How many cards is best?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Perfect profile? Once upon a time, TransUnion had information on their website that indicated what a perfect credit score profile might look like. Please remember that nobody has verified this for us, but we thought you might like to see it. Here goes:

A few (say, 3 or 4) revolving credit cards, each with very high lines of credit ($10,000+), and very low balances on only one (or maybe two) of them at a time.

At least one charge card (American Express, Diners Club, etc.).

All tradelines (information about each account) at least six months old, and at least one more than three years old.

No derogatory notations.

Very few inquiries -- no more than one to three in a six-month period.

At least one "installment" tradeline in good standing, i.e., a mortgage, auto loan, or student loan.

You need 4 or more credit cards with 10k+ CL (Bank calls "Premium Card") to achieve highest possible FICO 

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I can achieve this within the next year.

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You are already there pretty much just need to combine few cards

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Well yeah.. If I combined two of the Chase cards into others and closed.. I'd be 3 out of 4. Just need to get another 8.2K out of Discover and another 6K out of Barclay's, then downgrade my PRG into a Senior Green and i'm set. Wheee.

[Anonymous]

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A few (say, 3 or 4) revolving credit cards, each with very high lines of credit ($10,000+), and very low balances on only one (or maybe two) of them at a time.

At least one charge card (American Express, Diners Club, etc.).

 
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This arises question from me what is a charge card?

[Anonymous]

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@Anonymous wrote:

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A few (say, 3 or 4) revolving credit cards, each with very high lines of credit ($10,000+), and very low balances on only one (or maybe two) of them at a time.

At least one charge card (American Express, Diners Club, etc.).

 
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This arises question from me what is a charge card?

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A charge card must be PIF each month. You don't get to revolve a balance unless they extend a credit offer. Amex Green, Gold, Plat, PRG are all charge cards. Amex EDP, BCP, BCE, ED, etc are credit cards. 

[Themanwhocan]

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@Anonymous wrote:

Perfect profile? Once upon a time, TransUnion had information on their website that indicated what a perfect credit score profile might look like. Please remember that nobody has verified this for us, but we thought you might like to see it. Here goes:

A few (say, 3 or 4) revolving credit cards, each with very high lines of credit ($10,000+), and very low balances on only one (or maybe two) of them at a time.

At least one charge card (American Express, Diners Club, etc.).

All tradelines (information about each account) at least six months old, and at least one more than three years old.

No derogatory notations.

Very few inquiries -- no more than one to three in a six-month period.

At least one "installment" tradeline in good standing, i.e., a mortgage, auto loan, or student loan.

You need 4 or more credit cards with 10k+ CL (Bank calls "Premium Card") to achieve highest possible FICO 

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How did you determine the 4+ in your statement? I know about Premium Bankcard accounts, but I've never before heard it quantified to a certain number... Whaqt is the source of that figure?

As to one tradeline over 3 years old, does that include closed trade lines? What sort of boost might one expect once their credit history passes that mark? I've always heard mumblings about multiple of 2 years of age having some meaning ...

[Anonymous]

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@Themanwhocan wrote:

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@Anonymous wrote:

Perfect profile? Once upon a time, TransUnion had information on their website that indicated what a perfect credit score profile might look like. Please remember that nobody has verified this for us, but we thought you might like to see it. Here goes:

A few (say, 3 or 4) revolving credit cards, each with very high lines of credit ($10,000+), and very low balances on only one (or maybe two) of them at a time.

At least one charge card (American Express, Diners Club, etc.).

All tradelines (information about each account) at least six months old, and at least one more than three years old.

No derogatory notations.

Very few inquiries -- no more than one to three in a six-month period.

At least one "installment" tradeline in good standing, i.e., a mortgage, auto loan, or student loan.

You need 4 or more credit cards with 10k+ CL (Bank calls "Premium Card") to achieve highest possible FICO 

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How did you determine the 4+ in your statement? I know about Premium Bankcard accounts, but I've never before heard it quantified to a certain number... Whaqt is the source of that figure?

As to one tradeline over 3 years old, does that include closed trade lines? What sort of boost might one expect once their credit history passes that mark? I've always heard mumblings about multiple of 2 years of age having some meaning ...

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This is from
http://www.fool.com/seminars/ev/index.htm?sid=0029&lid=300

and I also read somewhere else that you need 4 but I can't remember

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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A few (say, 3 or 4) revolving credit cards, each with very high lines of credit ($10,000+), and very low balances on only one (or maybe two) of them at a time.

At least one charge card (American Express, Diners Club, etc.).

 
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This arises question from me what is a charge card?

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A charge card must be PIF each month. You don't get to revolve a balance unless they extend a credit offer. Amex Green, Gold, Plat, PRG are all charge cards. Amex EDP, BCP, BCE, ED, etc are credit cards. 

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Thank you, I personally don't like AMEX but I guess I should pick up a charge card from them

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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A few (say, 3 or 4) revolving credit cards, each with very high lines of credit ($10,000+), and very low balances on only one (or maybe two) of them at a time.

At least one charge card (American Express, Diners Club, etc.).

 
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

This arises question from me what is a charge card?

---

A charge card must be PIF each month. You don't get to revolve a balance unless they extend a credit offer. Amex Green, Gold, Plat, PRG are all charge cards. Amex EDP, BCP, BCE, ED, etc are credit cards. 

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Thank you, I personally don't like AMEX but I guess I should pick up a charge card from them

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All charge cards from Amex have an AF. No need to get a charge card to have a high FICO score. I have never heard of charge cards helping your score, but if they do, it will be minimal. If you carry a charge card as part of your rewards or benefit strategy that is fine. If you carry a charge card with no AF (I think Diner's Club has these) that can be fine too. But an AF just for a few points (if that) if probably not worth it.

[Anonymous]

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@Anonymous wrote:

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All charge cards from Amex have an AF. No need to get a charge card to have a high FICO score. I have never heard of charge cards helping your score, but if they do, it will be minimal. If you carry a charge card as part of your rewards or benefit strategy that is fine. If you carry a charge card with no AF (I think Diner's Club has these) that can be fine too. But an AF just for a few points (if that) if probably not worth it.

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So on the Credit Report Charge Card account is Noted differently from regular revolving CC?

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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All charge cards from Amex have an AF. No need to get a charge card to have a high FICO score. I have never heard of charge cards helping your score, but if they do, it will be minimal. If you carry a charge card as part of your rewards or benefit strategy that is fine. If you carry a charge card with no AF (I think Diner's Club has these) that can be fine too. But an AF just for a few points (if that) if probably not worth it.

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So on the Credit Report Charge Card account is Noted differently from regular revolving CC?

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Yes. My charge cards typically list as "Charge Account" rather than "Credit Card" under loan type on my credit report.  But the system is not perfect. Some of my CCs have listed as Charge Accounts before. 

[chalupaman]

16 cards and counting and I'm back to having all my scores in the 700s range now. I would never recommend that anyone go on app sprees for store cards though especially early on in building your credit.