We usually recommend limiting the number of credit cards to one or, at a maximum, two credit cards. (One for normal use, the other with a low credit limit for on-line ordering.) More than that usually causes confusion about the balances and due dates and increases your risk of becoming a victim of fraudulent activity. You should also avoid the habit of carrying balances on credit cards, especially high interest credit cards.

Having credit cards and not using them does not help your credit rating, in fact, it lowers it because you have available credit. This may lower your ability to get a higher mortgage or loan amount.

Carrying a balance of more than 35% of your credit limit also lowers your credit score, so make sure you pay off the debt and close the account; do not just transfer your debt to another card.

Check out www.fcac.gc.ca - Understanding Your Credit Report and Credit Score

You could also talk to your financial institution about improving your credit score for your future financial goals.

DollarSense Credit Counselling Services, a division of CFCC is the only not-for-profit of its kind in the region and is there to help you with money management issues.  CFCC offers:

• confidential financial counselling
• consumer repayment planning
• employee assistance programs
• all people and all denominations welcome

 Call 519-743-6333 for more information.