It's been fun. Suggestions?

Anonymous · ‎10-13-2007

I'm finally feeling like my credit recovery has come out of intensive care. Two years ago my score was 520. Now it's 720. Paid all the bills, no lates, etc. Here is what I have recently applied for and received:

Household Bank $900 (old card)
Amex Delta Gold $8000
Citibank Dividends Platinum $3500
Lowes $500
Home Depot $3000
Citi Exxon Mobil $1000
Citibank Drivers Edge - Still waiting on this one.

Current utilization is about 11%. I am extrememly pleased with this mix of cards and feel its time to stop applying, but I'd appreciate anyones thoughts on any improvements I can still make. And, thankyou for all the help you have given me. Much appreciated.

Message Edited by stealth71 on 10-13-2007 07:32 PM

Message Edited by stealth71 on 10-13-2007 07:33 PM

Message Edited by stealth71 on 10-13-2007 08:13 PM

Anonymous · ‎10-14-2007

What are your cards' APRs?

stpn2me · ‎10-14-2007

I see you like Citibank. How are they working out for you? Looks like you have a good mix to me. I wonder if there is anything such as too many credit cards?

TU - 673 EQ - 672 EX - 669 as of 13 Nov 2015

Baybreeze · ‎10-14-2007

I recently read somewhere that 4 or 5 cards is optimal and 1 or 2 installment loans but I don't know if that is exactly correct. And the best utilization on each card AND between all cards should be between 1-9%. I personally now have 5 cards (one of which I'm going to cancel soon b/c it's an Orchard with annual fee and $300 CL), 1 car loan, and 2 student loans.

Anonymous · ‎10-14-2007

Baybreeze wrote:
I recently read somewhere that 4 or 5 cards is optimal and 1 or 2 installment loans but I don't know if that is exactly correct. And the best utilization on each card AND between all cards should be between 1-9%. I personally now have 5 cards (one of which I'm going to cancel soon b/c it's an Orchard with annual fee and $300 CL), 1 car loan, and 2 student loans.

I agree with the 4 or 5 CCs, but I have an installment loan with only a 606.00 balance left and it is hurting my score. You have to be careful what type of installment loans you get, I guess.

Anonymous · ‎10-14-2007

@stpn2me wrote:
I see you like Citibank. How are they working out for you? Looks like you have a good mix to me. I wonder if there is anything such as too many credit cards?

The Citibank accounts are pretty new, so I haven't been able to form a solid opinion yet, however when I first applied, I received a Citi Premier Pass. I called to convert it to the Dividends card and was very pleased with the courtesy and professionalism I received. They were very helpful and converted my card in just a few minutes. As for having too many cards, I suppose you can have too many. I also read that a good mix of some good tradelines, a few store cards, and a gas card is good, so that's what I've been working on. I pretty much have the cards I want, but I'd maybe like to get a Chase Platinum, but I might wait on that for a while.

Message Edited by stealth71 on 10-14-2007 09:58 AM

Anonymous · ‎10-14-2007

I think its smart not to app anymore for now. Let your creditmanagement skills tell the tale for you. You may be able to get APR reduction os CLIs on your current cards. I only reccommend better dealing on cards with high APRs etc. Give it a year ansd see how your creditors reward you, if they don't, call and ask for your just rewards.