MidnightVoice wrote:personal opinion:1 gas1 store2-4 CCs
MidnightVoice wrote:I decided to bite the bullet and pull all 10 scores. Unforeseen circumstances aside, this is probably about as low as they are going to be for a while. I have high util at this point (9% - couldn't pay of the Amex, (1st payment), and CU CC got the prepayment a day late because I miscalculated, all now paid off but not reporting yet), my HELOC (thank you EX ) is as high as it is likely to get (76% util), my car loan is at 100% (first payment not reported); and I have a car loan, an AU and 3 ccs that are 2-10 months old. I have 2 EXP inqs (1 counts) and 2 EQ inqs (1 counts).From this point on util will go down, total debt will go down (Heloc, mortgage and car) and I am NOT looking for new credit, and age will get better every month. So they should creep up. Average age goes up 1 year in August.MyFICO EXPlus TCFAKO CreditKarmaEX 733 742 670EQ 783 784 741TU 787 792 734 817
kball64 wrote:Hi all. I am currently trying to rebuild my credit and know that 'having' credit is the best way to do it. So far I have opened the following:National City Secured - 300 CLTarget Store Card - 200 CLI have app'd to NFCU and am still being reviewed.With the exception of my auto loan, I am debt free so I don't want to rack up any CC debt. I just want to use them once a month for a small purchase and PIF immediately. So how many cards is the right amount to get on the road to improving my FICO? It seems like many people here are app'ing for a lot of cards and from what I've gathered the consensus seems to be "more is better". What is the skinny on this? Am I off to a good start with what I have or should I try to get more? I don't want to kill my slowly growing FICO with too many inquiries.Thanks!
As you have probably already noticed there are as many opinions about this as there are posters. Get as much input as possible but in the end you have to decide on your own how many is enough.
I have been in the process of rebuilding and right now (not counting Chase since I just got approved for $1500) and here's what I have:
$400 Indigo * (I'm so ready to close this card. It might utilize that much on my new Chase card, but it'll be a relief when I don't have to pay $40 a month on this card.)
$250 First Premier * (I'm ready to close this card because I don't like all the fees with this card.)
$200 Credit One (newest trade card, but I want to keep it for the credit reports and credit limit increases)
$250 Belk * (keep the card, but I want to bring it down. I'll probably pay off $75 out of $150 in cash. Good rewards program!)
$600 Sam's Club
$450 Dillard's (nothing utilized on this card-and don't until December when utilization is down on other cards.)
*cards I plan on paying off either with my Chase card or by cash. So right now, I have 7 (fixing to be 5) and I still plan on rebuilding....i'm hoping to bring my utilization on the new Chase card down and the Sam's Club card so I can apply for a BofA card (secured or unsecured) in late December-early January so I can pay Verizon each month with a CC.
Come to figure, about a year ago, all I had was the Indigo because of bad mistakes I made in 2001.