Do I need more CC or should I stop?

[Anonymous]

I was told its good to have CC around 2-4 in your wallet. I also was told that if you have 4 CC paid of the entire balance on 3 of them and 1 of them leave <9% uliti correct?

Right now here is what I have on my report as goody, let me know what you guys think and do I need more CC or im good for now.

1 Auto loan ( aged 2 years)

1 installment personal loan (aged 3 months )

1 Capital one Secured ( aged 5months )

1 Credit One Bank Unsecured (aged 1month)

1 Capital One QuickSilver ( just recently approved, awaiting for card to arrive)

Should I get more CC or Im in good hand, just keep my payment on time and these goody will help me in the long run?

[longtimelurker]

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@Anonymous wrote:

I was told its good to have CC around 2-4 in your wallet. I also was told that if you have 4 CC paid of the entire balance on 3 of them and 1 of them leave <9% uliti correct?

Right now here is what I have on my report as goody, let me know what you guys think and do I need more CC or im good for now.

1 Auto loan ( aged 2 years)

1 installment personal loan (aged 3 months )

1 Capital one Secured ( aged 5months )

1 Credit One Bank Unsecured (aged 1month)

1 Capital One QuickSilver ( just recently approved, awaiting for card to arrive)

Should I get more CC or Im in good hand, just keep my payment on time and these goody will help me in the long run?

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You don't need them in your wallet, just on your credit report!  For things like mortgages, a minimum of three is often recommended (which doesn't mean that more is better).

You have two very recent accounts, and two slightly older ones but still new.   I would wait a bit before getting more.   Then the question is what are your goals (cashback, travel etc) and where do you spend, and then get a card that fits those needs.   

[Anonymous]

You have a nice variety of credit accounts.  I would stop now and sit tight for 12 months.  In th meantime sit tight and pay them and read more info and discussions on the forum.  You came to the right place!

[Anonymous]

Thanks for the reply...

My only goal right now is to improve my FICO score to be in the 700+...I used my card mostly on gas and small items and paid in full and leave small balance.  I dont want more CC, I just want enough to build a strong credit history and improve my score is my goal ( well atleast for now).

[b_diddy]

You don't say what else is on your CR but you might want to sit tight for 6 months and get a bit more history behind you.  And, further away from anything naughty that might be on your report, if there is anything.

[Anonymous]

Above mentioned are ALL my goody...

I have couple of collection and charge off, but it was marked as paid and paid for less then amount.   I want to build a strong history and improve my score. Just trying to find the right tunnel to walk in for the next 6-12months.

[jamesdwi]

wait till your newes card is 6 months old work on getting another card, not Credit One or first Premie (they suck), not CapOne (you don't want all your eggs in one basket, after you get another card consider closing your Credit One card. Fee's and AF are too high.  Possibly consider a store card at that point if you shop at Walmart  its a decent card to have good frequent CLIs. 

[Anonymous]

I just recently got my credit bank one...they have not report to CR yet, if I close them would it affect my score?

[Anonymous]

No, id close that one.

[JenniferinFL]

I wouldn't bother getting more right now. Wait until your first card is a year old, then go ahead and pull credit scores to get an idea of what you could be approved for.

When you are in that secured card, First Premier, Credit One client range, you're better off just waiting. At this point you may be able to get a store card, but, it's better to wait to get a card that has some benefits to it. With a year of good payment history that is more possible.

I've been fixing my credit for almost three years now and already have more cards than I care to deal with; mostly because I got a bunch of junky store cards early on. You really only need three credit card accounts to build history and you have them. Now it's just time to play the waiting game for when you can start to qualify for better ones.