How Many Credit Cards is Enough

smallfry · ‎11-13-2007

Message Edited by smallfry on 11-16-2007 09:10 PM

MidnightVoice · ‎11-13-2007

I think that is enough. DW and I are fluctuating around 800 (except for EX - long story) and we have 3 real CCs (Chase, CU and Juniper), 1 store, 1 gas.

But we do have mortgages (one closed) and closed car loans as well

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid

SonorityGenius · ‎11-13-2007

smallfry wrote:
In order to maximize your FICO scores over a period of say 5 years or so would you think that 5 open credit cards all with major lenders and healthy credit limits would be enough to maximize scores? Store card is open as well. Car loan but no mortgage. What do you think? I think its enough but I am curious what you all think.

Yes, absolutely! If it meets FICO standards:

1. All 5 have been PIF - no late history.

2. All 5 have never had a UTL of more than 20% of CL (ideally, less than 10% throughout 5 yrs)

3. Healthy mix of credit. Revolving vs Installment vs Mortgage vs what else lol

4. Is there anything more you need?? Are their CLs suffice for your utl? do you truly neeeeeed another card? - Again, apply for what you need, and what FICO needs (less than 10% utl)

--- hope more senior membs chime in, I would like to see more diverse opinions on this case as well.