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Home Buying Help – Money Management Tools – Home Decorating Ideas – Free Recipes

Credit Card Basics for Couples

Home Buying Help – Money Management Tools – Home Decorating Ideas – Free Recipes

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Most experts recommend having two to five cards total: one or two joint cards and one to three cards in your own name. With a joint card, you’ll only have to pay the fixed costs (like annual fees) once. Be sure to agree on a monthly limit for each of you that’s within your budget. Then keep separate cards (listing the other person as an authorized user), so you have your own financial identity.

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Most retail stores allow you to make a payment in the store. Use your store credit card to get the discount and pay it off with cash before you even leave with your purchaces!

by erintayerle on Apr 22, 2009

Great tip. I've done that a few times myself

by lindaisy on Jul 25, 2010

I didn't think closing credit cards can hurt you... but what if you have a bunch you don't use nor need?

by mana8503 on Oct 13, 2010

Personally I have a few cards that I don't use anymore, but won't close them because it will hurt your credit score. Also for your credit score, its based upon how much available credit you have and how much of that credit you have used, by closing your cards, you are decreasing your available credit.

by kim728 on Oct 17, 2010

I had the same impression that I needed to keep open the cards that I had no matter whether I used them or not. Then I was told that it also depends on how many you have and what you're trying to use your credit for. Like when I bought my house. I was told that I could probably close a couple that I never use and it wouldn't really affect me negatively (since I had like 7-8... alot of them being store cc that I don't frequent). It's more important to keep your oldest cards open and be sure to make a purchase on them every once in awhile to show activity to keep up a higher credit score to show that you don't open and close cc all the time and have a longer credit history.

by chicbride2010 on Oct 21, 2010

actually closing credit cards does hurt you. when the credit bureaus tally your credit score and they see you have closed an account (even if you're doing it to save money and not be tempted) it sends a message to them that you dont have as much credit because you closed an account that would allow you to have a large spending allowance. Now that you have closed it you dont have the, say, $10,000 credit limit, and that's $10,000 less the credit bureau's think you have

by VictoriaF314 on Apr 18, 2011

Though I don't agree on why there has to be a need for so many cards, I agree that reading the fine print is very important. The fine print often contain many hidden costs and fees, and by using this system, credit card companies can charge you even when you are not spending. Ultimately, credit cards are double edged swords.

by simoniddings on Oct 19, 2011

Personally I have a few cards that I don't use anymore, but won't close them because it will hurt your credit score. Also for your credit score, its based upon how much available credit you have and how much of that credit you have used, by closing your cards, you are decreasing your available credit. Hypercom

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