How many CC should I apply for?

[Anonymous]

OP, are those 3 scores you mentioned your FICO 8 scores?  If so, why is your TU score 70-80 points or so higher than your EX/EQ scores?  The difference in your scores there is not only significant in terms of points, but in terms of your creditworthiness based on which of those scores a potential lender pulls; Your TU score is such that you'd get approved for most anything, where your EX/EQ scores are down in the so-so range where you'd see denials for quite a few products.  While there's no difference really between an 820 score and a 750 score [in terms of obtaining credit products], there's definitely a difference between a 720 score and a 650 score.  Definitely keep that in mind.

If you were to apply for something, I'd strongly suggest it be a product that pulls TU.  That being said, I really never suggest that anyone apply for a product based on the score that they'll pull.  What I would do here is make a list of the 2-3 credit products that you'd like to add to your wallet, then research what score they pull.  If they don't pull TU typically, I'd pass on applying now.  This would rule out Amex products, for example, as they always pull EX.

I've never been a fan of the 3+ card argument when it comes to score maximization.  Many people can go a decade or longer with 800 scores while having just 1 revolver.  Other arguments like not putting all your eggs in one basket/diversification, rewards maximization, utilization flexibility etc. are more meaningful to me than the 8 points on average or so that someone may see in having 3+ revolvers over 1 revolver.  

[Anonymous]

Thank you much for this information. 

As for the huge difference.....I disputed a late payment on my secured CC. For whatever reason, they stopped reporting the card on TU. The other 2 continue to show it with the late payment from Nov. 2017. I still disagree with that, but not sure what else I can do for this (thus the reason I dislike this card beside the fact that it's secured). 

[Anonymous]

When you say "stopped reporting" do you mean that they are no longer reporting updated information on the card?  Or do you mean that the creditor deleted the card altogether?

BBS surely gives very good advice when he recommends that you carefully research what bureau a particular CC issuer is most likely to use if you apply for a card -- given the huge difference in your scores.

Some newcomers ultimately prefer "bottom line" brief recommendations.  If that is you, here is a fair summary.  Your goal should be:

*  To have 3+ open credit cards.  They should be (a) unsecured (b) credit cards (not charge cards) that are (c) in your name (not AU cards) and (d) are major cards (as opposed to store cards) and (e) have no annual fee.

*  To have 6+ accounts total (open and closed).

There are lots of reasons to do this, any one of which would be sufficient to make these 100% worthwhile goals. 

If you feel like it, you could broaden those goals to 5 open cards, 1 open loan, and 9 accounts total.

None of these goals have to be achieved immediately -- they can be worked on gradually.

[Anonymous]

I will say, be really selective of what accounts you open now. If I could go back and do thing differently I would. I opened two subprime cards because I was excited someone would give me credit again. On top of that, I have 3 cards that are essentially useless because I can’t product change them to something else, but they’re my oldest accounts so I will keep them open. You only need a few useful cards to be efficient. 

[Anonymous]

Thank you as well for the information. I truly appreciate that. 

As for the secured card, they completely deleted the card altogether.