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Should I get more cards?

Contributor

Should I get more cards?

My scores are in my siggy. My inquiries are TU 5, EX 3, EQ 4. One of the negatives for my scores is that I don't have enough cards. I have 4. All are in good standing at about 16%  util. Should I go ahead and get a few more cards? I don't want to do myself harm.

7/21/15 scores: EQ:640 TU:712 EX:674

Goals: 720 across the board
Cap1 Venture 15K, Cap1 Plat Prest 1K, Cap1 Plat Secured 750, NFCU nRewards 12K, Chase Slate 3.2K
Message 1 of 14
13 REPLIES
Community Leader
Super Contributor

Re: Should I get more cards?


keligyrl wrote:

My scores are in my siggy. My inquiries are TU 5, EX 3, EQ 4. One of the negatives for my scores is that I don't have enough cards. I have 4. All are in good standing at about 16%  util. Should I go ahead and get a few more cards? I don't want to do myself harm.


You do have enough cards.  4 solid credit cards is good enough for FICO scoring purposes.  Who is tell you it is a negative? If you don't have a need for any new cards then don't get any.

Message 2 of 14
Valued Contributor

Re: Should I get more cards?

It all depends on you and how you feel about adding more credit.  There's still many more to choose from.  They make good buffers to keep UT low but you need to use them.  I'm still testing a few out.  Not sure if they will stay or go.  And hoping Cap One will finally let us combine accounts.  No sense in having 4 when 2 work.  You're good with Cap One & NFCU.  There's Barclay's, Chase, Citi, etc.  Smiley Wink


FICOS: EQ-812 TU-811 EX-818 Goal - 840-850 Across The Board
Total Credit Lines - 506K Gardening....
"I am the master of my fate and the captain of my destiny" Nelson Mandela
Message 3 of 14
Valued Contributor

Re: Should I get more cards?

I wouldn't IMO. I would just keep what you have, let them age and let those inquiries fall off. This should start bringing all of your scores up above 700 and possibly into the mid 700's
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Message 4 of 14
Contributor

Re: Should I get more cards?

When I pulled my credit report that's where I saw that it was a negative that I only have four. I'd like more to buffer utilization.
7/21/15 scores: EQ:640 TU:712 EX:674

Goals: 720 across the board
Cap1 Venture 15K, Cap1 Plat Prest 1K, Cap1 Plat Secured 750, NFCU nRewards 12K, Chase Slate 3.2K
Message 5 of 14
Established Contributor

Re: Should I get more cards?


keligyrl wrote:
When I pulled my credit report that's where I saw that it was a negative that I only have four. I'd like more to buffer utilization.

Where did you pull your credit that it told you that you had too few cards?

Moto Credit | Best Buy | Discover IT | Barclay Rewards MC | Amazon | Care Credit | Barclay SallieMae WMC | CapOne QuickSilver | Chase Freedom | Marvel MC | Fidelity Rewards Visa Sig | Citi DC
FICO 08 (5/4/16): EQ 779 TU 771 EX 768
Message 6 of 14
Community Leader
Super Contributor

Re: Should I get more cards?


keligyrl wrote:
When I pulled my credit report that's where I saw that it was a negative that I only have four. I'd like more to buffer utilization.

Just a quick suggestion, I think I have enough cards and still get that "recommendation" every time I pull a report and I take it with a pinch of salt.  That being said, do you have any baddies on your report and what cards do you really want and feel will be beneficial to you based on your spending habits?

Message 7 of 14
Contributor

Re: Should I get more cards?

Creditcaretotal.com
7/21/15 scores: EQ:640 TU:712 EX:674

Goals: 720 across the board
Cap1 Venture 15K, Cap1 Plat Prest 1K, Cap1 Plat Secured 750, NFCU nRewards 12K, Chase Slate 3.2K
Message 8 of 14
Super Contributor

Re: Should I get more cards?


keligyrl wrote:
Creditcaretotal.com

Check spelling? Not a website.

High Bal Jan 2009 $116k on $146k limits 80% Util.
Oct 2014 $46k on $127k 36% util EQ 722 TU 727 EX 727 FICO Simulator 2014: $20k balances = 812 FICO.
March 2017 $20k on $300k 6% util EQ 824 TU 824 EX 815

5 / 24 counting down to 1 Nov 2017... wait I guess it's 18 Dec 2017 to get 4/24
Message 9 of 14
Community Leader
Super Contributor

Re: Should I get more cards?


keligyrl wrote:
Creditcaretotal.com

I googled and didn't get what you posted.  But I got creditchecktotal.com. Is that where you got it from?

Message 10 of 14