How much is too much?

[Anonymous]

I just went from having 2 credit cards to having 5 credit cards in an effort to open positive trade lines and keep boosting my score.

Is this too many cards?

Message Edited by rifleman on 06-26-2007 11:24 AM

[Anonymous]

There isn't any magic number on how many is too many credit cards, it really depends on how well you can manage these cards.  If you are having troulbe juggling five cards than yes, if not than 5 isn't too crazy. 

[fused]

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rifleman wrote:
I just went from having 2 credit cards to having 5 credit cards in an effort to open positive trade lines and keep boosting my score.

Is this too many cards?

Message Edited by rifleman on 06-26-2007 11:24 AM

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No consensus on this subject at Fico forums.  Some say 3, 8, 10 or 30.  It all depends on you, but you can certainly build a solid credit card history with five cards.  Just use them responsibly and for max FICO points keep util at 1-9%.  I have five CCs and that is all I want. 

[Anonymous]

what about those ppl who only qualify for secured cards? should they get 3-5 secured cards? if all debt is paid off?

[fused]

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motoracer wrote:

what about those ppl who only qualify for secured cards? should they get 3-5 secured cards? if all debt is paid off?

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Your situation is only different in that CLs are usually much lower with secured CCs.  That said, you might need more cards so you have more available credit.  Util can be harder to manage with low CL secured cards, watch your balances and keep track of all the fees associated with these cards. I don't recommend you go on an app spree like contributor dog did.

[Anonymous]

I agree with Fused,   let patience take over.   Give the card some time to work for you.    Good offers will be in the mail before you know.   You don't want an inquiry spree as well.

[Anonymous]

5 cards is good. Besides scores, I like to leave 1 card at 0% utl each month for lenders to see. I change the cards around so all cards get activity. I feel if lenders see a card not being used they are more likely to feel I am in a better situation. Just an opinion.

Another opinion for obtaining bigger and better credit from prime banks.
Cards are an easy way to build credit history for those with recent negs. If secured cards are all you can get, then they will do. Once you can get unsecured cards, I would start to merge away from secured. Both secured and unsecured help your score if handled responsibly under this current FICO release.

Message Edited by ilovepizza on 06-26-2007 12:02 PM

[Anonymous]

u can set your own CL with the amount you deposit!!!

[Anonymous]

well said pizza...another thing is get started soon and keep the oldest CC line as if was your first child.

[Anonymous]

Haha yeah Orchard Bank is my oldest account and I'm keeping it close like a first child, LOL. I have good things to say about Orchard, it's a good company IMO.

Although my second child (Capital one), I wish I could put up for adoption.