Credit Card has become a necessity as well as a trend in today’s life. It helps to go digital in a very easy way for online payment. But maintaining multiple credit cards is not that easy.
So if you are having multiple Credit Cards, you need to maintain their payment in a very systematic way else Credit Score may be affected.
Companies are attracting people with numerous offers in various section like reward points, discount in travel tickets and hotels, online shopping etc, so people don’t even think a minute to go for an additional card. But we should know that more number of cards may affect your CIBIL score.
So, what can be the Ideal number of cards one can have?
Our society is divided into two kinds of people. Some believe to have as many as card as possible for fulfilling their requirement and some prefer to have one or none.
If you are having multiple cards you should pay your bills on regular basis without fail or else it can hamper your Credit Score. Again a poor credit score can detain any bank to offer you additional Credit Card or Loan.
For avoiding these situations the repayment should be more particular. A delay in payment within due date may cost you only 1000 bucks fine but it can be responsible for around 30% of your Credit Score.
Again availing more credit liberally through multiple cards will be reflected in your credit reports which will be a bad impression to bank. They generally deny any loan or credit card to such kind of applicants.
Applying multiple cards or loans in a small span of time may also affect your credit score.
If you have credit card but you are not using it in a regular way, it can be considered as inactive and it will be shown separately in your credit reports.
Paying your bills on time is the only solution to have a good credit score and have a trouble less way to avail credit cards or loans.