Having to many credit accounts

[attagirl]

What do you think about having too many credit accounts. How many are too many accounts including, bank loans, credit cards and other loans that you might have.

[Barb]

It's difficult to say as different accounts provide for different items. IE your car loan and house loan are seperate accounts. Your credit cards could be for holidays while some use them every week.

Ultimately, attagirl, you should guage this by your repayments Vs your income. If your income is less that your repayments then you definitely have too many loans and it's time to cut down and see what kind of loans you can drop. You'd be suprised what you don't need when forced to do without it.

[APhillips86]

I agree with Barb, as long as you can budget yourself so that you can pay off each account, then there is nothing wrong with having multiple loans and credit cards. Just don't get in too far over your head or you will find yourself in a lot of unnecessary trouble.

[Consultant_Lorens]

It depends on how much you can manage. You can have as many credits on you as long as you are eligible for them. Obviously if you are not eligible enough even the financial ins***utions wont provide you with further credits. Also if you have multiple credit accounts in your name and you are not able to properly manage them then you are heading towards disturbing your credit score. Which can hamper your in future credit requirements. You can yourself decide upon how many credit accounts are good for you and manageable at the same time.

Regards

[abbynelson28]

Nice question.. the interesting part is most of the people still don't know how to manage their finances and this is simple if you pay small attention towards your needs and wants..
Having multiple credit accounts is not bad in fact if you are repaying them regularly your credit ratings will be good. Decide what you need and think if you have ability to pay it back.

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Abby Nelson
internet merchant account

[Consultant_Lorens]

A better and more clear reply to it can be that all the monthly payments of your credits and loans should not be more than 40% of your monthly household income. If it is going beyond 40% then you can say that you are having to many credit and loan accounts.