In my other thread I asked if I should wait to get new CCs and then someone asked if I "need" a CC. So that's what this thread is for. I understand the importance of CCs is to dilute negatives. Here's my situation:
Ex husband's student loan with a few lates - won't fall off until 2012
Signature loan with many many lates - won't fall off until 2011
-- 24 lates combined total on the above --
A Collection and Repo will both be off in the next 6 months so I'll ignore those.
Sears opened in 1996 - $350 limit
Express opened in 2000 - $300 limit
Cap One opened in 2005 - $5000 limit
No negatives on any of the above.
Basically I just want to make sure I'm going to get the max score that I can get in the future. Can I achieve 800 with those 3 credit cards?? I've got installment loans with no negative info.
How best can I plan for my future NOW?
HTSU - This is EXCELLENT advice! I will definitely wait until the repo (on EX) and collection (on TU) are gone. The 24 lates are mostly 30 days but do have some 60 and 90 days. I have a spreadsheet at work that shows when they are all due to fall off and will be keeping track. The good news is that I haven't had any lates in 4 years.
Good idea also on keeping a list of credit cards - I've been reading and reading and think "oh I want that one and this one" but then I forget why or which ones! Silly me.
Thanks so much for your feedback!