Don't
open a lot of credit card accounts quickly to build a credit record.
Not exact matches
However, the fastest and easiest way to earn a
lot of points quickly — whether you're planning a big trip but don't have enough points yet, or you're just looking to build up your stores — is to
open a new
credit card that offers a lucrative sign - up bonus.
Despite what you commonly read about
credit scores, I'm not convinced that you can radically boost your scores by having
lots of open credit card accounts.
Using a
credit card comes with tremendous responsibility but when done well, it can
open up a
lot of doors.
Keeping
open a
lot of unused
credit card accounts is probably a poor idea, but understand closing an account will reduce the total
credit available to you by the
credit limit on that account, which would then raise your
credit utilization, reducing your
credit score.
I cut up the
card, but soon started having a
lot of trouble with overdraft fees from my bank, so I
opened up a line
of credit that offered overdraft protection.
If you
open new
credit cards, amass too much debt or buy a
lot of big - ticket items, you're going to have a hard time getting a loan.
The bank also has tougher
credit card application rules, which makes it harder to get their
cards if you
open lots of new accounts with other banks.
Difficult because you need
lots of optimism and self - drive to bounce back from an adversity and it is doable because all you need is to begin building a good standing
credit by starting a savings account and / or
opening a new
credit card account.
Lots of folks start out slow by
opening 1 or 2 new
credit cards.
I've been fielding a
lot of questions recently from friends and colleagues who are
opening up their 1st or 2nd
credit cards and are keen on travel rewards.
I'm considerably more conservative than a
lot of miles and points enthusiasts when it comes to how many
credit cards I
open and how often I churn my portfolio... but I still take a great deal
of interest when there's a nice sign - up bonus on offer.
Includes a reminder that you're running out
of time to buy Alaska Miles at a good rate, news that IHG and Chase are seriously devaluing the IHG Rewards
credit card, a review
of the Qatar Airways A380 Business Class product, news
of a new Hilton resort
opening in the Maldives at the end
of this year, a look at a few American Airlines routes you should probably avoid and a
lot more.
For those
of us not ready to
open up another
credit card, earning those miles could require a
lot of credit card spending.
I'm considerably more conservative than a
lot of miles and points enthusiasts when it comes to how many
credit cards I
open and how often I churn my portfolio....
It's also possible to have excellent
credit even if you
open and close
cards regularly and have a
lot of accounts.
Everyone should note that US Bank
credit cards are notoriously difficult to get approved for when you've
opened up a
lot of cards recently or have tons
of inquiries.
On occasion, you may get a denial for a
card you apply for online if you have a
lot of open credit and it doesn't look like you're using it.
I let him know that the Chase Marriott
card was still
open to people that have
lots of credit card signups and a little while later, he emailed me back to let me know