Need Advise Please: What is a good inventory of Credit Cards and Loans to maximize your FICO Score

[Dino76]

I have the following:

Credit Cards: All below 10% balances

1 Master Card: Credit Limit:  15,000

1 Visa Card:  Credit Limit: 8,000

1 Department Store Card:  Military Star Card (like JC Penny) / Credit Line: 8,000

1 LOWES Card:  Credit Limit 8,000

Loans:

Bank Loan:  Nissian Car / 35,000

Ashley Furniture: (Wells Fargo Bank) Department Store Card: Credit Limit 7,000 / Balance 4,000. 

GE Money Department Card:  Credit Limit: 5,000, balance 2,000

Note:  Once Ashely and GE is paid off.  Account is closed.  Not a revolving account.

Should I apply for a Gas Card (Exxon or Shell)  Would it help my score, not because of additional avaliable credit, but a different type of Card

Should I apply for additoinal cards, like SEARS

Looking to find ways to increase my score.  I know, almost zero balances on all cards, and Late charges coming off within a year.  Trying to max my FICO Score in any way

Or shoud I stay put with what I got.

BTW, I do not have a home mortage loan.. 3 late charges that are 6 years old (Military Star Card Only). Feb 2013, they are gone..

Thanks for reading and looking forward to great advise.

Have a great day.

[pizzadude]

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@Dino76 wrote:

I have the following:

Credit Cards: All below 10% balances

1 Master Card: Credit Limit:  15,000

1 Visa Card:  Credit Limit: 8,000

1 Department Store Card:  Military Star Card (like JC Penny) / Credit Line: 8,000

1 LOWES Card:  Credit Limit 8,000

Loans:

Bank Loan:  Nissian Car / 35,000

Ashley Furniture: (Wells Fargo Bank) Department Store Card: Credit Limit 7,000 / Balance 4,000. 

GE Money Department Card:  Credit Limit: 5,000, balance 2,000

Note:  Once Ashely and GE is paid off.  Account is closed.  Not a revolving account.

Should I apply for a Gas Card (Exxon or Shell)  Would it help my score, not because of additional avaliable credit, but a different type of Card

Should I apply for additoinal cards, like SEARS

Looking to find ways to increase my score.  I know, almost zero balances on all cards, and Late charges coming off within a year.  Trying to max my FICO Score in any way

Or shoud I stay put with what I got.

BTW, I do not have a home mortage loan.. 3 late charges that are 6 years old (Military Star Card Only). Feb 2013, they are gone..

Thanks for reading and looking forward to great advise.

Have a great day.

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If the only negatives are the old late pays, then I think you are in pretty good shape.   I don't think that opening any additional revolving cards will do much for you, since you have 4 open now.   I would recommend paying all your cards to zero except for one, letting a small balance report on just that one card, less than 9%.  

[Dino76]

thanks for the input.  Got another question.  Paid all off and leave one open (less than 9%).  Should I rotate them once in awhile (every 3 months or so) and with zero balance and less than 9%. 

[pizzadude]

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@Dino76 wrote:

thanks for the input.  Got another question.  Paid all off and leave one open (less than 9%).  Should I rotate them once in awhile (every 3 months or so) and with zero balance and less than 9%. 

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FICO doesn't care which card shows a balance, so it doesn't matter for scoring.   However if you are concered about the other cards being inactive you can just buy a pack of gum every few months and pay it off before the statement cuts so that it doesn't report.

[Dino76]

thanks again.  Greatly appreicate your advise.

I would thought that a small balance (under 50 bucks) would'nt hurt at all for a CC, once every six months reported.  Then pay it off before the next cycle.

[pizzadude]

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@Dino76 wrote:

thanks again.  Greatly appreicate your advise.

I would thought that a small balance (under 50 bucks) would'nt hurt at all for a CC, once every six months reported.  Then pay it off before the next cycle.

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FICO scores both your revolving utilization ( each card and total ) as well as the number of cards with balances.   So ideally you would want to let only one card ( 1/4 ) report a balance.   But as long as you don't have to immediately maximize your FICO score you can do it however works best for you.

[LTomBerry]

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Should I apply for a Gas Card (Exxon or Shell)  Would it help my score, not because of additional avaliable credit, but a different type of Card

Should I apply for additoinal cards, like SEARS

---

I don't know if having a gas card will make a huge impact on your FICO since for them it is simply another revolving line. However it may help with your auto insurance score, or so I'm told. I read something to that effect on CreditKarma.

[pipeguy]

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@LTomBerry wrote:

 I don't know if having a gas card will make a huge impact on your FICO since for them it is simply another revolving line. However it may help with your auto insurance score, or so I'm told. I read something to that effect on CreditKarma.

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Heh....really? I know its not your advice LTomBerry it's from CK, but why would an auto insurance company care if you had a gas card?

I suspect the advice is more because CK hustles credit card placements.  Gas cards are well known to be low limit high interest cards, not the best choice.

[LS2982]

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@Dino76 wrote:

I have the following:

Credit Cards: All below 10% balances

1 Master Card: Credit Limit:  15,000

1 Visa Card:  Credit Limit: 8,000

1 Department Store Card:  Military Star Card (like JC Penny) / Credit Line: 8,000

1 LOWES Card:  Credit Limit 8,000

Loans:

Bank Loan:  Nissian Car / 35,000

Ashley Furniture: (Wells Fargo Bank) Department Store Card: Credit Limit 7,000 / Balance 4,000. 

GE Money Department Card:  Credit Limit: 5,000, balance 2,000

Note:  Once Ashely and GE is paid off.  Account is closed.  Not a revolving account.

Should I apply for a Gas Card (Exxon or Shell)  Would it help my score, not because of additional avaliable credit, but a different type of Card

Should I apply for additoinal cards, like SEARS

Looking to find ways to increase my score.  I know, almost zero balances on all cards, and Late charges coming off within a year.  Trying to max my FICO Score in any way

Or shoud I stay put with what I got.

BTW, I do not have a home mortage loan.. 3 late charges that are 6 years old (Military Star Card Only). Feb 2013, they are gone..

Thanks for reading and looking forward to great advise.

Have a great day.

---

Only apply for credit if you need it!  It looks like you already have retail cards so gaining additional ones will not help. In fact, you'll take INQand new account dings at first before good history helps. ALso depneding on what your AAoA looks like it could hurt you there.