Valued Contributor
Posts: 1,567
Registered: ‎09-15-2012
Re: The right number of credit cards

brother7 wrote:

Pghmg wrote:

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 Quicksilver (6/12) $14,000, Chase CSP (4/14) $12,000, Barclaycard Rewards (5/13) $10,500, Citi Forward (12/12) $9,600, Chase Freedom (12/12) $5,000

Last App: April 2, 2014