topic General in Credit Cards

General

kc12286 — Wed, 29 Aug 2007 22:47:17 GMT

I've heard it's best to have a credit card from each of the major companies. Visa, Mastercard, Discover and Amex. I know Amex and Discover aren't consider major companies. I was wondering if there is any truth to this.

I currently have 2 Visas, one from Capital One and one from my bank, Commerce. I was just approved for a Chase Freedom Mastercard, with a very high CL, higher than my Visa cards. I'm also on my mother's Amex.

I have no plans to apply for another other cards right now, I was just wondering if what I've heard is true.

Re: General

SpecFile — Wed, 29 Aug 2007 22:51:52 GMT

I would love to know the source of the info. I doubt that AMEX and Discover are perceived as anything less than major.

Re: General

kc12286 — Wed, 29 Aug 2007 23:12:20 GMT

What I meant by major is that Visa and Mastercard are excepted everywhere, whereas Discover and Amex aren't.

Re: General

Anonymous — Wed, 29 Aug 2007 23:14:08 GMT

Amex and Discover are the UBER-Prime cards. not sure why you need all of them don't think the FICO scoresthem any differenlty than revolving charge accounts.

Re: General

Anonymous — Wed, 29 Aug 2007 23:21:55 GMT

FICO doesn't care...they're all revolving credit accounts. The only distinction is between revolving credit, with its CLs and utilization, versus open-ended charge accounts, which do not count toward utilization. That's it.