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Help with my credit rebuilding plan - plus credit card question

Bruiser
Regular Contributor

Help with my credit rebuilding plan - plus credit card question

How many credit cards = too many? Or does the limit total of your cards make the most difference? What I'm basically wondering is which effects your score more. If i had 10 credit cards with a total of $10,000 limit or 1 credit card with $10,000 limit. If it makes a difference between the two and if there's a cutoff they look at for having too many open accounts.

This is what I'm currently doing.

-I have an auto loan that I opened in Jan 07. Paying on time with nothing late.

-I have 3 unsecured revolving credit cards.
A $300 limit I just paid off in full. Opened Jan 07.
A $600 limit I just paid off in full. Opened Jan 07.
A $500 limit with $85 on it. Opened April 07.

I'm planning on charging something small under $35 on each card each month and paying it off. I also plan on keeping my credit cards at 3 and not opening others so I can establish them with time. With credit limit increases applied for every 6 months.
BK 7 Filed: 08/07/15
BK 7 Discharged: 11/04/15
Discharge Scores: Equifax (572) - TransUnion (586) - Experian (511)
Goal: 700+
Credit Cards: NFCU nRewards ($500) - CapOne Platinum ($300) - CapOne QuicksilverOne Rewards ($300) - Victoria's Secret ($250) - Firestone ($1200)
Auto Loan: NFCU ($34.6K @ 7.7%)
Message 1 of 3
2 REPLIES 2
okrogius
Regular Contributor

Re: Help with my credit rebuilding plan - plus credit card question

The second scenario is better - better utilization per card, fewer cards with balances, better for manual review, and easier to manage.
Message 2 of 3
antredd67
Contributor

Re: Help with my credit rebuilding plan - plus credit card question

     I agree with Ok, the second scenario is much better, try working on getting your credit limits increased over the year which will most definetly improve your Fico score.  Every time I got a credit line increase, and didnt charge anything that same month, my score shot up 17 points.
Message 3 of 3
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