As long as you use your credit card wisely and are careful with how much of the total credit limit you are using at the time, you will find that they can be a good tool to work on your credit score. But as soon as something happens and you use the card as an emergency, it could end up causing some damage to the credit as well. This is why you need to worry about how you use the credit card and may need to consider not having one at all.

But another thing to consider is whether having a bunch of credit cards is going to be enough to hurt your credit and make the score go down. When a credit card company does a check on your score, this is known as a hard inquiry. Each time that you decide to sign up for a new credit card, this hard inquiry is going to ding the score a little bit. If you just do this once, it will only drop the score by a few points.

The problem is that if you sign up for a lot of credit cards in a short amount of time, then you will have a bunch of dings against your credit report and your score will take a hit. This is true of any loan that you take out. The only exception is a mortgage. Since you are encouraged to shop around there, you are allowed to get one ding on your report for a mortgage company and then you get 14 days to look at other ones and get another credit pull without it affecting your score.

In addition to worrying about the marks against your credit, you also have to remember that it can be harder to pay off more than one balance each month. It may sound like a tempting way to pay down debt or have something for an emergency, but it can actually end up causing you a lot of harm and lowering your credit score.

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