How many CCs is considered Optimal for FICO Scoring?

[Anonymous]

Hiya... not sure if anyone else has replied to this as I haven't read the rest of the responses yet, but I lived in England for almost ten years and have traveled quite extensively. Discover is accepted in most of Europe at least. I can't say for sure that it is accepted everywhere in Europe, but I have never encountered anywhere that it is NOT accepted. As far as which other card is the most popular, Visa wins hands down. I personally prefer Mastercard ( always have, though I don't know why) but Visa is definitely the most widespread worldwide.

Also, Europe has a type of card that is just starting to come over here to the USA. I think it will be interesting to see how that goes on. It used to be a card called 'Switch' or 'Solo' in the UK, but now its backed by Cirrus, so I can actually use my Switch card over here in the United States where companies accept Cirrus. Mostly this is Wal-mart and a few other places that I've found here and there... but yeah, it will be interesting to see how it progresses. 

anyway, just had to stick my nose in

Sara

[Tuscani]

That "perfect" mix is like the Loch Ness monster, we've heard about it, but there seems to be no definitive answer as to what it truly is.

IMO, the perfect mix includes at least one of the following:

Open
Revolving
Installment
Mortgage

[smallfry]

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@Anonymous wrote:
I work as a loan officer for a Credit Union.  We pull exclusively Experian here, but honest to God, I've seen a score of 815 without any CC's, just an mortgage with 180mo+trade and an auto loan.  75% of the scores in the 800's I've seen, have had 1-3 cards.  I've seen an 815 with a home loan, auto loan, and a Sam's club card at 15% util.  I'm sure by have a good CC mix you can improve your score, but honestly I think payment history is the biggest factor.  Personally, I have not seen a score in the 800's that had more than 3 cards yet.  Most people with 5-15 cards have been in the 780's max (783 is a very popular number).  I'm not saying you can't have an 800 with more than 3 cards, but personally that's what I've noticed (I've probably pulled about 8 scores 800+).  I've also seen a 25 y/o with one major CC at 5% util with a 731 with only 27mo trade history!

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I don't doubt what you're saying at all. I have noticed that the number 1 ding I always see is the fact that I have no mortgage showing on my Experian report. This even with a 9 year old public record. I have closed quite a few cards the past six months. If I was sure i wouldn't damage my scores I would close one or even two more. The problem comes in trying to let less than 40% of open accounts report a balance. I'm not sure whether I would hinder my progress if less accounts contribute to my payment history. So I guess for now I will just leave it be.

[Anonymous]

I currently carry:

Blue Sky AMEX  $2,000 CL

Bank of America Visa $500 CL (Secured)

Credit Union Mastercard $6,500 CL 

Just Apply For:

Citi Mastercard (Hope to get approve for one)

Bank of America Visa (Unsecured, hope to get approve for)

Just Closed Account:

Capital One Visa $3,500 CL (Closed Account) Dont like Cap One that much ..

Message Edited by CreditCard101 on 03-14-2009 09:37 AM

[smallfry]

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@Anonymous wrote:

I currently carry:

Blue Sky AMEX  $2,000 CL

Bank of America Visa $500 CL (Secured)

Credit Union Mastercard $6,500 CL 

Just Apply For:

Citi Mastercard (Hope to get approve for one)

Bank of America Visa (Unsecured, hope to get approve for)

Just Closed Account:

Capital One Visa $3,500 CL (Closed Account) Dont like Cap One that much ..

Message Edited by CreditCard101 on 03-14-2009 09:37 AM

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I did some of that myself a couple of years ago and regret it now. The Cap One card works ya know. Take it from me you are hurting your score applying and getting approved for new credit. Lowering your average age can take years to recover from and in the end it's just another piece of plastic in your wallet.

[Anonymous]

Thanks. I don't know how to use the forums and all yet. I read on one that a guy heard a radio show talk about double reporting (I assume bimonthly) and gave it a shot. He sounded like he was pretty happy with it, but I haven't been able to find any info on that. If anyone knows anything about that or has general advice on how to raise my score as fast as possible I would definitely appreciate it.

Right now I've got all three below 600. I have already disputed with the three agencies, and will be doing the certified mail to the companies who still show but are incorrect. Anything I can't get off that way I'll just pay. I've got a car that I bought outright with cash (so that's no help); I rent from an individual (also no help); but have opened a secured CC with my credit union with a limit of 500 and got a secured loan from them as well (250 over 6mo). I applied for a gas card and got turned down.

I'd like to buy a house in about a year. I don't know anything about VA Home Loans, but will look into that before the end of the year. I've never bought a house before, so again, any advice would be welcome. I'm not sure what my score needs to be to get a loan, but that is what originally started me on this. I am separated, trying to push my divorce, but it looks like it'll be one of those things that I'll be trying to do for the rest of this year. That is another thing I don't know what the effects are on my credit.

Thanks everybody. These forums are incredibly helpful, keep it up!

James

[haulingthescoreup]

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jimeh wrote:

Thanks. I don't know how to use the forums and all yet. I read on one that a guy heard a radio show talk about double reporting (I assume bimonthly) and gave it a shot. He sounded like he was pretty happy with it, but I haven't been able to find any info on that. If anyone knows anything about that or has general advice on how to raise my score as fast as possible I would definitely appreciate it. James

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I can't quite figure out whether you saw that I moved your post about this (multiple payments) or not. I answered it and gave the how-to's over on the new thread.

Here's where you earlier post went, with the reply:

Improving scores by controlling reported util?

[Anonymous]

To smallfry:

Its true but I really dont like Capital One, eventhough I had the account for two years. It really doesnt matter if my FICO drops, its ONLY temporary. The truth is you can always raise your score by not having too much high balance or carrying too much debt. I still have other accounts in good standing and low balance. That's my goal to keep all my account low or zero balanace as possible. I dont want too much credit card but I do want one or two good brand name credit card in my credit report and in my wallet.

By the way, Anyone and Everyone can get a CAPITAL ONE card and they are too commons.

Message Edited by CreditCard101 on 03-14-2009 08:27 PM

[smallfry]

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@Anonymous wrote:

To smallfry:

Its true but I really dont like Capital One, eventhough I had the account for two years. It really doesnt matter if my FICO drops, its ONLY temporary. The truth is you can always raise your score by not having too much high balance or carrying too much debt. I still have other accounts in good standing and low balance. That's my goal to keep all my account low or zero balanace as possible. I dont want too much credit card but I do want one or two good brand name credit card in my credit report and in my wallet.

By the way, Anyone and Everyone can get a CAPITAL ONE card and they are too commons.

Message Edited by CreditCard101 on 03-14-2009 08:27 PM

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CC101. Been there done that. Utilization and total amounts owed so long as the figure is not outrageous are quickly fixed by writing a check average age of accounts can kill you score for years. When I first started rebuilding nearly 2 years ago my scores were only marginally lower with 56% utilization. Today with 1% utilzation and a lower average age my scores are only fractionally higher. It's only a piece of plastic and the way credit card companies are acting today Cap One doesn't really look all that bad if you're not stuck in sub prime world.