You’ve heard a lot of this before, but the one tip that many people forget or don’t realize is to make sure there are not many credit inquiries. Every time you apply for a new credit card there will be an inquiry. If you are checking around at various banks for a line of credit there will be a credit inquiry from each of those banks. Same if you are checking around for a mortgage loan or to refinance.
My tip: if you are looking for the best rate on a loan or a refinance, do a little homework on bankrate.com to see which banks are likely to have the best rates. Then you can call maybe just the top 3 for your search. That’s 3 crredit inquiries instead of maybe 10, and you can be confident that you got the best rate.
As the article says don’t take out too many credit cards. That 10% off of your purchase price if you apply for their card is a two-edged sword. How many credit cards should you have? I’d say 3, including one that is accepted in other countries if you travel. I think the Discover Card is not accepted overseas, if I remember correctly. Usually Visa is. Not sure about MasterCard, but probably. If you do plan to travel out of the country be sure to notify your credit card companies before hand or you will probably not be able to use the cards on your trip. They will assume it’s a stolen card & it takes a lot of time and trouble to get it in working order again. You don’t want to use a whole day of your trip on that.
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