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Do I Need a 3rd Card for Optimal Scoring?

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Credit_hawk
Established Contributor

Do I Need a 3rd Card for Optimal Scoring?

Hey Guys,

 

This past year I have established and built my credit. I've heard many times that having 3 cards is preferred for building credit efficiently. I currently have a Discover card and a Cap One Platinum, as well as an installment loan. Everything has been opened in the past 8 months. I was encouraged to get a 3rd card and a month ago I applied for the BarclayCard rewards and was rejected with my current scores and even turned down on the recon. The reason being: insufficient history- try back in 6 months. I only had 2 inquiries at that point and that landed me a 3rd. It was within a month from getting my Discover card. 

 

I'm now thinking of just leaving it alone for a while. Should I? Do I have enough mix in your opinion? Suggestions for a 3rd card?

 

 

 

FICO- Experian: 797, TransUnion: 781, Equifax: 804 (Updated Monthly)
Message 1 of 8
7 REPLIES 7
ddemari
Super Contributor

Re: Do I Need a 3rd Card for Optimal Scoring?

You should have a minimum of 3 cards for optimal scoring but I think 4 might be best. 

 

But, don't open 2 more cards just for optimal fico scoring if you will have a hard time managing them.

 

With your scores and 8 months of history, try a cap1 journey visa or maybe even a quickilver visa. they will approve you and u can change that card to a different product down the line. 

Message 2 of 8
Anonymous
Not applicable

Re: Do I Need a 3rd Card for Optimal Scoring?

delete

Message 3 of 8
Pway
Valued Contributor

Re: Do I Need a 3rd Card for Optimal Scoring?


@ddemari wrote:

You should have a minimum of 3 cards for optimal scoring but I think 4 might be best. 

 

But, don't open 2 more cards just for optimal fico scoring if you will have a hard time managing them.

 

With your scores and 8 months of history, try a cap1 journey visa or maybe even a quickilver visa. they will approve you and u can change that card to a different product down the line. 


I totally with everything here.  Yes if you can manage a third card then go ahead but if you cannot I would not do it.  Looking at your scores in your siggy are really good.  Keep up the good work.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.
Message 4 of 8
ddemari
Super Contributor

Re: Do I Need a 3rd Card for Optimal Scoring?

Furthermore, if you can hold out and give yourself a 12+ month (like a solid year) credit history, you can get in really well with chase on a card with a good apr and limit. Your scores are good, if you had 1 to 2 years of credit history with those scores and decent income right now, the banks would welcome someone like you with open arms. 

 

You are at the tail end of your process and doing very good it seems from your scores, cards and intentions, etc. I would guess. 

 

 

Message 5 of 8
Credit_hawk
Established Contributor

Re: Do I Need a 3rd Card for Optimal Scoring?

Thanks for the advice, ddemari! I would like to have 3 or 4 and believe I could handle it in my humble opinion.I'm only using them as credit builders right now as it is with <10% utilization. I'm just worried that I'll get rejected again after Barclay. That rejection stung lol- should have went for the Apple card instead! Do you think I could just flip/upgrade my Cap Platinum MC into a QS without having to re-app?

FICO- Experian: 797, TransUnion: 781, Equifax: 804 (Updated Monthly)
Message 6 of 8
Credit_hawk
Established Contributor

Re: Do I Need a 3rd Card for Optimal Scoring?

Thanks, Pway!

FICO- Experian: 797, TransUnion: 781, Equifax: 804 (Updated Monthly)
Message 7 of 8
takeshi74
Senior Contributor

Re: Do I Need a 3rd Card for Optimal Scoring?

3 is suggested but you can only add accounts at a rate that is supported by your credit profile.  If everything was opened in the past 8 months then you have a thin profile and it will just take time and responsible usage.

 

@Credit_hawk wrote:
Suggestions for a 3rd card?

Always provide what you need/want from the new card if you want recommendations. Card selection is always about finding what suits the individual best. It is not a one-size-fits-all matter.

Message 8 of 8
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