What's next?

[bdr1010]

Okay, I want to know how many credit cards is enough?  I currently have 4 cards. Current Fico is 669(need to lower my utilization)

Discover IT-initial CL of 8500  just auto CLI to 9400. (6800Util)

Capital One QuickSilver - 2800(2050Util)  (was an old capital one platinum with only 500 CL and they finally upgraded me to QuckSilver with cashback.)

AMEX BCP- 7400(2100Util) Tomorrow is day 61 on this account.

Ivan Smith(GE)- 1000(600Util)

I am currently only using the cards for gas and groceries to earn cashback. Trying to lower all my balances.

I don't really travel much at all, mainly use the cards for Gas, Groceries, Dining, and Online Shopping.

My questions are:

How many cards should you have? Do too many or too few hurt you?

Also, tomorrow is day 61 on my AMEX, hoping to try for the CLI.

I have had the Ivan Smith GE card for a while, should I also ask for a CLI to help overall Utilizations?

[b_diddy]

Well, it matters more what the total amount of available credit is in relationship to the total amount you owe (total utilization). Too many is nebulous as it is different for different people depending upon how they spend and desire for rewards.  If you don't travel, limit your future app's to cards that provide maximum payback for gas, dining and shopping.

Good luck on pulling the trigger on AMEX!

[taxi818]

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@bdr1010 wrote:

Okay, I want to know how many credit cards is enough?  I currently have 4 cards. Current Fico is 669(need to lower my utilization)

Discover IT-initial CL of 8500  just auto CLI to 9400. (6800Util)

Capital One QuickSilver - 2800(2050Util)  (was an old capital one platinum with only 500 CL and they finally upgraded me to QuckSilver with cashback.)

AMEX BCP- 7400(2100Util) Tomorrow is day 61 on this account.

Ivan Smith(GE)- 1000(600Util)

I am currently only using the cards for gas and groceries to earn cashback. Trying to lower all my balances.

I don't really travel much at all, mainly use the cards for Gas, Groceries, Dining, and Online Shopping.

My questions are:

How many cards should you have? Do too many or too few hurt you?

Also, tomorrow is day 61 on my AMEX, hoping to try for the CLI.

I have had the Ivan Smith GE card for a while, should I also ask for a CLI to help overall Utilizations?

 I wish you all the luck in the world with the cli from amex. and as other member said. numbers don't matter. as far as trying to get to lower your utilization. that will back fire quick fast and in a hurry. as apping to much just for util. will do more harm than good.

As far as cli with amex. i think you should wait. before you ask. right now you are way over 50percent util and you are asking for a hugh decline. and i beleive you will have to wait 90 more days to ask again. so its best if at all possible to get that util down to about 10 percent. minimum below 20 percent. and then give amex ago. you will increase your chances of success 10 fold. Good luck. 

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[Anonymous]

One/two cards with every major CC company is my goal

[b_diddy]

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@Anonymous wrote:

One/two cards with every major CC company is my goal

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Interesting ... may I ask why you chose that goal?

[Anonymous]

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@b_diddy wrote:

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@Anonymous wrote:

One/two cards with every major CC company is my goal

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Interesting ... may I ask why you chose that goal?

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good/decent/better rewards, hard to get, reputation, bragging rights.

[b_diddy]

OK, I see ... thanks for answering

[Anonymous]

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@Anonymous wrote:

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@b_diddy wrote:

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@Anonymous wrote:

One/two cards with every major CC company is my goal

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Interesting ... may I ask why you chose that goal?

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good/decent/better rewards, hard to get, reputation, bragging rights.

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Not sure you get the best rewards this way, that would assume that the best cards are evenly distributed among the major issuers, which I really don't think it the case!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@b_diddy wrote:

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@Anonymous wrote:

One/two cards with every major CC company is my goal

---

Interesting ... may I ask why you chose that goal?

---

good/decent/better rewards, hard to get, reputation, bragging rights.

---

Not sure you get the best rewards this way, that would assume that the best cards are evenly distributed among the major issuers, which I really don't think it the case!

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I'm pretty sure the major issuers currently have the best rewards or are on their way to overtake the non-major issuers.

[SunriseEarth]

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@bdr1010 wrote:

Okay, I want to know how many credit cards is enough?  I currently have 4 cards. Current Fico is 669(need to lower my utilization)

Discover IT-initial CL of 8500  just auto CLI to 9400. (6800Util)

Capital One QuickSilver - 2800(2050Util)  (was an old capital one platinum with only 500 CL and they finally upgraded me to QuckSilver with cashback.)

AMEX BCP- 7400(2100Util) Tomorrow is day 61 on this account.

Ivan Smith(GE)- 1000(600Util)

I am currently only using the cards for gas and groceries to earn cashback. Trying to lower all my balances.

I don't really travel much at all, mainly use the cards for Gas, Groceries, Dining, and Online Shopping.

My questions are:

How many cards should you have? Do too many or too few hurt you?

Also, tomorrow is day 61 on my AMEX, hoping to try for the CLI.

I have had the Ivan Smith GE card for a while, should I also ask for a CLI to help overall Utilizations?

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There's no harm in going for the AMEX 3X CLI, but with your current UTIL, you may not get the 3X CLI, if anything.   As for Ivan Smith, IIRC, most of the GE furniture accounts require HP for CLI.  If that's the case, I wouldn't take an HP until you get your UTIL down.  In fact, I don't recommend applying for any new credit unitl the UTIL is lowered.   You might benefit from different rewards cards, but you wouldn't get the best terms if you were to apply now.