Applying for credit cards after Ch 7 BK 5 years ago..

[wnc817]

I have had a Lowe's card and secured card from a credit union for a couple of years. I have read that having 5 cards is ideal in terms of the credit scores. So I applied to Discover, City, and applied for a Sallie Mae rewards card (5% on gas and groceries). Fortunetely, I was approved for the Sallie Mae card. But Discover and Citi said no. I called Citi for reconsideration, and they said that I have to wait for the BK to come off of the report.

What cards should I apply for? I have 4 inquiries on my report, so a couple more shouldn't hurt for now..

[guiness56]

For now I would go with a secured like Cap 1 or BoA.  Not sure if they graduate to unsecured.

[Shellie]

I only have 2cc is 5 really ideal?

[guiness56]

You see different suggestions.  I have seen 3, 5, 7 etc.

I don't think there is really an ideal amount of CC you can have it is more how you manage them.

[Shellie]

I only have 2.  They are solely for raising my score. 

[guiness56]

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@Shellie wrote:

I only have 2.  They are solely for raising my score. 

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They will work for you.

[ezdoesit]

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@guiness56 wrote:

You see different suggestions.  I have seen 3, 5, 7 etc.

I don't think there is really an ideal amount of CC you can have it is more how you manage them.

+1

I have read more than 2 or more on experian website scoring they say because with more cards creditors have more of a picture and understanding how you manage debt.

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[Shellie]

Isn't it obvious if you alwasy report less than 9% that you are only using them to rebuild?  Not that it matters I guess.

[guiness56]

No, not really.  Even those that are not rebuilding get a better score that way.  FICO doesn't like all balances to be 0 and likes to see you use your credit but wisely.

YMMV.  Some will tell you letting them all report 0 is best.  And it may work for them.

[Shellie]

Thanks again.