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General

Frequent Contributor

General

I've heard it's best to have a credit card from each of the major companies.  Visa, Mastercard, Discover and Amex. I know Amex and Discover aren't consider major companies. I was wondering if there is any truth to this.
 
I currently have 2 Visas, one from Capital One and one from my bank, Commerce. I was just approved for a Chase Freedom Mastercard, with a very high CL, higher than my Visa cards. I'm also on my mother's Amex.
 
I have no plans to apply  for another other cards right now, I was just wondering if what I've heard is true.

In the Garden Club since: 07/05/2017


6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Message 1 of 5
4 REPLIES
Valued Contributor

Re: General

I would love to know the source of the info.  I doubt that AMEX and Discover are perceived as anything less than major.Smiley Wink
Message 2 of 5
Frequent Contributor

Re: General

What I meant by major is that Visa and Mastercard are excepted everywhere, whereas Discover and Amex aren't.

In the Garden Club since: 07/05/2017


6/9/2008-TransUnion-703
6/9/2008-Equifax-712
6/9/2008 Experian-635

2/16/2011 Transunion - 675
3/11/2011 Equifax - 688
5/13/2011 Equifax - 704
5/28/2011 Equifax - 704
5/28/2011 Transunion - 724
Message 3 of 5
Moderator Emeritus

Re: General

Amex and Discover are the UBER-Prime cards.  not sure why you need all of them don't think the FICO scoresthem any differenlty than revolving charge accounts.
Message 4 of 5
Highlighted
Valued Contributor

Re: General

FICO doesn't care...they're all revolving credit accounts. The only distinction is between revolving credit, with its CLs and utilization, versus open-ended charge accounts, which do not count toward utilization. That's it.
- - - -
in a credit-scoring postnuclear Stone Age...
Message 5 of 5