make your credit take a hit.

Choose ONE offer that you feel is best and apply for that. If you get declined, you can pretty much expect the other offers will decline you too.

Yes for two obvious reasons a) applying for mulitple cards at once and b) maxing out cards is a huge NO NO ..

that's a good question