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Optimal Number of Cards

Valued Member

Optimal Number of Cards

I'm in the process of rebulding my credit. I have a cap 1 secured that I deposited 49 dollars for a 200 credit line, and I have an unsecured card with a 300 limit. I have two inquiries on experian and four on TU and equifax, but one of them is a year old on each report. Should I apply for one more card, or should I leave it alone and increase my credit limit on the cap 1 by making more deposits?

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
Message 1 of 13
12 REPLIES
Valued Contributor

Re: Optimal Number of Cards

Increase your credit limit.  In general, you have to have big limits to get big limits.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 2 of 13
Valued Contributor

Re: Optimal Number of Cards

Minimum of 2 cards, with 3 being better. most prime companies want to see you handle at least 2 cards for at least 6 months, with 12 months being prefered. More cards make the impact of a new card on AAoA. Too  build CL's over time a card that is CLI friendly such as the GE Money bank  (Amazon, Walmart, jcpenny to name a few) that give CLI every 4 months or so. 

 

 

Cards: Chase Southwest 20k & CSR 10k & CSP 10k & Freedom 6.6k & Amtrak/Freedom 4.6k, FNBO DISC 25.1k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Delta Gold 6k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 10k, Paypal Extras MC 7.5k, CapOne Venture 15k, QS 2.5k, QS 750, Amazon 5.9k, Walmart 10k, Citi Simplicity 9k, Discover IT 16k and a nice stack of store cards.
Last APP/HP 5/15/2017 Marcus Loan. 30k
Message 3 of 13
Valued Contributor

Re: Optimal Number of Cards


DaveSignal wrote:

Increase your credit limit.  In general, you have to have big limits to get big limits.


+1. You'll need to increase your AAoA too

EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Message 4 of 13
Valued Member

Re: Optimal Number of Cards

What's an easy to get card that's not secured ,or if it is secured doesn't cost 200-300 dollars to open?

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
Message 5 of 13
Established Contributor

Re: Optimal Number of Cards

At this score level, there is really no difference between 2 and 3 cards. ANY cards you get with sub 600 scores are going to have fees. You are better off sticking with the cards you have and working on fixing whatever is killing your score. Then, when you hit 650 (which you can easily do with only 2 cards), post again and you will have lots of options.
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Message 6 of 13
Valued Member

Re: Optimal Number of Cards

I have two late payments in the last seven years one 30 days and one 90 days on student loans. They are all current now, and I have four baddies which should fall off in 3 years.

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
Message 7 of 13
Valued Member

Re: Optimal Number of Cards

Well I decided to app for a walmart store card which leave me with at the most five inquiries. We'll see how that goes, but that is the most I'm going for. 

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
Message 8 of 13
Senior Contributor

Re: Optimal Number of Cards


tooyoungforbadcredit wrote:

Well I decided to app for a walmart store card which leave me with at the most five inquiries. We'll see how that goes, but that is the most I'm going for. 



A store card for 3rd card is a good choice.   

 

IMO, Better to increase deposit on secured card than to get a 2nd secured card.    Of course, you can do that slowly as your funds allow.

 

Message 9 of 13
Valued Member

Re: Optimal Number of Cards

Yeah that's my next step. I got the whole 7-10 day until a response from walmart, but my income to debt ratio is 98% income not used for debt to 2% used for debt, so we will see

In the garden since 7/27/12 after getting two credit rebuilding cards.

Starting Score: 527
Current Score: TU-617 Equifax-606 Experian Plus 569
Goal Score: 650 by 1/1/13
Message 10 of 13