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Updated over 3 years ago on . Most recent reply

User Stats

11
Posts
1
Votes
Rylan Conrad
  • New to Real Estate
  • Red Deer, AB
1
Votes |
11
Posts

Does getting more credit cards equal higher credit score?

Rylan Conrad
  • New to Real Estate
  • Red Deer, AB
Posted

I am an 18 year old in Canada looking to build my credit and save money so that I can invest in the next 12 months. My question is, would getting another credit card or two improve my credit score in the next year? Let me know what you think. Thanks. 

P.S - if you have any other ideas for how to build credit leave those a response :)

Most Popular Reply

User Stats

300
Posts
195
Votes
Zorya Belanger
  • Rental Property Investor
  • Edmonton, Alberta
195
Votes |
300
Posts
Zorya Belanger
  • Rental Property Investor
  • Edmonton, Alberta
Replied

Generally no. Better to have one and show long term consistent use. What they want to see is that you are using it but consistently paying it off every month and never maxing it out. I've heard that it's best to only use about 60% of the limit. So if you have $3000 credit limit, don't use put more than $2000 each month. I pay for everything with credit card, and then completely pay it off each month. If you have other monthly payments, like phone, always pay your bills on time. That will help with building credit.

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