Re: Is there any drawbacks to apply for as many credit cards as you can while young?
10-28-2013 12:38 PM
My advice: start off with one card, something that's practical and will be used. He's a student with a job so a student card which generally has more relaxed underwriting requirements would be a good choice. I would suggest Citi Forward for College Students.
Six months down the road, add another card, say Discover it for Students.
Then every six months, evaluate spending patterns and consider adding a new card to fulfill a certain need, such as a card with gas rewards or a particular store card where you shop a lot or a Walmart Discover card to get a free monthly TU score.
According to this myFICO infographic on FICO high achievers (those with FICO 785 or higher), high achievers have an average of 7 credit cards. I think that's a good number of cards to have.
11/02/2012 Peak - EQ 790 (ScoreWatch EQ FICO)
01/06/2015 Current - TU 831 (Walmart MasterCard TU FICO 08 Classic)
GOAL - 800! - App free since 05/18/2015