How many CCs is a good number? Also general raise Credit Score pointers

[darkariel7]

Hey,

I just found out that I will have to cancell my first CC that I got 6 months ago. It's a real shame. I thought it would grow old together with me. heck! If i got lucky someday (pun intended) I might be able to pay for my wedding ring and my kids college with that CC. Well sentimentalism asside, the BoA secured expects me to pay a yearly fee of $39 on a crappy card that has no real benefits. I was happy it started me off but I will not pay a yearly fee just for that. So now I want to cancell it and get a new one.

I am 18 and, have 3 cards, BoA secured(300), Discover It(500), Amazon store card(400). My overall CL is 1,200. I started 6 months ago, with no job mnd you. My CS got to 726(according to Discover It CC). and like I said I started 6 months or 7 ago.

How many CC's should I have and what should I make my Cl (I mean if I get like 10 cards with 300 CL each I will have a CL of 3,000. I know I dont get to pick individual CC CLs). Is ther any good number or just a range?

And overall is there anything I should do to raise my CS?

[Anonymous]

Well in my albeit humble opinion you should pay the 39 for at least another year (keep in mind i refused to and it put me behind 2 years on rebuilding my credit) so i would advise you to keep that and apply for capitol one unsecured cc to build up your file since its a little thin right now.

[Anonymous]

what's your credit score? If I was you, I would go around bank websites for credit card and try their preapproval check. But I think you might have a shot with capital one journey student visa card.

[Anonymous]

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@darkariel7 wrote:

Hey,

I just found out that I will have to cancell my first CC that I got 6 months ago. It's a real shame. I thought it would grow old together with me. heck! If i got lucky someday (pun intended) I might be able to pay for my wedding ring and my kids college with that CC. Well sentimentalism asside, the BoA secured expects me to pay a yearly fee of $39 on a crappy card that has no real benefits. I was happy it started me off but I will not pay a yearly fee just for that. So now I want to cancell it and get a new one.

I am 18 and, have 3 cards, BoA secured(300), Discover It(500), Amazon store card(400). My overall CL is 1,200. I started 6 months ago, with no job mnd you. My CS got to 726(according to Discover It CC). and like I said I started 6 months or 7 ago.

How many CC's should I have and what should I make my Cl (I mean if I get like 10 cards with 300 CL each I will have a CL of 3,000. I know I dont get to pick individual CC CLs). Is ther any good number or just a range?

And overall is there anything I should do to raise my CS?

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Build history on what you have now.

Don't apply for anything else.

[j_casteel]

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@darkariel7 wrote:

Hey,

I just found out that I will have to cancell my first CC that I got 6 months ago. It's a real shame. I thought it would grow old together with me. heck! If i got lucky someday (pun intended) I might be able to pay for my wedding ring and my kids college with that CC. Well sentimentalism asside, the BoA secured expects me to pay a yearly fee of $39 on a crappy card that has no real benefits. I was happy it started me off but I will not pay a yearly fee just for that. So now I want to cancell it and get a new one.

I am 18 and, have 3 cards, BoA secured(300), Discover It(500), Amazon store card(400). My overall CL is 1,200. I started 6 months ago, with no job mnd you. My CS got to 726(according to Discover It CC). and like I said I started 6 months or 7 ago.

How many CC's should I have and what should I make my Cl (I mean if I get like 10 cards with 300 CL each I will have a CL of 3,000. I know I dont get to pick individual CC CLs). Is ther any good number or just a range?

And overall is there anything I should do to raise my CS?

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Why do you have to cancel your card? Because of the AF? BoA is known to graduate their secured cards within a year of history, and usually provide a nice CLI as well. IMO, you're fine with 3 cards. You just need to realize you need to be patient, and let everything grow as you gain credit history. You're only 18 with no job so I would be careful about opening a massive amount of cards, and accruing debt.  Do you file jointly with someone? What income are you stating on your apps?

[darkariel7]

I may have misrepresneted myself. I do more or less have a job. It is just not a stable mothly paycheck. I do not incurr massice debt each month or anything. I simply buy the things I was going to buy anywas using a CC. My parents also buy things and I let them use my CCs. It is a fine system I have not missed a payment or carried a balance even one. Granted it has only been 6 months or so.

I did tell you my CS. It was 727 according to Discover it card.

I used the word have to as poetic license. I want to cancell the card because I dont want to pay the yearly fee for somthing less than my Discover It card that I get for free. It seems s.t.u.p.i.d to pay for less than what I already get for free. I am not really rushing. I will keep the card open for a while until about he 1 year anniversary when I need to pay the fee again. I mean is it normal to pay a yearly fee of 39 for a card that has no particular bonuses? I might keep it just because I found out the other day that I can make it into a 3 2 1 card. So I can probably get the annual fee from that. I am still not too happy with the card though. When compared to the Discover it, it comes out looking like crap.

Also I put down about 3-5K for the yearly income. I work sometimes but with no fixed pay.

[j_casteel]

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@darkariel7 wrote:

I may have misrepresneted myself. I do more or less have a job. It is just not a stable mothly paycheck. I do not incurr massice debt each month or anything. I simply buy the things I was going to buy anywas using a CC. My parents also buy things and I let them use my CCs. It is a fine system I have not missed a payment or carried a balance even one. Granted it has only been 6 months or so.

I did tell you my CS. It was 727 according to Discover it card.

I used the word have to as poetic license. I want to cancell the card because I dont want to pay the yearly fee for somthing less than my Discover It card that I get for free. It seems s.t.u.p.i.d to pay for less than what I already get for free. I am not really rushing. I will keep the card open for a while until about he 1 year anniversary when I need to pay the fee again. I mean is it normal to pay a yearly fee of 39 for a card that has no particular bonuses? I might keep it just because I found out the other day that I can make it into a 3 2 1 card. So I can probably get the annual fee from that. I am still not too happy with the card though. When compared to the Discover it, it comes out looking like crap.

Also I put down about 3-5K for the yearly income. I work sometimes but with no fixed pay.

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You agreed to the terms of the card so you knew what you were getting into. Like I mentioned, its only a $39 AF and with good credit history BoA is known to graduate them. Meaning they will refund your deposit, unsecure your CC, and most of the time issue you a CLI while also removing your AF (AF is not always removed however, but you can usually call and get it removed).

It's not uncommon to pay an AF for CC's while building credit for a year or two. Obviously, there are also plenty of prime rewards cards that AF's as well.

IMO, you have 3 great credit building cards and you should not app for anything else. You should build positive history with those cards for ~2 years, and when the time comes you'll be ready to get what you want. Also, just remember with income that low, especially when it may not even be able to be proven, you'll be limited to lower card limits.

[Chris679]

If you have other unsecured cards with no fees then by all means cancel the BoA card if they won't unsecure it and remove the fee. You are the customer, they should cater to your needs and if they don't then someone else will. I would wait until it has been a year since your last new account to open another one. I find that one new account per year is a good way to build a thick file over time while not going overboard.

[Anonymous]

Could just cancel everything and go debit everything like the rest of the new generation seems to like doing

[darkariel7]

I would keep if they removed the AF when it became unsecured. I want to cancell it because they told me that they wont. Again though if Discovery IT is better why get so attached to one that I need to spend about 3900 on just to come out even. I get that building credit takes time. But why use an inferior card to do it?