is it good or bad to have alot of credit cards???
I think I have great credit -- that is until I read some of the postings here.
I just got my equifax report. Everything is listed as R1 -- the highest rating --meaning I am paid and up to date. But there is no number for my rating so I don't know what that is. Also when I opened an account with TD last year, the clerk looked at my report and said 'wow you have good credit, REALLY good credit!'
But I have 5 credit cards and now after reading some of the postings, I'm wondering if I should get rid of some of them??? Will getting rid of the ones I don't use improve or lower my credit rating?? I am confused. I thought by keeping them my credit rating would go up. (Long story as to why I have so many -- you know, promotions, PC points, AirMiles etc. etc. which I wanted initially but once the offer expired, I no longer really need them.)
Thanks for any input!