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 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