How many times have you walked into a big box store like Walmart and have been told by the salespeople about the instant perks you get by applying for their credit cards? Back when I was in University, I was applying to all-sorts of credit cards not really realizing the negative impacts it would have. I wanted the perks! But, how many credit cards do you need?
Honestly, there is no perfect answer!
I know for a fact that you can get an excellent FICO score if you just use one single credit card – the key, however is how you actually use the credit. In-order to even have any credit history you need to have used some type of credit – so it’s not necessary to have actual credit cards. You may have a loan for example that would show lenders your ‘activity’. It’s this activity lenders look at to determine your ’score’. One thing you must remember, however is that whenever you decide to apply for new credit, your credit score can take a little ‘hit’ so be careful with how many you actually apply for in any given time-frame.
How do I get one of these credit cards Walmart?
If you’ve been responsible with a checking/savings account, chances may be good – talk to a bank representative about opening up a credit card. An existing relationship can definitely help.
At the end of the day your activity will determine your credit score – pay your bills on-time and keep your debts low – it’ll go a long way!