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New Member
Posts: 2
Registered: ‎06-18-2008
0

How many credit line/card should I open in order to establish good credit score?

Hello all,

 

Let me begin by saying “Thank You” in advance for taking the time to read my post and for your suggestions.  I did the bankruptcy process last year (2011) and been proactively monitoring my credit score. In the last 3 to 4 month my credit score has increased from the 590 to 636 which is good news and so far Iam happy for the improvement Smiley Happy  I believe is thanks to the line of credit I’ve managed to open and maintain in good standards at this time: A ‘Secure Card’ and a car service credit line (just a month old) that I believe is considering a ‘Merchant Card’.

 

Reading through tips and best practice to further improve your credit score I'm a bit confused in regards to how many credit cards or credit line should I have in order to establish a good credit. I am afraid that if I open too many of them (especially with my current credit score) will flag lenders that I’m someone who's desperate for financial need, especially afraid of been rejected which I think it impacts your credit score -- so I dont want to lower my score at this point.

 

I guess the question here is; with my current credit score and the 2 cards I have, is that good enough to rebuild my credit, or maybe take one more line of credit like maybe a Merchant card from Best Buy, Sears, JCPenny or something like it that can help further boost my credit score to my desire goal or should I just keep with what I have for now and just work with that until I hit the 700 credit score in order to further increase my credit line?

 

What do you all think?

Thanks

New Member
Posts: 28
Registered: ‎09-30-2012
0

Re: How many credit line/card should I open in order to establish good credit score?

First of all congrats on the raised score! I'm new here as well but from what I've been reading it seems that it is the number of inquiries that will hurt you, as well as having too many new accounts. Is there a close friend or relative who can add you as an authorized User on their established (and never paid late!) account? That way you get a history of a good tradeline without getting another inquiry against you.

Starting Score: TU 598; EQ 558; EX 526
Current Score: TU 598; EQ 558; EX 526
Goal Score: 650


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New Contributor
Posts: 64
Registered: ‎10-20-2012
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Re: How many credit line/card should I open in order to establish good credit score?

Could being an authorized user on someone else's credit card really work to boost my credit score?


Starting Score: 523
Current Score: EQ 608 EXP 648 TU 565
Goal Score: 800


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New Member
Posts: 2
Registered: ‎06-18-2008
0

Re: How many credit line/card should I open in order to establish good credit score?

[ Edited ]

Thank you! I've heard that a friend or family member can add you to their current credict card, but to all honesty,  not sure that help. Also if that person,  yourself or both fail to pay on time both will get the late payment hit so I rather work that on my own without  asking a family member -- Just my thought Smiley Happy

Regular Contributor
Posts: 201
Registered: ‎08-19-2012
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Re: How many credit line/card should I open in order to establish good credit score?

I really never liked the AU route...especially if they max their credit card...now they messed up UTI has royally screwed you over...doesn't matter if its never late

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