How many CC is good to have?

[Anonymous]

I currently have two CC one from Juniper Bank(Apple) and the other is with Chase(Amazon).  Both limits are pretty low one at 500 and the other at 400, I got them when my credit was pretty bad.  I am now in the process of getting a CLI on both.  My question is how many CC are good to have to raise my CRs.  My FICO scores are as followed;

Trans Union 650, Eqifax 684, and Experian 714

[MidnightVoice]

Douglas Adams says 42

Tuscani says "in excess of 400"

Personaly, I favor single digits.

[Anonymous]

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Brendo wrote:

I currently have two CC one from Juniper Bank(Apple) and the other is with Chase(Amazon).  Both limits are pretty low one at 500 and the other at 400, I got them when my credit was pretty bad.  I am now in the process of getting a CLI on both.  My question is how many CC are good to have to raise my CRs.  My FICO scores are as followed;

Trans Union 650, Eqifax 684, and Experian 714

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Wow, your scores are higher than mine. How long have you had the two CC? I would think with those scores you should be able to get a better CL unless you have some serious baddies on your CR. And even though most of us want more, I would think that 3-4 CC with 1-9% Util would do the job. Some of the others would know more than me since I am just coming off sub prime and hitting the midrange (not quite prime yet) area.

[Anonymous]

I've had one for 3 years and the other maybe 6 months.  I have only one baddie coming from a Macy's store CC from back in 2000, it's still not off my CR.  I'm just trying to get my CR good before I leave the military next Dec, so I don't have to worry about getting denied on anything that I need/apply for.

[Anonymous]

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Brendo wrote:

I've had one for 3 years and the other maybe 6 months.  I have only one baddie coming from a Macy's store CC from back in 2000, it's still not off my CR.  I'm just trying to get my CR good before I leave the military next Dec, so I don't have to worry about getting denied on anything that I need/apply for.

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I would apply for one or two WHILE YOU ARE IN THE ARMY- reason being that a lot of issuers and loan originators look favorably on people in the military cuz you can set up an allotment. I would definitly do it now. Also- right now you have a number of years on the job and when you get out you wont' have any time on the job.

[Tuscani]

Like my FICO score.. 400+ is the magic number...

JK

I really should be careful what I say... I seem to be trusted around here for whatever reason.

[Anonymous]

Well, I found that many, lots, sum, and few from what I have seen in peoples CRs have not really effected scores that much differently. I would not recommend less than 3. But I think some of the biggest gains came from average age of accounts. People with more credit cards took less of an age reduction with new accounts. So even if they don't help scores, they help keep up the average age when they get older. What do others think about this?

[Anonymous]

A friend of mines works for Experian, she says you should have no more than 4. But I say, hey, what does she know, I think I have 6! I like having alot so I can spread out my charges to keep my utilization low, if for some reason I can't pay it all at the end of the month, like my Clipper season tickets & fixing a dent in my SUV. Those 2 in 1 month will be split over 2 mths of pymts. We gotta eat too, this month!

[Anonymous]

a credit agency's employee is hardly a credible source on your finances. i would listen to those that give you credit, rather then those that collect you payment history information.

Message Edited by montana on 09-11-2007 12:23 AM

[Anonymous]

Hi, I am agreed with you my friend.you are having nice scores and it will be nice to have 3-4 cc with you with lower rate of interests.