One credit card enough to build credit?

[Anonymous]

Hi everyone,
I was wondering if someone be able to shed light on this question. I have one credit card. I had it for about 3 years so far. No other type of loans what so ever. My score is stagnant but in the ok department. I am hoping to buy a house in about 2 years time so am trying my best to improve my credit. So, is one credit card enough to build good credit? I really don't need another credit card and don't need car at this moment but I read in many forums that I need to diversify my credit by taking loan or car loan or additional credit card in order to show health credit. Any input would be greatly appreciated

[Anonymous]

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@Anonymous wrote:
Hi everyone,
I was wondering if someone be able to shed light on this question. I have one credit card. I had it for about 3 years so far. No other type of loans what so ever. My score is stagnant but in the ok department. I am hoping to buy a house in about 2 years time so am trying my best to improve my credit. So, is one credit card enough to build good credit? I really don't need another credit card and don't need car at this moment but I read in many forums that I need to diversify my credit by taking loan or car loan or additional credit card in order to show health credit. Any input would be greatly appreciated

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You definitely can build your credit with one card but generally its known that you need to have 3 revolving credit accounts to build it as much as possible.  Also some form of installment loan is wanted to show a diversified credit file. 

[newhis]

From what I read 1 credit card is not enough. My DW and I started from 0 credit Feb. 2014 with 2 credit cards and when we got our scores 6 months later we got 720-730. Since then we added a secured loan and more cards and we have 750+ scores. You don't need many cards.

I'll say get 2 more credit cards without AF, get good bonus for them and then PIF and SD them. Use them once or twice each month to keep them active.

Having only 1 card will make your AAoA drop so your score will drop for a few months. Now is the time to get the cards so you will get a better score in 2 years. You can look at a small secured loan also.

[lg8302ch]

You can certainly build with 1 card only.... that is what I did but if had know years back what I know now thanks to MyFico... I definitely would have done differently.  Only after 20 years I have added card number 2 and another year later all the rest...  today I still only have revolving accounts on my credit file.

[Anonymous]

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@Anonymous wrote:
Hi everyone,
I was wondering if someone be able to shed light on this question. I have one credit card. I had it for about 3 years so far. No other type of loans what so ever. My score is stagnant but in the ok department. I am hoping to buy a house in about 2 years time so am trying my best to improve my credit. So, is one credit card enough to build good credit? I really don't need another credit card and don't need car at this moment but I read in many forums that I need to diversify my credit by taking loan or car loan or additional credit card in order to show health credit. Any input would be greatly appreciated

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Can you do it with one card? Certainly. I think there are even reports of people getting to 850 with one card and no other loans. However, it's going to take a long, long time. Given that you think that your credit is in okay shape, why not apply for two more cards. You don't even have to use them all that often. However, we do generally recommend diversifying your credit card portfolio, just in case a network is down or your main card doesn't work for some reason. Let us know what you have, and what your scores are, and we can recommend some decent no fee cards that might help you out. 

[Anonymous]

I want to add that two years out is the perfect time to be doing this. New inquiries stop affecting your score after a year and disappear off your report entirely after two. Plus, your AAoA will only drop to one year, so it will be back to three by the time you apply for a mortgage.

[Anonymous]

Thanks. I have chase slate and last month I did the TU report and my Fico score was 775

[Anonymous]

Apply for Discover. They will love you with that score and they like thin files.

[LadyJEsq]

With your scores in that range, I don't think you need any new cards (since you really only want one) or loans. Your in the range for optimal rates so I'd just keep doing what you're doing and you'll be fine.

[manyquestions]

I agree with those who suggest getting two more cards.  It's helpful for optimizing your FICO score. Now is a good time to do it if you plan to apply for a mortgage in two years.