topic Re: How many CCs should I have? in Credit Cards

How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 01:39:34 GMT

Hi,

The current CCs I have are 2,500 min, 600 min, and 300 min, and a DEPT store CC which I know now it's not worth it, and it's 600 min. Should I apply for another CC or go for the DISC secured?

Re: How many CCs should I have?

tcbofade — Wed, 09 Jan 2019 01:41:09 GMT

Every person is different, there is no correct answer.

If you're concerned with Fico scoring, you already have plenty.

Re: How many CCs should I have?

FinStar — Wed, 09 Jan 2019 01:41:59 GMT

It appears you have a good number of them at the moment. Which specific CCs do you have?

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 01:44:14 GMT

BofA (2,500)

Credit One (300)

Cap One (600)

Macys (600)

Re: How many CCs should I have?

FinStar — Wed, 09 Jan 2019 01:49:06 GMT

If the ones that you currently have are manageable within your budget then it may seem like a good number to start with.

If you are looking for another CC for rewards (or other) purposes or even to replace anything like Credit One at some point, then potentially Discover might be a good candidate.

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 01:50:54 GMT

Ok, thanks.

Ya, I'm looking into Discover, like actually doing it soon. I might do the secured CC or regular CC of DISC

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 04:22:07 GMT

@Anonymous wrote:
Ok, thanks.
Ya, I'm looking into Discover, like actually doing it soon. I might do the secured CC or regular CC of DISC

I feel like you can go witht he unsecured version as you are not "new" to credit.

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 14:19:58 GMT

I think you could ditch credit one and Macy’s if you don’t use it a lot, and replace those with a discover it and Amex blue cash everyday for two much more useful no annual fee cash back cards. But obviously your credit score will take a hit for a little while when your add new cards

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 16:11:53 GMT

Oh...
Those sound like good cards, ones you mentioned. Also, a collections just reported as paid off today which is a good thing (according to Wallethub. No update on the collection paid off on CreditKarma though. Nothing on Myfico either, not like it’ll do anything to Fico score. Reason I mention this is because on Wallethub according to the score it gives me it’s saying down below I have good approval odds on Capital One Platinum at no APR. Not sure how good this cc is. Any feedback would be much appreciated.

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 17:45:48 GMT

I thought you already have a capital one card?

Platinum has no rewards, you should shoot for at least a cash back card. AmEx BCE gets 3% on groceries and 2% on gas, 1% on everything else. Discover has the rotating 5% categories and they double it your first year. Either would be much better than a cap one platinum. Which capital One card do you have now?

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 17:56:57 GMT

I have cap one quicksilver

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 18:00:50 GMT

A preapproval for a cc is a soft inquiry, correct? And a soft inquiry is no points?

Re: How many CCs should I have?

FinStar — Wed, 09 Jan 2019 18:19:20 GMT

Correct. If you are using any of the pre-qualification tools, there's already a disclaimer that provides that information since it will not impact your score and/or profile.

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 18:20:55 GMT

Ok, thanks 🙏

Re: How many CCs should I have?

Anonymous — Wed, 09 Jan 2019 22:45:01 GMT

Sense I already have BofA cc the rep says it'll only be a soft inquiry for a BofA cc credit line increase, is this correct? And how many points is taken for a soft?

Re: How many CCs should I have?

coldfusion — Wed, 09 Jan 2019 22:57:58 GMT

@Anonymous wrote:
Sense I already have BofA cc the rep says it'll only be a soft inquiry for a BofA cc credit line increase, is this correct? And how many points is taken for a soft?

Yes. BoA transitioned to using soft pulls from TU for CLI requests about 8 months ago.

There is always the risk of a HP and for completeness you WILL be warned before submitting the request that the possibility exists of a hard pull. However, based on the number of data points collected here since the transition the odds of a hard pull are very small.

Soft pulls are not disclosed to other creditors and do not impact FICO scores.

Re: How many CCs should I have?

FinStar — Wed, 09 Jan 2019 22:59:40 GMT

Correct, BoA CLI requests are SP as of last year. There will be no impact to your credit score with the SP.

Re: How many CCs should I have?

kdm31091 — Thu, 10 Jan 2019 01:08:27 GMT

@Anonymous wrote:
Sense I already have BofA cc the rep says it'll only be a soft inquiry for a BofA cc credit line increase, is this correct? And how many points is taken for a soft?

The SP won't impact your score at all, nor will any other creditor see it. The vast majority of BOA CLIs in the last 8 months or so have been SPs, but note that by requesting a CLI, you do give them permission to do a HP. So the SP isn't guaranteed, but it is likely.