Hello all,
Just had a quick question, I just closed my auto loan today and got a cap1 venture w/ 20k SL and a QS w/10k SL. These are my first individual cards since the rebuild (all AU cards now), no BK or anything like that just paid a bunch of bills off and waited for them to fall off.
My goal is to hit 740 for a mortgage refi scores are fico 04:689-711, fico 08:640-659. I know the 2 new cards will help but they are both with one bank should I app for one more card like a Amazon store or USAA card,or just garden now with a new auto loan and 2 new cap cards? I only have 1-2 Inq on all reports right now...
Just don't want to mess up and open up to many new accounts!
iscover-800
I believe you have decent amount of TL for optimal scoring. The general rule is 2 or more CCs and a diversified portfolio. Depending on when you plan on applying for a mortgage, I would maybe get another TL like a personal loan, but many have been able to achieve optimal scoring with only 2-3 TL like you have.
@core wrote:
@LadyJEsq wrote:I believe you have decent amount of TL for optimal scoring. The general rule is 2 or more CCs and a diversified portfolio.
3+ cards for "optimal scoring", not 2. When you have only 2 cards you are stuck deciding between 0 cards reporting a balance and 50%+ of cards reporting a balance. Both of which are going to penalize you. Now what is kinda sorta "good enough" is a completely different issue, but you did use the word "optimal".
3 TL's for max scoring
In this case 2 CC's 1 Mortgage will do just fine 
@core wrote:
@LadyJEsq wrote:I believe you have decent amount of TL for optimal scoring. The general rule is 2 or more CCs and a diversified portfolio.
3+ cards for "optimal scoring", not 2. When you have only 2 cards you are stuck deciding between 0 cards reporting a balance and 50%+ of cards reporting a balance. Both of which are going to penalize you. Now what is kinda sorta "good enough" is a completely different issue, but you did use the word "optimal".
Yes, I'm aware of the genreal consensus on this board on optimal scoring regarding CC numbers. I'm quoting fact here though. There are plenty of individuals out there who only have 2 cards and have 800+ CSs.
@core wrote:
@LadyJEsq wrote:
Yes, I'm aware of thegenreal consensus on this board on optimal scoring regarding CC numbers. I'm quoting fact here though. There are plenty of individuals out there who only have 2 cards and have 800+CSs.800 != "optimal" (the word you used initially)
Heck I wouldn't be all that surprised if there were people with 800 FICOs with only _1_ card. Doesn't mean a thing as far as "optimal" goes.
As far as the mortgage thing goes (not directed at you LadyJEsq), I'm still pondering that. If that's the case, then anyone with a mortgage or installment loan should be showing 0 balances on all cards, not on the usual 1 card.
Ahh, I see your issue now. You think 800+/850 isn't optimal. I guess you have a new definition of optimal that I'm unaware of at this moment. Oh and to receive the best rates, one only need scores in the 750+, but you're right, 800+ isn't optimal.
@Imperfectfuture wrote:
@LadyJEsq wrote:
@core wrote:
@LadyJEsq wrote:I believe you have decent amount of TL for optimal scoring. The general rule is 2 or more CCs and a diversified portfolio.
3+ cards for "optimal scoring", not 2. When you have only 2 cards you are stuck deciding between 0 cards reporting a balance and 50%+ of cards reporting a balance. Both of which are going to penalize you. Now what is kinda sorta "good enough" is a completely different issue, but you did use the word "optimal".
Yes, I'm aware of the genreal consensus on this board on optimal scoring regarding CC numbers. I'm quoting fact here though. There are plenty of individuals out there who only have 2 cards and have 800+ CSs.
This is true, but more often then not, they have had a mortgage on the report.
Yes, in every case that I'm aware of, they do have mortgages (and I would assume car loans).