Valued Contributor
Posts: 2,489
Registered: ‎01-22-2012
Re: The right number of credit cards

SnackTrader wrote:

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. 


+1. You really need to work on your scores if you want a mortgage in 6 months. 560 is downright horrible.
EX 798, EQ 789, TU 784
American Express Platinum (NPSL) || Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Barclays American Airlines Aviator Red World Elite Mastercard - $20,000 CL || Chase IHG Rewards World Mastercard - $25,000 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL || Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank Hilton Reserve Visa Signature - $20,000 CL || J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL