topic Re: How many Credit Cards should you Have when building credit?? in Credit Cards

How many Credit Cards should you Have when building credit??

The-Credit-Disciple — Tue, 24 Jul 2018 23:33:40 GMT

My Credit Journey began September 2017, and I currently have 7 Credit cards

Re: How many Credit Cards should you Have when building credit??

The-Credit-Disciple — Tue, 24 Jul 2018 23:44:46 GMT

My credit Cards are as follows:

1. Discover it Chrome card

2. Citi bank double cash card

3. Amex everyday blue cash card

4. Capital one Quicksilver one card

5. Capital one Platinum card

6. Credit one Card

7. Total Visa cards

My wish list cards are: Amex cash Magnetcard, Bank of America cash rewards card and the Amazon prime rewards Visa card

My goal is to build my credit far into the 700's, any advice will be super awesome. thanks

Re: How many Credit Cards should you Have when building credit??

Gmood1 — Tue, 24 Jul 2018 23:51:12 GMT

Three CCs and one active installment loan is all that's needed for solid 850 scores.
Anything after that is a personal choice.
Be aware scores alone don't guarantee approvals.

Welcome to the forums!

Re: How many Credit Cards should you Have when building credit??

Brian_Earl_Spilner — Tue, 24 Jul 2018 23:51:29 GMT

Nice starter set young padawan, but you only needed 3. Ditch the credit one and total visa

Re: How many Credit Cards should you Have when building credit??

The-Credit-Disciple — Wed, 25 Jul 2018 00:04:14 GMT

I was thinking of ditching those once I get at least 2 of the cards on my wish List

Re: How many Credit Cards should you Have when building credit??

Medic981 — Wed, 25 Jul 2018 00:13:17 GMT

@Brian_Earl_Spilner wrote:
Nice starter set young padawan, but you only needed 3. Ditch the credit one and total visa

I agree! Credit One and Total Visa are subprimes CCs. You will do fine with the others. For an installment trade line, you can look into SelfLender which is a secured loan. You pay as little as $49 a month and get back the majority after a year. $525 IIRC

Re: How many Credit Cards should you Have when building credit??

The-Credit-Disciple — Wed, 25 Jul 2018 00:25:36 GMT

I have Self Lender, It is Super Awesome, I love the program

Re: How many Credit Cards should you Have when building credit??

Anonymous — Wed, 25 Jul 2018 01:09:52 GMT

Here is what I would do, get rid of Credit One, Total Visa and maybe QS1 (annual fee), garden with the rest until the last inquiry and the youngest account reaches one year, by then your score should be at the next level provided there are no derogs, then apply for your wish list cards and get approved with high limit and low APR.

Re: How many Credit Cards should you Have when building credit??

JohnnyGaddar — Wed, 25 Jul 2018 02:10:53 GMT

I would say, you don’t need many cards to build the credit. If you have couples and they are in good standing, you will get CLI after sometimes automatically and it will cover multiple cards into one. Loan is good also to achieve high scores. Just keep cards with lower utilization and get higher CL as possible rather than having multiple cards.

Re: How many Credit Cards should you Have when building credit??

Anonymous — Wed, 25 Jul 2018 05:04:06 GMT

You definitely have a solid hand of cards. Before the annual fee hits for Credit One and Total, ditch them, but I would say keep them as long as possible to take advantage of the overall credit utilization until then. If something has an annual fee and does not add value, ditch it fast.

Next, look at your Cap One accounts. Platinum earns no rewards, but no fee. QS1 while it earns some rewards is beaten by your DC, yet still has a fee. Try the upgrade link: https://verified.capitalone.com/sic-ui/#/esignin?Product=Card&Action=ProductUpgrade If you can upgrade the QS 1 to QS, that may help you. Otherwise, try and combine the QS1 into your platinum so you still keep that same available credit (for total utilization purposes).

Good luck hitting 700+!!

@The-Credit-Disciple wrote:
My credit Cards are as follows:
1. Discover it Chrome card
2. Citi bank double cash card
3. Amex everyday blue cash card
4. Capital one Quicksilver one card
5. Capital one Platinum card
6. Credit one Card
7. Total Visa cards
My wish list cards are: Amex cash Magnetcard, Bank of America cash rewards card and the Amazon prime rewards Visa card

My goal is to build my credit far into the 700's, any advice will be super awesome. thanks

Re: How many Credit Cards should you Have when building credit??

Shooting-For-800 — Wed, 25 Jul 2018 12:30:31 GMT

You have plenty of cc accounts.

Dump the subprimes.

Focus on use and payments and you will get there.

Re: How many Credit Cards should you Have when building credit??

Anonymous — Thu, 26 Jul 2018 00:26:26 GMT

you really only need like 2 cards and 1 installment loan. just keep your balances low, pay in fill every month if you can

Re: How many Credit Cards should you Have when building credit??

SouthJamaica — Thu, 26 Jul 2018 00:41:12 GMT

@The-Credit-Disciple wrote:
My credit Cards are as follows:
1. Discover it Chrome card
2. Citi bank double cash card
3. Amex everyday blue cash card
4. Capital one Quicksilver one card
5. Capital one Platinum card
6. Credit one Card
7. Total Visa cards
My wish list cards are: Amex cash Magnetcard, Bank of America cash rewards card and the Amazon prime rewards Visa card

My goal is to build my credit far into the 700's, any advice will be super awesome. thanks

If your goal is to increase your scores, my recommendation would be

1. Close Total and Credit One

2. Combine Cap One Platinum into Quicksilver

3. Try to upgrade Quicksilver One to no-annual-fee Quicksilver

4. Refrain from applying for anything else for as long as you can

Re: How many Credit Cards should you Have when building credit??

The-Credit-Disciple — Thu, 26 Jul 2018 00:46:21 GMT

Thanks

Re: How many Credit Cards should you Have when building credit??

AndySoCal — Thu, 26 Jul 2018 04:02:03 GMT

I will a agree close the credit cards with fees. Secondly building your credit credit is not the number of cards your have it is the payment history is the most important the longer the better. I have only six cards one with a 29 year credit history and never a missed payment.