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.
06/28/2016 - EX 806 (Credit Scorecard EX FICO® Score 8, range 300-850)
06/20/2016 - TU 817 (Discover TU FICO® Score 8, range 300-850)
06/21/2016 - EQ 819 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 12/13/2015