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Contributor
Posts: 97
Registered: ‎11-13-2008
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How many CC is should I have?

Hello, everyone. I just recently applied for a BOA platiunm card with CL of 500 in NOv/08. I have never had a CC. I  do have a target card of CL 200 since 06. IMy question is should i apply for another one? I ma working on improve my FICO score. Some ay that getting another card may help. Any sugesstion?
Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007

Re: How many CC is should I have?

Opinions will vary widely around these parts. My opinion is that if you are starting to build a credit history, then you might want to get the cards that you need now and let them grow together. That's what I did. I really don't desire a lot of CCs, because I don't have the patience (or perhaps braincells) to juggle them all and keep everyone happy. I have 4 CCs, 1 business CC, and 3 store cards (HD and Lowe's are frequent visits of mine).

The question is what are you attempting to accomplish?
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
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Re: How many CC is should I have?

IMHO there is ideal number of CCs to have.  2 should be fine.  Just keep util 9% or less and only have 1 card report a balance at any given time and you will be fine.

 

I would not apply for more than 1 CC card a year.

 

Util and paying on time are the only things you have direct control over in improving your FICO scores.  Time as in account age and derog infromation waiting to age the same for everyone.

 

 

11/28/2014 FICO: EQ: 796 EX:788 TU:803
Contributor
Posts: 97
Registered: ‎11-13-2008
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Re: How many CC is should I have?

I am attempting to increase my fico score so that I can purchase a home with a great rate. Right now my scores are EQ628, EX615, TU 593.
Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007

Re: How many CC is should I have?

When I had only one card, I got my EQ to 790 (util 4 and 5%). So, from a score improvement standpoint, only one is required. However, long credit history, no baddies, etc.

If you want to build for your future, I would say more than a couple. Again, probably four or five.
___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
Frequent Contributor
Posts: 356
Registered: ‎02-28-2008
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Re: How many CC is should I have?

Since you've had your Target for a long time, I would call and ask for a CLI.
-------------------------------------------
April 2009: TU 768
March 2009: EQ 671
February 2009: EQ 666
January 2009: TU 667 | EQ 620 | EX 669
December 2008: TU 651 | EQ 625 | EX 649
April 2008: TU 642 | EQ 636 | EX 635
November 2007: EQ 542


November 2006: EQ 501
Senior Contributor
Posts: 4,831
Registered: ‎04-20-2007
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Re: How many CC is should I have?


ByrdMan wrote:
When I had only one card, I got my EQ to 790 (util 4 and 5%). So, from a score improvement standpoint, only one is required. However, long credit history, no baddies, etc.

If you want to build for your future, I would say more than a couple. Again, probably four or five.

1  card? How in blazes did you get around the too many accounts with balances knock on FICO?

Valued Contributor
Posts: 1,126
Registered: ‎03-25-2008
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Re: How many CC is should I have?

For all we know, the formula allows you to have 1 card report before it even looks at a percentage.

 

The formula could be  (Y-1)  X  (-Z) with Y being Cards Reporting and Z being points lost.

Moderator Emeritus
Posts: 7,970
Registered: ‎12-19-2007
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Re: How many CC is should I have?


smallfry wrote:

ByrdMan wrote:
When I had only one card, I got my EQ to 790 (util 4 and 5%). So, from a score improvement standpoint, only one is required. However, long credit history, no baddies, etc.

If you want to build for your future, I would say more than a couple. Again, probably four or five.

1  card? How in blazes did you get around the too many accounts with balances knock on FICO?


 

EQ loves me?  I don't know.  My paint function doesn't currently allow me to "save" anything to it (not sure what that's all about), so this copy paste is going to have to do.  They dinged me for having a new account.

 

790

Equifax FICO® Score
On April 15, 2008

Printable Version

Understanding Your FICO® Score

What’s hurting your FICO® score

The negative factors listed here are reasons why your FICO® score is not higher. You should focus on changing the behavior that caused these negative factors. These factors are listed in order of their impact to your score, the first has the greatest negative impact and the last has the least.

Please note that a negative factor can be provided even if you are better than the national average of FICO® high achievers on that factor. In all likelihood, this means that your FICO® score is already quite high. The fact that you are still receiving a negative factor means that there is still some room to work on that factor.

  1. You recently opened a new credit account.

    Your newest account was opened
    4 Months ago
    FICO High Achievers [?] opened their most recent account 27 months ago, on average.

    Your FICO score considers how recently you opened a new credit account. People who recently opened a new credit account are slightly more likely to miss future payments than those who have not.

    What to do about this: Avoid opening more credit accounts at this time and as a general rule, if you don't need or plan to use credit, don't apply for it.

     

What’s helping your FICO® score

The positive factors listed here reflect areas of your credit behavior that are helping your FICO® score. You should continue the good practices listed here. These factors are listed in order of their impact to your score – the first has the greatest positive impact and the last has the least.

  1. You have no missed payments on your credit accounts.

    Number of your accounts with a missed payment
    0 accounts
    About 93% of FICO High Achievers [?] have no missed payments at all. But of those who do, the missed payment happened nearly 4 years ago, on average.

    You helped your FICO score by paying your bills on time. Staying current with your bills will continue to help your score.

  2. You have an established credit history.

    Your oldest account was opened
    18 Years, 4 Months ago
    FICO High Achievers [?] opened their oldest account 19 years ago, on average.
    Average age of your accounts
    6 years
    Most FICO High Achievers [?] have an average age of accounts between 6 and 12 years.

    Your FICO score measures the age of your oldest account and the average age of your accounts. Your FICO score was helped because you have a relatively long credit history and you haven't recently opened many new accounts.

  3. You've limited the use of your available credit.

    Ratio of your revolving balances to your credit limits
    5%
    For FICO High Achievers [?], this ratio is 7%, on average.

    Your FICO score evaluates your total revolving account [?] balances in relation to your total credit limits on those accounts. Your FICO score was helped because you've kept this ratio of balances to credit limits low.

  4. You've shown recent use of credit cards.

    Your FICO score evaluates your mix of credit cards [?], installment loans and mortgages. People who demonstrate responsible use of different types of credit are generally less risky to lenders. You helped your FICO score by showing recent use of a credit card.

___________________________________________________________________
Do what is true in spite of the consequences--your future is only as true as you are.
New Visitor
Posts: 1
Registered: ‎01-17-2009
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Re: How many CC is should I have?

hi guys, i have 42 credit cards showing on my credit report, out of which 11 are open and only 2 have balances. Do the closed credit cards have a negative impact on my credit card or are only the 2 with balances taken into consideration? My Credit score is 812 and i don't want to close anymore cards in fear it will reduce my available balance and thus my credit score. Please advise!
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