All of us know that one person who has a wallet with literally twenty card slots and they have them all filled with actual cards. One could argue that that person has too many credit cards, but on the flip side, it might actually be working for them. How many are too many credit cards?

Your credit limit is the maximum amount that you can spend on a credit card. There are a few reasons you might want to increase it. First, it could be that you want to spend more. Duh. Second, increasing your credit limit lowers your credit utilization. A high credit utilization (above 30%) can hurt your credit score so it’s important to monitor that number regularly.

Budgeting gets a bad rep. Most people view it as a nuisance that is too detailed and complicated, and therefore not worth the time. But in reality, it doesn’t have to be that complicated and is actually a powerful tool that helps you avoid debt or get out of it faster. Budgeting helps you to be more intentional with your spending and prioritize your financial goals so you can spend time and money on things you really care about.

Carrie Fisher is known for playing Princess Leia in the Star Wars films. But what most people don’t know is that she has an iconic quote: “Everything is negotiable. Whether or not the negotiation is easy is another thing.” You can absolutely try to negotiate with your credit card company to lower your debt, because it leads to better outcomes for everyone.

Improving your credit score overnight is simply not possible. It’s kind of like the gym – one day of lifting weights is not going to turn you into Arnold Schwarzanegger. It’s multiple weeks of consistently going to the gym and good dietary decisions that lead to results. Improving your credit score is really similar – if you do these behaviors consistently over time, you will raise your credit score.

Logically, paying off your loans should raise your credit score since you’re showing that you pay back money you owe someone. Sadly, it’s not that simple. The effect that paying off a loan has on your credit score depends on a variety of factors. Let’s dive deep on what we know for sure and what we can only guess about.