Is it a good idea to have 2 credits card? for building credit or new credit user

Discussion in 'Growing and Managing a Business' started by tHai9, Jun 22, 2012.

  1. tHai9

    tHai9
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    Like the title, Is it a good idea to have 2 credit cards for people who never had a Credit history. Some one who is building credit? can you build credit faster with 2 cards? assuming you always pay on time or make the minimum payment...
     
  2. StarBC

    StarBC
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    The 2nd card won't help you to build your credit history faster but having 2 cards let you stay within 25-30% of your credit limit and not to lower your scores. If you want the 2nd card don't apply for it too soon. (I made that mistake & my request was rejected) Wait for at least 6 months after you got your 1st one. Check your credit scores to make sure you don't have any negative information. And try to avoid hard inquiries on your credit report 'cos banks don't like them and can refuse to give you the 2nd card.
     
  3. firstchoicecar

    firstchoicecar
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    Well I was also thinking that I would avail a second card but StarBC is right, The second credit cards won't really help to build credit history.
     
  4. kimipatel

    kimipatel
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    I also don't think to maintain two credit card help to build credit history...
     
  5. Mark T

    Mark T
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    It won't help you actually in getting a good credit history or score - rather may even get you at financial risk - that is if you do not know how to handle or manage them effectively. Most people abuse it and end up in deep credits and unpaid debts.

    Consider getting a professional and financial advice from a financial expert to help you out in planning your expenses and handling your money or credit card without getting into trouble paying your credits.
     
    #5 Mark T, Jun 25, 2012
    Last edited: Jun 25, 2012
  6. Jerlene

    Jerlene
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    If you can pay them off in time consistently it's not a bad idea.
     
  7. Mark T

    Mark T
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    The problem is that people get to use their second card to pay off their debt on the other one - and vice verse. They may be able to get through it but they just probably don't notice that it may then reflect on their credit history and may even get them into a higher debt.


    Thanks,
    Mark T
     
  8. gogreenbusiness

    gogreenbusiness
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    Yes, actually it's advisable. It's always better to have a back up card in case your primary credit card failed. Just learn how to manage your credit properly.
     
  9. jcworlditsme

    jcworlditsme
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    I wouldn't advise using credit cards unless it is absolutely unavoidable, because having them could land you in debt at a later stage.
     
  10. Bridge-Stones-UK

    Bridge-Stones-UK
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    I am agree with post of firstchoicecar that the second credit cards won't really help to build credit history.
     
  11. Mark T

    Mark T
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    If you do pay on time, and have a good credit history then it will help you a lot build a better credit history then. Just know how to use of your credit cards.
     

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