Just curious as to people's opinions as to the sweet spot for the number of open revolving credit accounts one should have open as far as giving yourself the best score/profile? (Store and credit cards)
Followup question, do you think it is generally better to have more accounts with midrange limits or fewer cards with higher limits?
My sweet spot is 12..until I app for another card 
@astrangerwcandy wrote:Just curious as to people's opinions as to the sweet spot for the number of open revolving credit accounts one should have open as far as giving yourself the best score/profile? (Store and credit cards)
Followup question, do you think it is generally better to have more accounts with midrange limits or fewer cards with higher limits?
Sorry, but that is not a good question.
You should have multiple credit cards, that will help in many ways such as having a thick file, etc. Bankcards are higher "quality" cards, so preferrably most of your cards are bankcards. You want bankcards with $10,000 limits or greater, since those are considered premium bankcard accounts, and not having enough of those is one of the possible reason codes you can receive for why your FICO score isn't as high as it might otherwise be.
You want multiple types of credit. Which doesn't mean getting store cards and finance company credit, adding lesser quality credit is detrimental to your scores and is probably worse than any positive you get for having a better Credit Mix. You want a Morgage, Car Loans, Personal loan (ie, Installment loans) in addition to Bankcards.
If you start noticing that what I'm saying is somewhat contraditory, then you're starting to understand. if preferrably you have lots of $10K bankcards, then having them all $10K bankcards is best, but that would screw up your Mix of credit types. If having more credit cards is good for creating a Thick file, then that can effect how many of them are premium bankcard accounts. Recent Inquiries can lower your FICO score, yet if you haven't applied for credit in a long time, applying for a new card can actually boost your score (even though that affects the New Credit category negatively, and gets you an inquiry which is a negative, etc, etc, so how are these negatives suddenly a positive???).
If you think you sorta understand, then you don't understand it yet. Because as you get switched to various FICO score cards, the effects of all the positives and all the negatives can change. And of course each creditor uses all the available data themselves to generate their own scoring and calculations in addition to FICO scoring.
But don't worry, eventually you sorta figure out what works for you. Then you find out that FICO 04 was replaced with FICO 08. Or FICO 08 was replaced with FICO 9. Or FICO agrees to modify some factors that were deemed unfair, so now some of the previous scoring models have changed somewhat, only nobody knows exactly which ones, or exactly how those changes will play out.
So... Your sweet spot is not the same as my sweet spot. And neither of us can be quite sure what their sweet spot really is...
Once our AAoA increases, those sweet spots may change again anyways.
What is considered a quality vs a not quality revolving account? That's the only part I didn't really get.
@astrangerwcandy wrote:What is considered a quality vs a not quality revolving account? That's the only part I didn't really get.
FICO considers Finance Accounts to be a credit lender of last resort. So if you have one of those accounts, it is a negative. However, it is not simple to determine if a credit card is a Finance account, unless you are buying from someplace like a rent-a-center type of place and they offer financing, or from a furniture store that offers their own financing. Even so, if the financing being offered is actually provided by a bank, it may not be considered a poorer quality account.
Similarly, you can get Gas Station cards, but unless you read the fine print you may be getting either a card issued by the gas company, OR a card issued by a major bank, and each type might be of a different quality with regards to credit scoring. Exactly what that means in each case we dont really know and can vary. We know finance accounts are a negative. Gas Station accounts MIGHT flag you as potentially a Car owner or user, which isn't a normal FICO scoring issue but might effect your FICO car insurance scores, etc. It is known that Transunion used to, and probably still does, offer targeted marketing lists of people that have certain features that are desirable to companies, and the presence of Gas Station cards can be a factor when those types of reports are run.
So there are lots of quality issues. Do you have mainly bankcards, or mainly store cards in your credit reports? What percentage of your cards are Premium bankcards? Do you have an old Finance account? Etc, etc.