topic Re: Two CCs Too Few? in General Credit Topics

Two CCs Too Few?

Anonymous — Tue, 05 Jun 2007 21:20:39 GMT

The two I have are

HSBC - Platinum - $400CL

HSPC - Orchard - $500CL

Would it be good for my fico over the next year to add another one or two?

Re: Two CCs Too Few?

fused — Tue, 05 Jun 2007 21:24:40 GMT

Rocket01 wrote:
The two I have are
HSBC - Platinum - $400CL
HSPC - Orchard - $500CL

Would it be good for my fico over the next year to add another one or two?

Do you know your FICO scores? What is your current util on both cards? Do need more credit?

Re: Two CCs Too Few?

Anonymous — Tue, 05 Jun 2007 21:33:25 GMT

TU 664, EQ 668, Ex 673.

Utilization is very low, but hard to keep it that way because of the low CLs ($500 & $400).

Don't "need" more credit, but would come in handy sometimes.

Most importantly, I'd like to optimize my fico in the next year.

Re: Two CCs Too Few?

Tuscani — Tue, 05 Jun 2007 21:37:37 GMT

You should have no issues getting the Amex Delta or a Citi card. Amex will pull EX, Citi will most likely be EQ.

Re: Two CCs Too Few?

Anonymous — Tue, 05 Jun 2007 21:39:46 GMT

Will it help my FICO to get another card or two? I'd like to make the best lemonade as I can from the lemons in my CR...

Re: Two CCs Too Few?

Tuscani — Tue, 05 Jun 2007 21:42:31 GMT

In the long term yes.. You will take an initial hit for the Inqs and new accounts though.

Re: Two CCs Too Few?

Anonymous — Tue, 05 Jun 2007 21:45:24 GMT

That's what I was wondering. I'd like the score to maximize in about 1 year, when I'm going to buy. I can look at the reports regarding inquiries. It says that they affect the score for 1 year. I think the worse case 1 year is 4 inquiries, but that will change in the next couple of months. Base on this info, what do you think?

Re: Two CCs Too Few?

Tuscani — Tue, 05 Jun 2007 21:50:21 GMT

Rocket01 wrote:
That's what I was wondering. I'd like the score to maximize in about 1 year, when I'm going to buy. I can look at the reports regarding inquiries. It says that they affect the score for 1 year. I think the worse case 1 year is 4 inquiries, but that will change in the next couple of months. Base on this info, what do you think?

Just wait 13 months and the Inqs won't matter anymore.

Re: Two CCs Too Few?

Anonymous — Tue, 05 Jun 2007 21:52:55 GMT

So the inquires are a non-issue. Good.

Will the fico score recover and improve in the next 12 months, if I get another CC or two?

Re: Two CCs Too Few?

Tuscani — Tue, 05 Jun 2007 21:56:50 GMT

Rocket01 wrote:
So the inquires are a non-issue. Good.
Will the fico score recover and improve in the next 12 months, if I get another CC or two?

I said 13 months because eventhough Inqs stay on your reports for 24 months, FICO only cares about those <12.

Re: Two CCs Too Few?

Anonymous — Tue, 05 Jun 2007 21:58:51 GMT

Will getting a new TL hurt my score then improve it within 12 months? Assuming that the amount of Inqs is so low that they wont hurt my score...

Re: Two CCs Too Few?

Tuscani — Tue, 05 Jun 2007 22:09:52 GMT

There are too many factors to say for sure. Keep you util low, no baddies, and don;t go on app sprees and your scores should only improve.

Message Edited by Tuscani on 06-05-2007 05:09 PM