Do I need to add more credit?

[ferferhess]

Would you guys help me out? I'm trying to decide if I have too many lines of credit or not enough.....

Open CCA: Direct Rewards Discover-$900 limit-opened 05/08
HSBC/Best Buy(not MC)-$500 limit-opened 12/07
Cap1-$500 limit- opened 01/07
OB Visa-$300 limit- opened 01/07
OB MC-$300 limit- opened 01/07
*all are at 9% utility or less (but not reported to CRA yet)
*trying to combine the 2 OB CC's

Closed CCA:
AmEx- $1100-AU for 2mo in 11/01-12/01-closed
First Premier-$300 limit- opened 11/05-closed 06/06

Student Loan:
Wells Fargo SL-$5000- opened 09/04
*will be paid this year

Installment Account:
Star Furniture-$1500-opened 02/05-closed 02/06

Auto Loans: Cap1 Auto Fin-opened 10/07
HSBC Auto Fin-opened03/05
*HSBC will be paid this year

I'm thinking I need another store card, but I'm unsure because of all the new accounts...
Also thinking of the BoA 99/500( I know its a counter but, I'm sure I wont qualify for their other cards and I'll get the counter).....
Thanks in advance for your advice! I know I'll get the truth from y'all!

Message Edited by ferferhess on 05-25-2008 11:47 AM

[Anonymous]

You have a pretty good mix...CC's...installments...car loan....etc....I think your pretty good...just try hard to get CLI on your CC's...before you try and get new credit...I know some companies are STINGY with the CLI...did you check the FICO Simulator to see maybe where your score would go if you added new credit...

[ferferhess]

Yeah, I tied the simulator and it will only go up or down by 10 points. I guess I'm mostly interested in the BoA card because my other cards REFUSE to CLI.

[Anonymous]

I understand...after being told to wait on my home loan...I decided to apply for a few cards...and I applied to BofA too...just for the 99/500 CC..because I knew I was not going to get another...but I was fooled because...I then read that if you have a secured card with BofA already..you cannot have the 99/500 card...now I have wasted an inquiry...and when I did the regular secured card back in Feb...no one said anything about the 99/500 card...that was before I found the forums...I heard GREAT things about the card...maybe you should give it a try...

[ferferhess]

bump

[fused]

I think you look pretty good. I'm a big believer in keeping it simple.