Would I benefit from additional trade-lines?

[MikeFromKeller]

I have the following lines of credit.

Credit One - $550

Capital One - $500

Orchard (now Cap One) - $300

Merick Bank - $1100.

Total:  $2450

Do you think I would benefit from a 2-3K jewelry line of credit?  When I say benefit – I mean, would this add points to my overall credit score?

Thanks!

[StartingOver10]

Yes, I have been rebuilding and I used the Jared card to help with my credit.

First the lines they offer are large.

Second, its pretty easy to keep it at a zero balance. I charge something once a year and take a couple of months to pay it off. I'm now at a $15k credit limit. It helps with utilization.

If you have had credit for more than 12 months (good payment history) go for a Barclay's card too. Barclay's gives good credit limit increases and all the cards you have now do not give good CLI's. I know that because I have experience with those cards....

[guiness56]

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@MikeFromKeller wrote:

I have the following lines of credit.

Credit One - $550

Capital One - $500

Orchard (now Cap One) - $300

Merick Bank - $1100.

Total:  $2450

Do you think I would benefit from a 2-3K jewelry line of credit?  When I say benefit – I mean, would this add points to my overall credit score?

Thanks!

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A large CL will make no difference if you don't carry balances.  FICO does not score the CL.  It would only help if your balance was high and lowering your utilization.

Do you have any installment type accounts?