How many credit cards should one try to have?
What credit cards are best offered to a person with scores between 600-650 and BK over 4 years old
They say have a mixture of credit--I have a mortgage, auto loan, student loans, adn 4 credit cards and 1 time of credit---2 cards are fairly new WAMU and Juniper....one with 1750 limit and the other with 2000 limit
Got a crapital one card with a 500 limit and HSBC with 400 limit--have had both of them for many years and credit increase--should I keep them or apply for other cards get approved and ditch them 
Also are dept store cards good cards to have? I do not have any--i was always told they knocked the credit scores down substantially when applying--is that true....i am trying to rebuild not hurt my scores...
Thanks for your time--have a blessed day!!!
Message Edited by AWLEGZ on 11-13-2007 06:46 AM
Hi Aw. It depends on who you talk to. Some say 3 for a minimum. I say 4, but that's just my opinion.
I think you should only TRY to have as many cc's as you actually need. The higher the credit limits you have on a card, the fewer you need to meet your credit charging objectives, while keeping the utilization down, both on each card, and collectively.
You have a good credit mix, and 2 really good cards with the WaMu & Juniper.
In the area of closing cc's, ONLY close cc's that are in good standing( 0 balance), and be darned sure you don't need them. And close cards if they are costing you money. Other wise, it's best to keep them.
The only time I closed a card was after I received another card with a much higher cl on it. It was an Applied Bank card, with annual fees, 29.99% int. rate, monthly service fees.
I have 3 store cards, and they do an excellent job serving me it their limited scope.
A Chevron gas card; a Penny's card(used a LOT at Christmas time), and a V.S. card which I rarely use.
Hope that helps. I'm sure others will chime in and offer their opinion. Good luck.
I think you should only TRY to have as many cc's as you actually need. The higher the credit limits you have on a card, the fewer you need to meet your credit charging objectives, while keeping the utilization down, both on each card, and collectively.
You have a good credit mix, and 2 really good cards with the WaMu & Juniper.
In the area of closing cc's, ONLY close cc's that are in good standing( 0 balance), and be darned sure you don't need them. And close cards if they are costing you money. Other wise, it's best to keep them.
The only time I closed a card was after I received another card with a much higher cl on it. It was an Applied Bank card, with annual fees, 29.99% int. rate, monthly service fees.
I have 3 store cards, and they do an excellent job serving me it their limited scope.
A Chevron gas card; a Penny's card(used a LOT at Christmas time), and a V.S. card which I rarely use.
Hope that helps. I'm sure others will chime in and offer their opinion. Good luck.
cobra19 wrote:. An inquiry would probably cost you 4-5 points. The higher your score, the more you suffer for an inquiry. I opened an online checking account with HSBC recently - the hard inquiry with TU cost me 20 points.In my limited experience, the cost of an inq depends on how many are already there. If you have 42 already, I don't think you will have much of a hitIf you have zero, then 1 does not seem to do much harm either (I got a 5 point drop from 1 inq and 1 sort of new account with no previous inqs and no really significant effect on util at that point in time). I think it is when one is in the ?3-8?? range that inqs hit hardest. But I may be wrong
Message Edited by MidnightVoice on 11-16-2007 09:01 AM
LOL wow 42 inquiries isnt that a bit too much LOL--I am complaining about the ones I have thats like asking for a denial for credit --right? or does it just depend---I can see them now you have too many inquires especially if thats all within 12 mos too funny
too funny