topic Credit Cards--The Limit and The Quantity in Credit Cards

Credit Cards--The Limit and The Quantity

Anonymous — Tue, 13 Nov 2007 14:46:18 GMT

How many credit cards should one try to have?

What credit cards are best offered to a person with scores between 600-650 and BK over 4 years old

They say have a mixture of credit--I have a mortgage, auto loan, student loans, adn 4 credit cards and 1 time of credit---2 cards are fairly new WAMU and Juniper....one with 1750 limit and the other with 2000 limit

Got a crapital one card with a 500 limit and HSBC with 400 limit--have had both of them for many years and credit increase--should I keep them or apply for other cards get approved and ditch them

Also are dept store cards good cards to have? I do not have any--i was always told they knocked the credit scores down substantially when applying--is that true....i am trying to rebuild not hurt my scores...

Thanks for your time--have a blessed day!!!

Message Edited by AWLEGZ on 11-13-2007 06:46 AM

Re: Credit Cards--The Limit and The Quantity

Anonymous — Tue, 13 Nov 2007 15:01:52 GMT

Hi Aw. It depends on who you talk to. Some say 3 for a minimum. I say 4, but that's just my opinion.

I think you should only TRY to have as many cc's as you actually need. The higher the credit limits you have on a card, the fewer you need to meet your credit charging objectives, while keeping the utilization down, both on each card, and collectively.

You have a good credit mix, and 2 really good cards with the WaMu & Juniper.

In the area of closing cc's, ONLY close cc's that are in good standing( 0 balance), and be darned sure you don't need them. And close cards if they are costing you money. Other wise, it's best to keep them.

The only time I closed a card was after I received another card with a much higher cl on it. It was an Applied Bank card, with annual fees, 29.99% int. rate, monthly service fees.

I have 3 store cards, and they do an excellent job serving me it their limited scope.
A Chevron gas card; a Penny's card(used a LOT at Christmas time), and a V.S. card which I rarely use.

Hope that helps. I'm sure others will chime in and offer their opinion. Good luck.

Re: Credit Cards--The Limit and The Quantity

Anonymous — Tue, 13 Nov 2007 16:24:41 GMT

You definitely don't want to have many credit limits that would make you look overextended. Having too much credit available can make you appear as a risk.

Re: Credit Cards--The Limit and The Quantity

Creditaddict — Tue, 13 Nov 2007 16:38:37 GMT

if your just looking to add a great credit line, try www.hooterscard.com

they seem to be giving out peoples highest credit lines of any cards.

or else add a dept store or gas card for a complete mix of cards

Message Edited by Creditaddict on 11-13-2007 08:38 AM

Message Edited by Creditaddict on 11-13-2007 08:38 AM

Re: Credit Cards--The Limit and The Quantity

Anonymous — Fri, 16 Nov 2007 03:42:52 GMT

THANKS SOUNDS LIKE A PLAN I MAY TRY THE FIRST WEEK OF DEC--JUST GOT A NEW CAR IN AUG AND IN PROCESS OF REFINANCING HOUSE THE END OF THIS MONTH WANT TO MAKE SURE THATS ALL STRAIGHT FIRST --ANY OTHER GOOD CARDS TO POSSIBLY APPLY FOR WHAT ABOUT BEST BUY OR TARGET ARE THE BK FRIENDLY (POST BK 4 YRS) NO LATES ON NOTHING IN OVER 12 MOS--NO NEW C/O ACCTS SINCE BK EITHER

Re: Credit Cards--The Limit and The Quantity

Anonymous — Fri, 16 Nov 2007 14:49:06 GMT

AWL - I would have to agree with much of what sylvia has suggested. If you have had Cap 1 and HSBC for many years, I would ask for a CLI on both. That would decrease util., and when I got to 675 or so, get an AMEX. Then I'd stop applying and let them age. Before you know it, you'll be pushing 750.

As for store cards, everyone's tastes are different. Mine is Macys. The gas card is Exxon/Mobil. I don't think these inquiries knock your score down any more than any other inquiry. But, I would apply for them now. An inquiry would probably cost you 4-5 points. The higher your score, the more you suffer for an inquiry. I opened an online checking account with HSBC recently - the hard inquiry with TU cost me 20 points.

Re: Credit Cards--The Limit and The Quantity

MidnightVoice — Fri, 16 Nov 2007 15:01:49 GMT

cobra19 wrote:

. An inquiry would probably cost you 4-5 points. The higher your score, the more you suffer for an inquiry. I opened an online checking account with HSBC recently - the hard inquiry with TU cost me 20 points.

In my limited experience, the cost of an inq depends on how many are already there. If you have 42 already, I don't think you will have much of a hit

If you have zero, then 1 does not seem to do much harm either (I got a 5 point drop from 1 inq and 1 sort of new account with no previous inqs and no really significant effect on util at that point in time). I think it is when one is in the ?3-8?? range that inqs hit hardest. But I may be wrong

Message Edited by MidnightVoice on 11-16-2007 09:01 AM

Re: Credit Cards--The Limit and The Quantity

Anonymous — Fri, 16 Nov 2007 18:22:53 GMT

My EQ score went up by 6 points when I went from 2 inquiries to 1.

Re: Credit Cards--The Limit and The Quantity

Anonymous — Tue, 27 Nov 2007 03:21:23 GMT

LOL wow 42 inquiries isnt that a bit too much LOL--I am complaining about the ones I have thats like asking for a denial for credit --right? or does it just depend---I can see them now you have too many inquires especially if thats all within 12 mos too funny