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Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009
0

Should I use all my credit cards? I only use 2 of my 6 credit cards.

Since my other 4 credit do not offer any benefits to me, therefore I only use the two cards. To raise my credit score, right now I am at 729 from Experian, should I be using all of my cards? and by how much? Just a few bucks a month on all my other cards?

 

Thanks for any help/advice

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FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Regular Contributor
iwant700fico
Posts: 171
Registered: ‎02-25-2008
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.

Yes you should show some activity on all your revolving accounts, it could be a very small amount though.
Ex 733 AUG 14 / 807 NOV 14
TU 734 OCT !4
EQ 716 AUG 14
CITI ADVANTAGE $16,200 10/14
AMEX EVERY DAY $22,000 8/14
AMEX PRG NPSL 6/14
TOTAL RWRDS $690012/13
CITI DIAMOND AU $7900 8/13
CHASE FREE AU $2000 6/13
JCREW $3900 4/13
ANN TAYLOR $1750 4/13
CAP1 $750 3/12
Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.

Thanks for the quick response. I guess I will put each of one usused card for one monthly recurring service and set up automatic payment.
-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.

Depending upon the issuer a small amount of usage periodically might result in a CLD or closure. In the end you have to do what is right for you. Hopefully those rewards cards are issued by a strong credit union. 
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.

When you say you are at 729 "right now Experian" what do you mean?  Where/when did you get that score from?

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.


txjohn wrote:
When you say you are at 729 "right now Experian" what do you mean?  Where/when did you get that score from?

I signed up for the Citi IdentityMonitor, and it showed up for 729. I used to be 771, after fooling around to test some myths, now its 729. (See my other post for the story)

-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.


Eiso wrote:

txjohn wrote:
When you say you are at 729 "right now Experian" what do you mean?  Where/when did you get that score from?

I signed up for the Citi IdentityMonitor, and it showed up for 729. I used to be 771, after fooling around to test some myths, now its 729. (See my other post for the story)



That's a FAKO score, sorry.

You don't have to let balances report to make CC issuers happy --just use them through the month. Up to you whether you let the balances report. That's a score issue, not a CCC issue.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.

FAKO score? shoot! So which product/program would you recommend for me to use to get the REAL score?
-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.


Eiso wrote:
FAKO score? shoot! So which product/program would you recommend for me to use to get the REAL score?

As of February 13, 2009, there is NO, repeat NO source where a consumer can buy his/her Experian FICO score.

If you belong to a credit union in Pennsylvania (PSECU? --something like that), you get your score with your statement, presumably the previous month's score. (I don't know how that works.)

I've read that some obscure CC reports an EX score, possibly credit-card enhanced like the former WaMu/ Providian PFICO.

Or you can apply for a mortgage :smileysurprised: , where they pull all three, and by law are required to tell you the FICO scores that they pulled.

That's it.

Nothing else out there, including on the Experian site, no matter how desperately anyone tries to mislead you.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Contributor
Eiso
Posts: 123
Registered: ‎03-29-2009
0

Re: Should I use all my credit cards? I only use 2 of my 6 credit cards.

Oh ok! That's fine. At least thats everyone can really access to..are those FAKO scores. That's really as close as we all can get except having some agencies to pull your real reports out for the real scores.
-----------------------------------------------------
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742

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