Ideal credit profile

[takeshi74]

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@lexrjSD wrote:

In another words, when is too much credit?

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When the creditor you're applying to cites it as a reason for denial.  There's no fixed answer as creditors vary so there's no sense in obsessing over it IMO.  Get what works for you.

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@lexrjSD wrote:

There is one more card that I would like get it but I don't want to slow down my progress, how much impact would it have on my progress? I currently have 0 inqs on all 3 bureaus.

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No telling.  Impact isn't universal.  It depends on one's existing credit and how the usual factors (not just inquiries but everything) are impacted by adding the new account.  If you need/want the card then get it.  If there's a negative impact it's likely to be short term.

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@longtimelurker wrote:

MyFicoans will also blather on about utilization, having lots of total CL means that peaks in spending don't cause your score to drop too much.  I don't put a lot of weight on this, as utilization has no memory and if you are not carrying balances, you can adjust utilization yourself.

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One can certainly adjust reported utilization.  I'd rather just have sufficient CL's to keep my spend under 10%.  Each has to do whatever works for the individual.

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@lexrjSD wrote:

Just a personal challenge, I'm sure you with your 800s can understand.

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I know you're replying to longtimelurker but breaking 800 wasn't a goal for me.  It just happened through responsible usage, maintaining low utilization, etc and despite adding 10 new accounts last year.

[vanillabean]

It seems so simple, aside from everyday life’s distractions that is. A manageable three to five revolving credit cards and an installment loan. Pay off most cards before the monthly statement date and never be late on the rest. You get used to this living within your means and get a hobby to fill the idle time. Seems to work too!

[jamie123]

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@lexrjSD wrote:

I'm on a personal journey to reach 800s as fast as I can but I'm unsure on some areas:

1) Is there an ideal ratio of available credit vs income? In another words, when is too much credit? (currently: income 100k / total cl: 56k) It doesn't matter what the ratio is, FICO doesn't use it for scoring purposes.

2) There is one more card that I would like get it but I don't want to slow down my progress, how much impact would it have on my progress? I currently have 0 inqs on all 3 bureaus. If you want the card, get the card. You don't have many cards anyways. You want to have 5 to 8 credit cards that you can keep open for life.

3) Besides letting my credit age, any other ideas on ideal credit profile for my journey? Yes! You are missing a mortgage that you have been paying on for at least 10 years, an active installment loan, a closed and paid off installment loan and perhaps a personal line of credit.

My current scores and ccs are on my sig,

Thanks!

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You are score chasing and that might get you to 800 but you will have a hard time staying there. You might regret not building a wide and deep base of credit so that when you do reach 800 nothing can bring you down.

People that have reached a perfect 850 score tend to have this type of history on their reports:

1. 5 to 8 open credit cards with an AVERAGE age of 10 years. Newest credit card at least 2 years old.

2. A 30 year mortgage that they have been paying on for 20 years.

3. An auto loan that has been paid on for at least 2 years. A closed and paid off auto loan.

4. A personal line of credit that isn't being used.