General Credit Topics

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grandfinale03
Posts: 72
Registered: ‎02-27-2008

What types of credit?

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‎03-04-2008 12:40 PM

I have an auto loan, a personal loan, and 1 Commerce Bank credit card. I am working on cleaning up my credit... after I raise my score, what's the optimum amount of CC's to have? 3? 5? I know its good to keep some with no balance, and some with a small 7% balance... im guessing the cc's with a small balance would have the higher credit limits to show lower util.
03/01/08

EQ: 580/ EX: 550/ TU:?/
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Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007

Re: What types of credit?

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‎03-04-2008 12:43 PM - edited ‎03-04-2008 12:43 PM

There really is  no min or max  of amount of CC........It all goes by UTIL and payment (ontime) The CC must age   they are counted as new for approx. 1 year.


Message Edited by HappyDays on 03-04-2008 12:43 PM
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New Contributor
grandfinale03
Posts: 72
Registered: ‎02-27-2008

Re: What types of credit?

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‎03-04-2008 12:47 PM

I guess it wouldn't be smart to go on a "spree" when my score improves... I should space out some time so it doesnt show a ton of NEW credit, right? 
03/01/08

EQ: 580/ EX: 550/ TU:?/
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MidnightVoice
Posts: 8,091
Registered: ‎03-25-2007

Re: What types of credit?

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‎03-04-2008 12:51 PM

Personal choice - one store card and 2 CCs would be a good start
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
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