So I haven't applied for credit cards in years (though I do still have 5 inquiries on my credit score according to creditkarma.com - they are from loan shopping a year or so ago). I recently applied for and was granted an AMEX BCE with a CL of $12,500. I kind of want a Chase Sapphire card, but I don't know if it will help or hurt me to apply for it. My FICO score is currently a 783, but this was before the AMEX inq or AAoA drop. I have 1% utilization, I PIF every month. If I apply for Chase Sapphire, my AAoA will drop (it's currently about 3 years, 1 month) and I will get one more inq. But in the long run, will it help to add yet another good quality tradeline? After this, I probably won't be applying for anything requiring a credit score for at least a year or more - no car, mortgage, students loans, etc.
Starting Score: 583 (CreditKarma, 2009)
Koop10010 wrote:. I think 3 is typically the ideal number of open credit cards. Having more than that won't hurt, but usually won't help much.
I couldn't disagree more. I agree that three is the minimum for the best score but more will help UT if you ever have to carry a balance, protect from cards getting closed due to buyout etc. More doesn't hurt and can only help in the long run.
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