Re: The right number of credit cards
12-01-2012 08:04 PM
My goal is to qualify for my first mortgage by the summer of 2013.
With a current score of 560, you've got quite a ways to go to get a good rate on a mortgage. Instead of focusing on optimal number of cards, focus on clearing the baddies off your CRs.
I hate to be blunt, but rate isn't the biggest worry with a 560 score - approval is. I have never seen anyone get approved for a mortgage with a 560 score.
In My Wallet: Amex BCP (12/12) $22.200, Cap1 Cash Rewards (6/12) $9,000, Citi Forward (12/12) $8,000, Barclaycard Arrival (5/13) $7,500, Chase Freedom (12/12) $5,000
In The Garden!
Last App: May 21, 2013