First Premier Bank

[09Lexie]

Highlighted from Scoring 101 

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Credit-Scoring-101-START-HERE/m-p/8169

DON'T:

1. Close unused credit cards as a short-term strategy to raise your score. NEVER close an open account unless it is costing you money!

2. Open a number of new credit cards that you do not need, just to increase your available credit. This approach could backfire and actually lower your score.

3. If you have been managing credit for a short time, do not open a lot of new accounts too rapidly. New accounts will lower your average account age, which will have a larger effect on your score if you do not have a lot of other credit information. Also, rapid account build-up can look risky if you are a new credit user. Do your rate shopping for a given loan within a focused period of time. FICO scores distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur.

[FixMyCredit1992]

If that's the case, then why do some people have like a dozen credit cards? 

[enharu]

Because they already have established credit history.....

Some do it for the sign-up bonuses, some do it for different areas of spending, etc. its one of those luxuries you will eventually get to enjoy as well once you get past the credit building stage.

[FixMyCredit1992]

So IMO it's not going to be worth it to add a 4th tradeline?

[09Lexie]

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@FixMyCredit1992 wrote:

If that's the case, then why do some people have like a dozen credit cards? 

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I have almost 50 TLs and it's not to raise my credit score.  Each cc has a value to me.  Cashback, travel, rewards,  sign up bonuses etc.  My CS has not increased because I've added cc's.  Maintaining a low util,  good pyt  history, no derogs, and a long AAOA majes up your score.

What's important are the items in your CR's; quality is important not quantity.  

I am am sure I am a lot older than you, so my history dates back +30 years.  You can obtain a high score with 2-3 cards and you wouldn't need large CL's either. 

[FinStar]

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@enharu wrote:
Because they already have established credit history.....

Some do it for the sign-up bonuses, some do it for different areas of spending, etc. its one of those luxuries you will eventually get to enjoy as well once you get past the credit building stage.

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+1

And, what Lexie mentioned as well.  I won't even bring up how many I have   We'll leave that as "a few"...

[09Lexie]

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@FinStar wrote:

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@enharu wrote:
Because they already have established credit history.....

Some do it for the sign-up bonuses, some do it for different areas of spending, etc. its one of those luxuries you will eventually get to enjoy as well once you get past the credit building stage.

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+1

And, what Lexie mentioned as well.  I won't even bring up how many I have   We'll leave that as "a few"...

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True..let's not mention Ron. 

[FixMyCredit1992]

Well call me dumb, but I did app for the Merrick Secured card. Was approved.

ONLY because:

1. You get a free fico score with each statment.

2. You sometimes get an auto CLI (which is unusual for secured).

I'm going to put my deposit in it and garden for at least 6 months if not more.

[killer_queen229]

You shouldn't have to pay all those fees to build credit and get a card!! Some people don't have a choice, but others do. You have a secured card so just use that

[killer_queen229]

As for me, yes I have 8 credit cards with 10 months of history but I recommend not applying too much. Sometimes it's a waste of an application. Any "prime" company wouldn't give me a card till now and that is including American Express. You just gotta give yourself a break from applying and let your stuff age.