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Approximately half of the country has only one credit card. If you are not a big credit spender, than one card will probably be sufficient. With a single card, it is easier to track balances. However, the other half of consumers feel that more than one credit card is wise to have. Steve Rhode, president of Myvesta, a nonprofit consumer-education organization, says that "Each time you open a store credit card, 20 points are taken off of your credit," according to Bankrate.com (see References). But if you want an assurance that money will be there when you need it, opening more than one card may be the answer. Some cards also offer cash back or rewards, and you may want to take advantage of the offers. Regardless if you have one, two or more credit cards, the consensus is do not let them get out of control. The key to a good credit score is to use the cards properly: Pay off any balances quickly to show that you have the ability to handle the cards.On One Hand: One Credit Card
On the Other: Multiple Credit Cards
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