New CC for me = +12 FICO

[FICOMari]

Hello everyone!

So I applied for a new CC and was approved for a $2K limit. I just checked my True Credit report and my FAKO's rose 8 points and my FICO raised 12!  So my question is, if I were to apply for another CC and were accepted, would my FICO raise again?  It's tempting

I only have 2 bank Credit Cards (both MasterCards) and 5 store cards all in good standing. I do not wish to apply for anymore store cards, 5 is enough for me  

I have an Orchard Bank CC that I will be closing on the 17th of this month because I do not want to pay the annual $75 fee. 

On average, how many bank CC's should one possess? 

Thanks in advance for the input!

[llecs]

I bet your utilization decreased and you have a 4-6 yr avg. history. Am I close?

Congrats, BTW. I recommend 3 CCs (2 revolving and 1 charge). That would likely satisfy your mix of credit. Anything else is gravy.

[FICOMari]

Ilecs,

Yes! You are close!   What is the difference between a revolving and a charge card?? Is the revolving like a loan??

[llecs]

For FICO purposes and their read on the mix of credit, revolving CCs are your Visa, MC, Amex (for some), Discover, etc. branded CCs. FICO also likes to see charge cards like gas cards or store cards (non-Visa branded). A loan is different and is an installment (car, bank loan).