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 Originally Posted by journey075
the more credit cards you have, the more unsecured credit you have and therefore the lower your credit rating.
unsecured credit is for stuff like credit cards where if you wanted, you could max them all out and go to mexico.
secured credit is like paying for a house. you cant really do much -- if you stop paying for it the bank will just take it back.
Exactly. You have to sign up, and actually CANCEL the card, which most banks make nearly impossible. You will be hard pressed to get a loan for your house/car when the bank sees you have ton of unsecured credit. They don't want that risk.
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