cancel
Showing results for 
Search instead for 
Did you mean: 

How many cards when rebuilding?

tag
Anonymous
Not applicable

How many cards when rebuilding?

I have two cards aside from my debit card

 

Cap One secure card with $500 limit, I usually put about $100-$150 each month and PIF, it's been reporting for about 6 months now

Victorias Secret card, I don't know the limit on this, it's my oldest line of credit at 9 years and I don't usually carry a balance ever

 

I know I've been "pre-approved" for two of cap one's other cards, I just already have 3 inquiries on my report. I've also heard that having a lot of open credit available can be risky (not that I have a lot right now though).

Message 1 of 5
4 REPLIES 4
dursty87
Established Contributor

Re: How many cards when rebuilding?

I would say 2 CC's and 1 store card would be optimal for scoring purposes. I have seen people that have 2-3x their income in available credit and still get approved. Of course this would all depend on how strong ones credit profile is.
Message 2 of 5
2b2rich
Established Contributor

Re: How many cards when rebuilding?

Do you have a recent report on myFico.com w/score?  If so, play with the simulator to see what would happen if you add another credit card or store card, etc.

 

I know that it is to be considered educational, but it's always been right for me.  It also knows all of the other details of your credit report and history better than we do so would probably be more accurate than we are Smiley Happy

 

Regardless, here is my two cents worth:
It has always been my experience that having 3 credit cards, with about 3% utilization total has always been by far, my best ingredient in the make up of my score. Not 2 or less.  That doesn't mean your score wont increase if you have 4 or more, but after 3, I believe the only thing they help your score is if they have higher CLs and you've had them a long time, so for 'rebuilding' or 'building' purposes, I would take Cap 1 up on one of their offers (Quick Silver with rewards if it's one of them).

 

Good luck!

Chapter 7 Discharged & Closed Jan 2020
Message 3 of 5
Anonymous
Not applicable

Re: How many cards when rebuilding?


@Anonymous wrote:

I have two cards aside from my debit card

 

Cap One secure card with $500 limit, I usually put about $100-$150 each month and PIF, it's been reporting for about 6 months now

Victorias Secret card, I don't know the limit on this, it's my oldest line of credit at 9 years and I don't usually carry a balance ever

 

I know I've been "pre-approved" for two of cap one's other cards, I just already have 3 inquiries on my report. I've also heard that having a lot of open credit available can be risky (not that I have a lot right now though).


Get as many cards as you are comfortable with and know you will use responsibly. A rebuilding rule of thumb is to have 3-4 cc's and 1 store card.

 

*My 2 cents* Some people worry too much about the number of inquiries on thier report when rebuilding, I personally have around 20 on TU alone and am still able to get credit for rebuilding.  You can never have too much available credit.

 

If the two Cap1 cards are unsecured I would suggest taking them both and ditching the secured card. 

Message 4 of 5
Anonymous
Not applicable

Re: How many cards when rebuilding?

Thank you all!

 

I got both cards offered, one of which was the quicksilver rewards card.

 

 

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.