Multiple credit card is good or bad for cibil

[aajmera]

Hi

I am having multiple credit cards from different banks. I was just looking at my cibil score and it mentioned how much total limit I have from all class.

I want to confirm if it does impact us on cibil if we get a huge amount of total limit from multiple cards. Also, do it create problem in multiple banks if we have multiple credit card.

 

[rohit_20085]

Hi

I am having multiple credit cards from different banks. I was just looking at my cibil score and it mentioned how much total limit I have from all class.

I want to confirm if it does impact us on cibil if we get a huge amount of total limit from multiple cards. Also, do it create problem in multiple banks if we have multiple credit card.

Beyond a certain point, addition of new cards doesn't affect cibil score much. However, it'll affect cibil badly if you miss even a single payment. Still, frequent hit on credit report negatively impacts cibil

 

[17ysaurabh]

Hi @aajmera, it's good to have multiple credit cards as long as you can manage them.

• Beyond a certain point, adding new credit cards won't increase your credit score.
• Instead, you can increase your credit card limits for the cards you use mostly so that your credit utilisation becomes less. This will help you in increasing credit score.

 

[Dhrutabrata]

Hi


Having multiple credit cards can offer benefits like increased credit limits and diverse rewards. However, it can also lead to higher debt risk and increased difficulty in managing payments and rewards. It's crucial to consider your spending habits and ability to manage multiple cards effectively. Ultimately, the decision to have multiple credit cards should align with your financial goals and require responsible usage to maximize benefits and minimize risks.

Also it may affect cibil score or not because it completely depend on you as you done your payment on time or not.

Also multiple credit card charges different charges annually.