Going down to only 2 cards Major Closings!

[Rebuilding69]

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@Anonymous wrote:

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@pizza1 wrote:
Ive decided that my "happy Place" could be 10..lol

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That's my happy place. In fact, I can't app for a new card unless I'm willing to give up one of the 10.

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Well if you ever do get another card, you should DEFINITELY get rid of that Seahawks logo'd card!

[TiminCO]

Technically as soon as you add a new account it affects your AAOA, when you close an account your AAOA is not affected. That positive account history will remain on your report for 10 years, negatives remain for seven.

[Anonymous]

Nothing impressed me more than the time about a year and a half ago when I met a client who had only one amex card that he paid in full on every statement balance. He had that card and only that card for the past twenty some odd years and nothing else on his CB. His fico was over 800 and I still think about that clean CB and covet it. You dont need more than one card for "optimal scoring". You just need to handle your credit and finances wisely. 

[grillandwinemaster]

The old adage, you need at least three cards for "Optimal scoring," holds true in the sense that your friend could have potentially reached the 800's in say 5 to 7 years as opposed to the 15 or 20 years that it took him with only one card.

 Also, there's anecdotal evidence that he will never reach the perfect 850 with such a thin Credit profile. Our course, that's not really necessary, since once you reach 760, there is no statistical advantage of obtaining a higher score and any subsequent scoring increases are primarily for bragging rights. 

One final thought, I wonder how his Credit profile would stand up to a manual review? I can't imagine he would have any problems, but you never know. That's definitely considered a very thin profile, despite the amazing score. 

So yes, for "Optimal scoring" three cards is best. :-)

But congrats to your friend, only in my dreams will my scores match his.