How Many Credit Cards Does it Take for a Low Mortgage Rate?

Fun credit card fact: According to the Guinness World Records, Walter Cavanagh of Santa Clara, California, has largest collection of valid credit cards that is recognized. He has amassed a 1,497 credit cards. While you don’t need THAT MANY, you should ALWAYS have a couple in good standing – but just HOW many?

Simple answer: there isn’t a magic amount.

There are so many different factors that go in play when it comes down it. While the number of credit cards does affect your overall credit score, so does the amounts of debt you have on each card. So does the timing of paying all your credit card bills due their due dates. So does how long you’ve have each credit card open and in good standing.. you see what I’m saying?

With all this being said  TransUnion compiled data from the first quarter of 2017 (yes, that long ago now) and figured out that the average number of credit cards per person was 2.69. It would seem to be that 2-3 credit cards per person are the norm.

Want to know more about your credit score and how it will determine the mortgage rate and loan amount you qualify for when you’re buying a house? Contact Elysian Realty, we work with some really great lenders. Home buying may just be a phone call or two away!

Elysian Realty is a local Real Estate Brokerage with Expert local Realtors located in Green Bay, WI : De Pere, WI : Pulaski, WI : Oconto Falls, WI : Appleton, WI : Neenah, WI : Oshkosh, WI : Kewaunee, WI, Algoma, WI and more!