subject: How many credit cards should I apply for? [print this page] How many credit cards should I apply for?
Is there a limit to the amount of credit cards you can apply for? The answer would be not really, by all means you can apply for as many as you want, whether you get accepted is another question altogether.
You can only assume that the people who want lots of credit cards are the ones that are in need of credit. They do not have enough money? They are already maxed out on their other cards? Is getting another credit card really good idea?
Some people get credit cards for fashionable reasons, may it be to match the outfit they are wearing that day, or to associate themselves with a brand. You can get cards associated to football teams, charities and even online stores like play.com.
As long as you can afford the repayments and interest rates, and aren't so far in debt that it's unmanageable, you don't have to have a limit on the number of credit cards you can have.
The truth is, (which many people seem to not realize, or simply ignore) is that credit cards are NOT the same as having cash. This is the attitude that gets so many people into trouble. "I still have credit available," they reason, "so I can still spend!" Well, yes, but this can lead to a very damaging situation where you're further in debt than you realize -- and sometimes very suddenly.
** Make a habit to plan your purchases, keeping in mind that what you spend now, you have to pay for eventually.
** Differentiate between what you need and what you want. You need food, you want shoes. I'm not saying never buy shoes, just be sensible about it.
** If you are having a cash flow problem, don't go out and buy things to make yourself feel better. This is perhaps the worst time to practice impulse buying, and perhaps the best time to practice the planning of your purchases.
** Talk to your creditors to see what arrangements can be made if you are having difficulty making the minimum payment due.
** Unless you are faced with an emergency, NEVER go over your credit limit. Not only will this affect your credit history, but the fees can get out of control.
