topic Re: How many CC trade lines do you have? What is the perfect number? in Credit Cards

How many CC trade lines do you have? What is the perfect number?

dddewdrop — Wed, 22 May 2013 18:57:27 GMT

I have 5 right now 1 closed and 4 opened. From reading and learning here, I figure I am going to shoot for 6. i don't really like credit cards but 6 seems to be a good number where if I do apply for another one after having 6 well aged, my AAoA won't drop too much. I think some mortgages say like 2 or 4 is the minimum to be approved. Is it true that they require a minimum?

Re: How many CC trade lines do you have? What is the perfect number?

09Lexie — Wed, 22 May 2013 19:04:24 GMT

The perfect number depends on the individual. Why they need the cc's and whether their income/spending warrants multiple cc's. as far as mortgages,Myers they like to see 2-3 trade lines but they can also use alternative /non- traditional credit sources. To be safe though, getting a few cc's will make processing and UW a mtg app easier.

To answer your other question, I have 16 open TLs, 2 closed TLs. Whereas my DH has 7 TLs and he's fine with that number.

Re: How many CC trade lines do you have? What is the perfect number?

dddewdrop — Wed, 22 May 2013 19:23:16 GMT

Yeah unfortunately my wife's credit is a disaster. We both came from different worlds and she came from poverty and has been very sick and has been very irresponsble in the past to the extent that she has done things that were blatently illegal and thus her credit has a long way to go... Hers can get better someday. She is trying.

Re: How many CC trade lines do you have? What is the perfect number?

tcbofade — Wed, 22 May 2013 19:27:09 GMT

Oh heck, I lose count...the number I remember is that between DW and I, we have 43 active credit card accounts.

No, that isn't a typo.

Re: How many CC trade lines do you have? What is the perfect number?

09Lexie — Wed, 22 May 2013 19:28:34 GMT

Hopefully, you can help her see the errors in her ways and get it and her back on the straight and narrow. It's an arduous task but one worth trying to accomplish.

I'm sure you'll be able to give her excellent advice!

Re: How many CC trade lines do you have? What is the perfect number?

dddewdrop — Wed, 22 May 2013 19:34:12 GMT

@tcbofade wrote:
Oh heck, I lose count...the number I remember is that between DW and I, we have 43 active credit card accounts.

No, that isn't a typo.

Hmm. Yeah I guess you have enough to qualify. Credit Karma models put the optimal number at 21+ so you should each be good there..

Re: How many CC trade lines do you have? What is the perfect number?

Anonymous — Wed, 22 May 2013 19:34:54 GMT

I've got all of the CCs listed in my sig, plus a single closed CC that I closed before I ever knew anything about credit.

Re: How many CC trade lines do you have? What is the perfect number?

jsickz32 — Wed, 22 May 2013 19:35:01 GMT

Look at siggy

Re: How many CC trade lines do you have? What is the perfect number?

dddewdrop — Wed, 22 May 2013 19:46:03 GMT

@Anonymous wrote:
I've got all of the CCs listed in my sig, plus a single closed CC that I closed before I ever knew anything about credit.

Nice list.. nice limits....

Re: How many CC trade lines do you have? What is the perfect number?

dddewdrop — Wed, 22 May 2013 19:46:34 GMT

@jsickz32 wrote:
Look at siggy

You too.....

Re: How many CC trade lines do you have? What is the perfect number?

tcbofade — Wed, 22 May 2013 19:49:24 GMT

@dddewdrop wrote:
@tcbofade wrote:
Oh heck, I lose count...the number I remember is that between DW and I, we have 43 active credit card accounts.

No, that isn't a typo.
Hmm. Yeah I guess you have enough to qualify. Credit Karma models put the optimal number at 21+ so you should each be good there..

You made me look.

CK says that she has 21 open accounts and 3 closed, I have 34 open accounts and 13 closed.

Some of those are joint accounts, I'm sure.

Re: How many CC trade lines do you have? What is the perfect number?

mcf — Wed, 22 May 2013 19:59:26 GMT

Karma has me at open 16 closed 10 lol..

