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Anonymous
Anonymous asked in Business & FinanceCredit · 1 year ago

What are the disadvantages of owning 2 credit cards?

I've been employed for the last 3 months and have over $15,000 and was wondering if 1 or 2 credit cards would be a good idea. I have an excellent credit score with no defaults recorded on it, I always pay my bills on time, and I am wanting to consolidate all my debts into one credit card, so I don't have to memorize a lot of companies to pay.

Update:

My current credit card company has an interest rate of 24.99% and the other one was a 5% interest rate.

15 Answers

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  • Anonymous
    1 year ago

    Do what you want.

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  • Anonymous
    1 year ago

    You could be very tempted to use them both. You should have stuck with the cc asking for 5% interest

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  • 1 year ago

    None that I can think of. I have always (last 30 years) had 3 - 6 cards. Each is set up with autopay so I need not "memorize a lot of companies to pay." {Just make sure to keep enough money in your bank account.}

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  • 1 year ago

    Always better to only get one at a time for your credit score.. wait a year after to apply for another.

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  • Anonymous
    1 year ago

    It's not about what you have - it's also about what you OWE.

    You said you are going to be fired in the very near future because you reported yourself to HR for sexual harassment. I'd do nothing until you know if you'll be employed next week.

    Here's the bigger picture. Your credit report will reflect that you still live with Mommy and Daddy. It will reflect that you own two MB, one new, one older. That is both good and bad.

    Your gf - according to you - is pregnant (and has been for about 11 months). Your $15,000 is going to go partially to her and the child.

    It's your overall financial status that matters, not how much you have in the bank and what you owe.

    • 1 year agoReport

      It hasn’t been 11 months since she first became pregnant.

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  • 1 year ago

    Consolidate the debt onto the 5% card then work to pay it off.

    There is no harm in having multiple credit cards, as long as you avoid going into debt and make monthly payments on time. If you do that, they will in fact help your credit score.

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  • 1 year ago

    The obvious disadvantage is that the more credit you have the more you tend to charge. There may come a day down the road where you can no longer pay the fees every month and then you are in serious trouble.

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  • 1 year ago

    It's better to have two cards and spread your "utilization" percentage and spending limits, which helps your credit score. If you do decide to consolidate, do not close the other card account.

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  • DON W
    Lv 7
    1 year ago

    My suggestion is that you indeed consolidate onto one card, but that you keep the second card open to use "just in case". If your first card is stolen or compromised, it's good to have a second card to fall back on. Just use the second card once a year, such as to buy a meal, so that the card company won't close it due to non-use. Otherwise, stick with your primary card.

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  • Rick B
    Lv 7
    1 year ago

    Consolidate all your debts into one credit card???? All your debts? Why do you have so much debt? Don't consolidate it , PAY IT OFF.

    You need to work Dave Ramsey's baby steps and get out of this cycle.

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