topic Re: What will be considered a good CC portfolio? in Credit Cards

What will be considered a good CC portfolio?

DigitalArk — Mon, 05 Aug 2013 23:49:56 GMT

Like what will be good in the credit reports besides paying on time, no BK, no collections, no high balances, low utili, etc? I want to know what credit card issuers/banks/credit unions will be good to have in the credit reports?

Re: What will be considered a good CC portfolio?

Creditaddict — Mon, 05 Aug 2013 23:48:17 GMT

@DigitalArk wrote:
Like what will be good in the credit reports besides pay on time, no BK, no collections, no high balances, low utili, etc? I want to know what credit card issuers/banks/credit unions will be good to have in the credit reports?

You have them!

Re: What will be considered a good CC portfolio?

DigitalArk — Mon, 05 Aug 2013 23:51:29 GMT

Cool! Good to know. Thank you!

Re: What will be considered a good CC portfolio?

HiLine — Tue, 06 Aug 2013 00:22:48 GMT

Agreed. You really don't need more unless you have specific needs.

Re: What will be considered a good CC portfolio?

DigitalArk — Wed, 13 Nov 2013 13:35:57 GMT

Re: What will be considered a good CC portfolio?

DigitalArk — Wed, 13 Nov 2013 13:35:17 GMT

It has been a while after I posted this. I have added a few cards since then. Originally I only wanted 2 cards, who would have thought a few months later, I have 8 total (in my signature). Among those 8 cards, my lowest limit is 5K. myFICO forum community makes applying for cards so enjoyable. Hopefully my portfolio looks better then before.

Re: What will be considered a good CC portfolio?

takeshi74 — Wed, 13 Nov 2013 14:13:10 GMT

@DigitalArk wrote:
Like what will be good in the credit reports besides paying on time, no BK, no collections, no high balances, low utili, etc? I want to know what credit card issuers/banks/credit unions will be good to have in the credit reports?

Scoring isn't based on the card issuer. It's based on the former items in your OP plus things such as AAoA, inquiries, number of accounts, credit diversity, etc.

Re: What will be considered a good CC portfolio?

DigitalArk — Wed, 13 Nov 2013 14:14:13 GMT

Does it mean the more accounts the better?

Re: What will be considered a good CC portfolio?

yudeology101 — Wed, 13 Nov 2013 14:51:40 GMT

@DigitalArk wrote:
Does it mean the more accounts the better?

I think yes, more variety of accounts you have (installments, revolving) in good standing and show that you can manage/age them well, it would definitely show that you are a responsible borrower to the lenders thus less risky to them.

Re: What will be considered a good CC portfolio?

hot4u — Wed, 13 Nov 2013 16:20:57 GMT

@yudeology101 wrote:
@DigitalArk wrote:
Does it mean the more accounts the better?
I think yes, more variety of accounts you have (installments, revolving) in good standing and show that you can manage/age them well, it would definitely show that you are a responsible borrower to the lenders thus less risky to them.

Re: What will be considered a good CC portfolio?

Revelate — Wed, 13 Nov 2013 16:47:48 GMT

@DigitalArk wrote:
Does it mean the more accounts the better?

I suspect there's an upper bound to that theory. I don't have any evidence to back it up but I would suggest that a typical number of cards (think average for consumers is in the 7-8 range) so unscientifically I'd want to be roughly in the 3-12 range from a show a bureaucrat what they're looking to see perspective.

I think a more likely eyebrow and possiblly FICOish issue is probably in the 20+ range, though has been pointed out previously there's someone with 1000+ revolving credit lines who still appears to be getting approved so it "can't be hurting him." My theory is there's more to life and the credit market than credit card approvals .

Edit: as others suggest, don't forget the installment loans, 2+ is likely sufficient; however, again anecdotally, student loans don't appear to count nearly as much in some versions of the model (perhaps all, has been reported for auto-enhanced from multiple dealer F&I folks). Store cards may or may not work similarly as another thread suggests, but they are still counted as revolving tradelines rather than a seperate entry for the mix of credit function.