Responsible Credit Card Usage
Using Student Credit Cards Responsibly:
How Many Credit Cards Should I Have?
Even as a student, you should be concerned about your finances and your financial future. Towards this end, the proper use of a student credit card can be an essential ingredient of laying a foundation for a successful financial future. In this regard, you may be asking yourself how many student credit cards or other credit cards you should have in order to maintain a healthy financial status and a good, solid credit profile. Through this article, you are presented with the facts when it comes to the question of:
“How many credit cards should I have?”
In this day and age, many people overkill when it comes to applying for and obtaining — and using (misusing) credit cards. As a result, these very people end up killing their credit in the process.
When all is said and done, prudence needs to be the watchword when it comes to obtaining and using credit cards. In reality, many experts insist that you really only need one major credit card. One. Period.
By this these financial experts maintain that you should not obtain a retail store credit card or a gas credit card. They insist that all you need is one major credit card that is widely accepted. These experts maintain that adding more credit cards to your wallet or purse will result in your using — and overusing — all of your credit cards. If you have one credit card, you are more likely to watch your usage of that card more closely and you are less likely to overuse the card (if you do exercise at least some degree of restraint) because it is the only card that you do have.
It is frighteningly easy for a person to rack up high balances on multiple credit cards by rationalizing that he or she has other cards he or she can use if one reaches its maximum balance limit. However, such an analysis fails to take into consideration the negative impact such credit card usage will have on that person’s credit history, credit score and credit report. It simply is not a prudent or profitable manner in which to handle one’s personal business affairs.
Of course, even though many experts insist that a person is best served by having only one credit card, there are many health experts that say you should never eat cake. However, there are also more realistic health experts that understand that people like to treat themselves from time to time. Perhaps the same holds true when it comes to credit cards. In some instances, for some people, having more than one credit card can work acceptably.
Thus, provided you are responsible and realistic when it comes to your credit card usage, you can maintain a good credit history with a more charging or credit devices beyond one major credit card. Therefore, perhaps you will want to get one (maybe two) retail store credit cards and one gas card. But, once again, do not go overboard. Too many credit cards can and will have a very serious and negative impact on your credit score.
Check out http://www.studentcreditcards.com for additional information on credit cards.
Student credit cards.com @ October 31, 2007