How Many Credit Cards Do You Need for Good Credit?

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For good credit, a person only needs one or possibly two credit cards with a low ratio for debt to available credit. Build credit with one or two credit cards or a card loan with advice from the owner of a debt settlement company in this free video on credit cards.

Part of the Video Series: Credit Card Debt Information
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Video Transcript

Hi, my name is Peter Repak. I'm the owner of Clear Financial LLC, a debt negotiation company. How many credit cards do you need to build a good credit. Well, the answer is one. Maximum, two. Why? Having too many credit open, itself, going to put a negative score on your credit. What you really want to do is use your credit card very responsibly. You don't just want to start spending like a crazy maniac. What you really want to do is have one card, maximum two. Slowly but surely pay it off on time, whatever the credit card company requires from you. That's really what you need to know about building credit. You can also build credit in other ways, other means. Purchasing a vehicle will probably help you to build a good credit. But mainly, if you're responsible and you're paying off your cards in a timely manner, whatever the credit card company or the lender requires, itself will build you a good credit. But remember, do not in any way, shape or form have too many credit lines open, because just having too high of a credit line will put your debt-to-income ratio into jeopardy, and what you're going to have, you're going to end up with a worse credit score that what you actually wanted to build in the first place. My name is Peter Repak. I'm the owner of Clear Financial LLC, a debt negotiation company. Thank you for watching.

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