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Question

Regular Contributor

Question

I've had a BOA Amex since 05 and Cap1 since 2006. My question is would it look better to have another company in my file? Or are the two good. I dont need the credit to buy anything, my thought was it would be good to have a long history with 3 "different" companies. 
 
BOA Amex 0 bal - 1K cl
Cap1         223bal - 2750CL
Message 1 of 13
12 REPLIES
Valued Contributor

Re: Question

I personally think you should have at least 3 credit cards for scoring purposes, and also to have some more options should one treat you badly.

On another note, maybe you could call BoA and get them to bump up your CL.

Since your history is young, it might be a good idea to find out several cards you might like to have, and try to get them all in the next year so they can all age together (maybe three more cards instead of just one). If you get five total, remember to keep a balance on two or fewer.
Message 2 of 13
Epic Contributor

Re: Question

I would for sure ask BofA to increase your credit line.  Then I would add a store card to the mix and possibly another credit card too.
Message 3 of 13
Regular Contributor

Re: Question

How does the extra card help with scoring? My Util right now is about 7%
Message 4 of 13
Epic Contributor

Re: Question

adding a store card would give you a credit "mix" which fico likes for some reason.
Message 5 of 13
Regular Contributor

Re: Question

I was thinking about Discover
Message 6 of 13
Epic Contributor

Re: Question

I say GO FOR IT! let us know
Message 7 of 13
Regular Contributor

Re: Question

So I guess 3 is better than 2?
Message 8 of 13
Valued Contributor

Re: Question


turbowrx wrote:
How does the extra card help with scoring? My Util right now is about 7%


If you have a car loan and a mortgage, along with the recommended one card reporting a balance, you will need to have at least 3 more cards to balance out the accounts showing balances on your CR.
Message 9 of 13
Regular Contributor

Re: Question

No car loan.. no mortgage
Message 10 of 13