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New Contributor
Posts: 62
Registered: ‎05-04-2008
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Some of scores in 760, should i get more CCs?

So my goal is 760 across the board. Pulled EQ begginning of month 696 not bad... Very curious what all 3 were so pulled score powers and OMG 2 760+s wow (EQ hates my 30 day late)! So all I have is 1 CC chase freedom with a 5000K limit util 5%, was maxed out about 6 months ago just payed down a week ago. My average age is 4 years, credit hx 10 years. Lots of school loans payed off, have about 8 others im paying on (200K in debt from med school, ouch). Im thinking how many more CCs do i really need to help my scores? With my age at 4 years (21 acounts, 8 active) I figure 2-3 more isn't going to be too killer especially over the long term, but I probably need more than 1 CC for max points. My time frame is 2 years that i want to go for a mortgage.  Any thoughts? 
5/5/08 EQ 696
9/13 EQ 796 Thanks myfico!
Amex Blue Cash 15K, PenFed Cash Rewards 18K, Macy's 1K, Chase Freedom 6K, Cap1 Quicksilver Visa 15K
Valued Contributor
Posts: 1,291
Registered: ‎02-26-2008
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Re: Some of scores in 760, should i get more CCs?

I think you should have at least three CCs. Have at least two different brands (visa, amex, etc), and different companies for all three, preferably.
Regular Contributor
Posts: 156
Registered: ‎02-14-2008
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Re: Some of scores in 760, should i get more CCs?



erchambers wrote:
I think you should have at least three CCs. Have at least two different brands (visa, amex, etc), and different companies for all three, preferably.


Completely agree with Chambers -- and if you're thinking of buying a home in two years, I'd do it sooner rather than later so that the inquiries will fall off your reports by the time you're applying/looking for a mortgage.
 
best of luck!
 
Sovi

>>>Get Credit when you don't need it, so you have it when you do.

Epic Contributor
Posts: 20,605
Registered: ‎03-19-2007
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Re: Some of scores in 760, should i get more CCs?

CPRman, first thing I would ask is where did you pull your scores?  If not from myFICO, they are probably not true FICO scores.
Getting a new CC willl almost certainly NOT inprove your current FICO, in the short term.
A new CC will hit you for a hard inq  It will also shorten your avg age of accounts.  The only short term benefit is an increase in CL.  If the new CC is to build account age years from now, that is a long term consideration that is a possible future benefit, but a deficit now. 
The most recent data presented by FairIsaac before the FTC shows that their risk analysis of the number of open CCs is that 3-4 is optimal, and that above that, the risk rises.
 
Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
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Re: Some of scores in 760, should i get more CCs?

I am never going to apply for another credit card again.  I have a Sams, Chevron, and a Visa card.  I thought I wanted a Kiss Visa card but I decided I really dont need it.
 
I had to learn the hard way but less is more in the credit world.  At least for me.
11/28/2014 FICO: EQ: 796 EX:788 TU:803
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