simplify my life

[Anonymous]

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@Anonymous wrote:

5 aged credit cards is the minimum number needed for the best FICO score for your credit profile.  So don't close so you have fewer than 5 CCs.

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You sure about that? I haven't heard that you need 5 cards for the best fico score..

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

5 aged credit cards is the minimum number needed for the best FICO score for your credit profile.  So don't close so you have fewer than 5 CCs.

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You sure about that? I haven't heard that you need 5 cards for the best fico score..

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Positive about it.  For any scorecard below the top one, there are dozens of data points here and on other subs that 5 cards is the minimum number of revolving accounts needed for the maximum FICO score within that scorecard.  Linking to other forums is against the rules but if you search Google, you'll find the right posts about it.

If you have less than 3 revolving cards, you can safely open a total of 3 cards without an AAoA ding -- each of your first 3 cards will give you a FICO boost.

Card #4 and #5 will ding you at first, but after a year or so of aging, they will boost your score for sure.

Any more than 5 cards won't give you a total number of accounts boost.  5 cards in credit mix is maximum FICO boost, after aging, as long as you're not in the top scorecard bucket.  People with very very long AAoA, very long AoOA and no new accounts in 2 years seem to have different rule sets.

[driftless]

I re-read the Original Poster's Original Post and I did not read anything about maximizing his FICO score, instead the OP talked about simplifying his life.  I am not sure I buy into ABCD's argument.  OP has 9 cards so even if OP drops the secured card (do it!), care credit (unless it is needed), and the PRG because of the AF, that still leaves the OP with 6 cards.  IMHO being comfortable in your own financial skin is far more important than trying to maximize FICO scores.  YMMV.

[Anonymous]

I have been reading these forums for 2 years almost every day and that's the 1st time that I have read that on here about the 5 card for maximum score. Wonder why?? Thank you though!!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

5 aged credit cards is the minimum number needed for the best FICO score for your credit profile.  So don't close so you have fewer than 5 CCs.

---

You sure about that? I haven't heard that you need 5 cards for the best fico score..

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Positive about it.  For any scorecard below the top one, there are dozens of data points here and on other subs that 5 cards is the minimum number of revolving accounts needed for the maximum FICO score within that scorecard.  Linking to other forums is against the rules but if you search Google, you'll find the right posts about it.

If you have less than 3 revolving cards, you can safely open a total of 3 cards without an AAoA ding -- each of your first 3 cards will give you a FICO boost.

Card #4 and #5 will ding you at first, but after a year or so of aging, they will boost your score for sure.

Any more than 5 cards won't give you a total number of accounts boost.  5 cards in credit mix is maximum FICO boost, after aging, as long as you're not in the top scorecard bucket.  People with very very long AAoA, very long AoOA and no new accounts in 2 years seem to have different rule sets.

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Interesting! Good to know!

[Anonymous]

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@driftless wrote:
I re-read the Original Poster's Original Post and I did not read anything about maximizing his FICO score, instead the OP talked about simplifying his life.  I am not sure I buy into ABCD's argument.  OP has 9 cards so even if OP drops the secured card (do it!), care credit (unless it is needed), and the PRG because of the AF, that still leaves the OP with 6 cards.  IMHO being comfortable in your own financial skin is far more important than trying to maximize FICO scores.  YMMV.

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I agree with driftless. This wasnt about maximizing FICO scores. Although I have to say that it is known that to maximize your credit files, one must have a variety of credit types on your record. I am not sure about the 5 card ABCD's argument as I never heard of it before other than the mixture of credit types on your record. I stick to my recommendations about the mixture of cards you should keep and the ones you should close.