Advice on whether or not to get more credit cards?

[Anonymous]

Hello, I hope you're having a good day!

My credit age is exactly one year. Because of this forums help, I've got a FICO credit score of 771. I want to try and get the best credit possible as I started credit rather late. I've heard that at least 3 credit cards scoring <9% is the optimal credit. The problem is, I don't really need 3 credit cards. I've paid for my car already and I live very meagerly as I'm a college student, so I don't have tons of drastic expenses. I'm worried that if I do get 2 more credit cards, I won't put enough on them (I'm weird, I know) and they'll close one of my accounts.

I was wondering what you guys perhaps thought? Will I need to put many hundreds of dollars on each credit card each month for them to not close my account? Do you think it's worth it to get two more credit cards to try and get my optimal credit score?

Thanks for reading! 

[Anonymous]

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@Anonymouswrote:

Hello, I hope you're having a good day!

My credit age is exactly one year. Because of this forums help, I've got a FICO credit score of 771. I want to try and get the best credit possible as I started credit rather late. I've heard that at least 3 credit cards scoring <9% is the optimal credit. The problem is, I don't really need 3 credit cards. I've paid for my car already and I live very meagerly as I'm a college student, so I don't have tons of drastic expenses. I'm worried that if I do get 2 more credit cards, I won't put enough on them (I'm weird, I know) and they'll close one of my accounts.

I was wondering what you guys perhaps thought? Will I need to put many hundreds of dollars on each credit card each month for them to not close my account? Do you think it's worth it to get two more credit cards to try and get my optimal credit score?

Thanks for reading! 

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For optimal scoring, you would want 3 cards and one installment loan.    You dont have to put thousands of dollars on a card, and for some they use cards once every 6 months for a few dollars just to keep them from closing as they have 20+ accounts and dont use them all every month.  Its up to you and what you want to do, but adding 2 more would help with thickening your profile.  you have a high score but it sounds thin as you dont have alot of accounts yet.  If you do, get what will benefit you, if you like cash back or travel get cards that will benefit you long term. 

[Anonymous]

Don't get into debt instruments that you don't need. Your score is clearly high enough to qualify for whatever you need. Work to build your net worth, not to collect credit cards for no reason. It's pretty ridiculous to go out and get installment debt and 2 more credit cards worth of debt because someone tells.you itll get you a marginally higher score. You sound like you're living a responsible life. Keep at it.

[Anonymous]

Banks don't close credit cards because you didn't spend more than X hundred dollars or something. They can close the account due to prolonged inactivity, with means mot using the account at all.

Getting two more cards can help with utilization and your "credit mix", provided that you use them responsibility. Spend only what you need and can afford. It does not mean you have to put several hundred dollars on them, it's fine to only charge a small amount once in a while to keep the account active, or charge everyday spending that you can afford and earn the rewards.

[Gmood1]

As Jago and Plyrstar have mentioned. Get the two CCs that would benefit your spending habits the most.
Unfortunately high scores won't get you much without actual "credit history". Don't let any one fool you. Good credit these days is worth more than money!
Use them for gas, cellphone bill, food and utilities if you have them.
Not only will you have nice scores. You'll have the good payment history and credit management history to back them up.😉

[Anonymous]

@Jago22 Thank you very much for your advice! I'd really like to get my optimal score. I've just heard that some credit cards like for you to spend a lot or else they cancel it. If I recall correctly, Capital One is one of those cards. Do you have any advice on picking credit cards? Besides the rewards benefits?

@chrismeyers2k1Thank you for your response and comment! My family was a complete failure at finances, so I'm trying to learn from as well as not be like them in that realm. I definitely see your point though.

@PlyrStar93 Thanks for your response! I find it kind of fun to save money, budget, and financial things in general. I don't think I'll abuse it if I get two more cards. Thanks for your advice!

[Anonymous]

@Gmood1 Thank you very much for your response! That's what I was thinking as well, a credit history with one credit card worth as much.

Do you have any advice for how to pick a credit card other than the rewards aspect? It can be confusing and a little overwhelming looking. I feel like I don't know enough about the credit card companies workings and rules to really choose. :/

[Anonymous]

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@Anonymouswrote:

@Anonymous Thank you very much for your advice! I'd really like to get my optimal score. I've just heard that some credit cards like for you to spend a lot or else they cancel it. If I recall correctly, Capital One is one of those cards. Do you have any advice on picking credit cards? Besides the rewards benefits?

@AnonymousThank you for your response and comment! My family was a complete failure at finances, so I'm trying to learn from as well as not be like them in that realm. I definitely see your point though.

@Anonymous Thanks for your response! I find it kind of fun to save money, budget, and financial things in general. I don't think I'll abuse it if I get two more cards. Thanks for your advice!

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I'm going to give you some advice here because you seem like a really good kid and I think you're getting marginal to horrible financial advice from forums like this where people collect credit cards. Go on youtube, and go look up Dave Ramsey. Particularly go look at starting the baby steps. Youre already far along as you have very little debt and you sound very responsible. Basically if you follow those 6 steps, you will never need either 100 credit cards or debt at all, and you will have maximum financial stability and cash flow. And you wont be making monthly debt payments for the rest of your life.

[Gmood1]

Well, there are different aspects depending on the individual.
You have people that get certain CCs that are affiliated with certain banks or credit unions.
Some go for those that will give SP CLIs down the road and known to grow without pulling teeth.
Being that you're just getting started.
I'd research a credit union for one of those CC's. One that you can use later for a good low rate auto loan and/or mortgage in the future.
Look at this situation as though you're laying the foundation blocks for a sturdy structure.
Try to think a head as to what certain lenders may be able to offer you in the future.

Unless you own the cellphone company, electric company, water company, oil refinery, insurance company and a farm to sustain your necessity for food. You'll leave this earth owing someone for something. lol
You may as well get something back and for a lower rate, if you have to pay for it anyway.

[Anonymous]

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@Anonymouswrote:

@Anonymous Thank you very much for your advice! I'd really like to get my optimal score. I've just heard that some credit cards like for you to spend a lot or else they cancel it. If I recall correctly, Capital One is one of those cards. Do you have any advice on picking credit cards? Besides the rewards benefits?

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I started with a discover and Cap1.   I have went months without using either of them as i got better rewards card along my credit path..  I still have both.   I wouldnt let any of your cards go more than 6 months without at least something on them.   I used mine to auto pay bills and then paid off the card when i got paid, so i was using them but not paying anything more than i would have normally.   I still mostly do that now.   If your 771 is fico and not a fako(credit karma, sesame, nerdwallet, wallethub and the like)  then you could try for an Amex. If you have an military history (you or family)  i would highly sugest Navy federal CU or Pentagon federal credit union.  Check out all the cards, and try pre-approval pages to see what comes up.   You'll find what will benefit you.