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So what’s advantages with multiple lines of credit? If you can own multiple credit cards with different credit brands(VISA, MasterCard, Amex) from different credit card issuers(Discover, Chase, Amex, much more), you still pay bills on time without late payments, your credit scores definitely will increase. First of all, that demonstrate you can wisely manage your credit cards and credit usage. Secondly it is because more creditors are willing to offer you better credit cards such as various reward cards/cash rebate cards/points cards… More you use and pay back, you build better and higher credit score. Third it may help to maintain a good credit limit for each credit card. On the top fo that, that also improve your ratio of revolving debt with multiple open lines of credit.

If you have bad credit score or no credit score, you can get secured credit card from different issuers to build your credit score. If you have good credit scores, you can easily apply for various good benefits of credit cards like we mentioned above.

If you can continue to pay bills on time for multiple credit cards, lenders are more likely to think that you are a responsible borrower and will see you with a good credit risk. This will somehow extend your credit or lower your interest rates. Both the length of time that you have had your lines of credit, as well as the amount of credit extended to you, will affect credit score. Length of time is important for credit agencies as it reflects a stability in your relationship to creditors. If you can stay between 10-30% of your maximum credit limit on each credit line, and you do not exceed 50% on any credit line, your credit score will not be adversely affect. From a credit score perspective, lowering your ratio of revolving debt will lead to a higher score than consolidating everything into one credit line.

However, too many credit accounts will scare most banks. Also it will become really hard to manage so many credit cards without loose track of your credit card payments. Another issues will be hard not to over spend when you have too many credit score. Even though multiple lines of credit will help you to raise credit score, however, you must manage them well. Otherwise, it won’t help you, but hurt you. Apply knowledge wisely. Don’t abuse them.

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