Reply
Frequent Contributor
Posts: 361
Registered: ‎07-31-2007
0

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.
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
Valued Contributor
Posts: 1,437
Registered: ‎08-07-2007
0

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
Frequent Contributor
Posts: 361
Registered: ‎07-31-2007
0

Re: General

What I meant by major is that Visa and Mastercard are excepted everywhere, whereas Discover and Amex aren't.
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
Moderator Emeritus
Posts: 5,436
Registered: ‎03-10-2007
0

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.
Valued Contributor
Posts: 2,374
Registered: ‎03-15-2007
0

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...
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.