Re: How many CC trade lines do you have? What is the perfect number?

Anonymous — Wed, 22 May 2013 20:15:06 GMT

@dddewdrop wrote:
@Anonymous wrote:
I've got all of the CCs listed in my sig, plus a single closed CC that I closed before I ever knew anything about credit.
Nice list.. nice limits....

Thanks!

For some reason Chase has always loved to give me huge limits. I can't wait till I do my 3x CLI for my BCE card though. Only a few more days!

Re: How many CC trade lines do you have? What is the perfect number?

boomhower — Wed, 22 May 2013 20:38:04 GMT

For a mortgage three CC is sufficient. How many total is completely up to the person. Some like have many cards for different uses and/or utilization purposes.

I currently have 11 active CC's:

Lowes - for 5% off at lowes and 0% financing

Amazon - 0% financing

Walmart - 0% financing and FICO score

DCU - my low interest card and FICO score

Chase Freedom - 5% categories

Discover - 5% categories

Amex BCP - groceries and gas, going to downgrade to BCE since I got:

Sallie Mae - Amazon, groceries and gas:

Capitol One - rebuilder, have had it forever but don't use anymore

Merrick x2 - again rebuilding cards. One was a Hooters card and the other was a Geico card. Also get a FICO score.

Dell - used for a couple computer purchases for 0% financing. Haven't used in years.

I don't close accounts unless they have an AF. I'l never use the Dell account again but it has a fat CL that helps with UTL. Same with CapOne and Merrick.

Re: How many CC trade lines do you have? What is the perfect number?

dddewdrop — Wed, 22 May 2013 22:42:23 GMT

I don't close accounts unless they have an AF. I'l never use the Dell account again but it has a fat CL that helps with UTL. Same with CapOne and Merrick.

sounds smart.

Re: How many CC trade lines do you have? What is the perfect number?

Anonymous — Wed, 22 May 2013 23:03:34 GMT

@dddewdrop wrote:

I don't close accounts unless they have an AF. I'l never use the Dell account again but it has a fat CL that helps with UTL. Same with CapOne and Merrick.
sounds smart.

But keeping them open can hurt DTI calculations, about as much as it helps utl...

Re: How many CC trade lines do you have? What is the perfect number?

TNTransplant — Wed, 22 May 2013 23:38:05 GMT

I'm not sure what the correct number is, but I have 20 open revolving accounts right now. Really too many, but I can't figure out what to get rid of...

Re: How many CC trade lines do you have? What is the perfect number?

b_seeker — Wed, 22 May 2013 23:56:01 GMT

@Anonymous wrote:
@dddewdrop wrote:

I don't close accounts unless they have an AF. I'l never use the Dell account again but it has a fat CL that helps with UTL. Same with CapOne and Merrick.
sounds smart.
But keeping them open can hurt DTI calculations, about as much as it helps utl...

It should only affect DTI if a balance is reported. DTI calculations from CCs are based on reported minimum payments, IIRC.

Re: How many CC trade lines do you have? What is the perfect number?

Revelate — Thu, 23 May 2013 00:30:23 GMT

@dddewdrop wrote:
@tcbofade wrote:
Oh heck, I lose count...the number I remember is that between DW and I, we have 43 active credit card accounts.

No, that isn't a typo.
Hmm. Yeah I guess you have enough to qualify. Credit Karma models put the optimal number at 21+ so you should each be good there..

CK models their data on the relative scores they have.

Go figure, people with long established credit reports and therefore higher scores in the CK model, tend to have more tradelines on their report. That's how they pick their numbers... not exactly science and this means exactly zero when it comes to FICO or underwriting unfortunately.

Personally I don't ever expect to be above 10 cards; but likely in another year or two I'm going to start consolidating accounts anyway, vis a vis a CSP obviates the need for two of my current cards.

Re: How many CC trade lines do you have? What is the perfect number?

HiLine — Thu, 23 May 2013 06:10:51 GMT

I try to stay at 10 or under. I have yet to obtain a mortgage and an auto loan in some future probably, and don't want any sign of risk in my credit profile.