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If you get a lot of credit card solicitations in the mail or by telephone, it does not necessarily mean that you are a good credit risk. Credit card companies want people who will run up big balances. Having multiple credit cards can cause serious problems.
Don't get in over your head
Having more than a three credit cards signals lenders that you have the potential to get into too much debt too fast. It may also cause banks to decline your applications for other types of loans, knowing that you already have a sizeable chunk of cash available on your credit cards. Even if you don't have a balance on the cards you own, your bank knows you could run up charges quickly on any open card. The bank may deny you the mortgage you would get if you had fewer cards.
More than three spells trouble
It's difficult to keep track of more than three credit cards. Because terms, grace periods, and interest rates vary, you may find yourself paying unexpected fees and penalties. Fewer cards are easier to keep track of, and mean less interest. How do you know if you have too many cards? If you cannot pay off your combined debt in one year, you are heading for credit card trouble.
Before you get into credit card debt, read about Bankruptcy.
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