Hi, I was wondering about the mix of credit cards. I am looking for cards to grow with me, and planning to ditch the sub prime cards. I was wondering how the mix should be? And specifically, for rewards cards and cash back cards, is there a max amount that you can get back?
I currently have B of A Bankamericard, Discover More, Amex Blue, Hooters. I am looking into getting a Citi card but unsure whether or not I should go for yet another rewards/cash back card!
For scoring purposes, the only mix considered is having bank cards from "major" issuers, which you have, and a gas or retail card. Some people have reported no impact on their scores when they got or closed a retail card, but others have seen an effect, and it also impacted their insurance rates. (!)
We also just recently found out that cards from local banks and from credit unions don't carry as much weight as those from the major banks, which is just ridiculous, so for those who love credit unions like I do, make sure that you have a few cards from the big boys as well.
But in terms of scoring, there's no difference among rewards cards and others, and such things as APR's aren't considered either. You've got a really nice group of cards there, so if you want another, get one that fits your financial needs and strategies.
BTW, with a collection like that, you don't have to be a card hog, either. I like the idea of 3 or 4 bank cards, though, because so many card issuers have just gone wacko recently. It's nice to have cards from a variety of issuers.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit? FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007