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Assuming that I never make late payments, of course. I’m about to be a college student but I definitely trust myself to not live above my means, etc. I’ve already been approved for a BoA card and am considering a Discover student card with slightly better rewards. Should I go for the second and perhaps use the Discover card (even though I have a BoA account, making it somewhat more convenient to look at statements online) and keep the other in a safe place?

3 Thoughts on Does having two credit cards help your credit score more than having one does?
  1. Reply
    November 25, 2011 at 11:52 am

    It does, because the more money you spend and pay back the higher your credit score will be. But that’s only if you pay your bills on time because late bills can not only make you owe ridiculous amounts of money in interest, but it also will damage your credit score. As a college student, I would only have one credit card, its easier to keep track of your spending and to pay the bills.

  2. Reply
    November 25, 2011 at 12:15 pm

    Having more than one credit card will build your credit faster, as long as you use both cards and pay them on time. Just having the account and not using it, won’t do much for your credit/score.

  3. Reply
    November 25, 2011 at 12:43 pm

    Yes it will assuming that you do indeed always pay your bills on time. Paying on time is the largest factor that increases your credit score. Another reason why your score will rise with 2 cards as opposed to just one is because you will have a lower debt to credit ratio. This means that if say you only have one card and it has a $ 1,000 limit on it and you charge $ 500 worth of books, your debt to credit ratio is 50% (500/1000). This is bad (too high) in the eyes of the credit scoring firm. Now if you have two cards with $ 1,000 limit each and charge the $ 500 worth of books, your debt to credit ratio is 25% (500/2000). This is a little high, but still much better than 50%!

    I personally have 3 credit cards. I currently only use 1 because of the rewards. The other 2 I opened in college and will not close them because they have a long history, which also helps your score.

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