Re: The right number of credit cards
12-02-2012 12:09 AM
+1. You really need to work on your scores if you want a mortgage in 6 months. 560 is downright horrible.
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.
Bank of America Privileges with Travel Rewards Visa Signature (EMV) - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $25,000 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL