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How many accounts enough to build credit?

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TRC_WA
Senior Contributor

Re: How many accounts enough to build credit?


@MarkyB wrote:

Any feedback would be great!


I've got the 8 CC accounts you see in my sig (which is more than enough... 3 IMHO is plenty) as well as the new auto loan and 5 other small installment loans (student loans from years ago).  These current CC accounts were opened in the last 2 years while I was still making Ch 13 payments.   That practice can be frowned upon but my trustee only seemed to care about me making the monthly payments on time which I always did.

 

My AAoA is pretty solid as well because I have multiple CCs and auto loans on my reports that were paid and closed prior to filing my Ch 13 in 2017 so they are also helping.

 

I'm coasting to the finish line at this point.  No plans to apply or open any more accounts.  I've got less than 2 years till all the baddies are gone.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 31 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@TRC_WA wrote:

@MarkyB wrote:

Any feedback would be great!


I've got the 8 CC accounts you see in my sig (which is more than enough... 3 IMHO is plenty) as well as the new auto loan and 5 other small installment loans (student loans from years ago).  These current CC accounts were opened in the last 2 years while I was still making Ch 13 payments.   That practice can be frowned upon but my trustee only seemed to care about me making the monthly payments on time which I always did.

 

My AAoA is pretty solid as well because I have multiple CCs and auto loans on my reports that were paid and closed prior to filing my Ch 13 in 2017 so they are also helping.

 

I'm coasting to the finish line at this point.  No plans to apply or open any more accounts.  I've got less than 2 years till all the baddies are gone.


Nice. Do store cards report your payments? Do they help build credit as well like regular cards?

Message 32 of 255
TRC_WA
Senior Contributor

Re: How many accounts enough to build credit?


@MarkyB wrote:


Nice. Do store cards report your payments? Do they help build credit as well like regular cards?


Yes they do but I've never been a fan of store cards... I much prefer the V/MC/DISC/Amex branded cards.  I only have the Kohl's and won't be getting any more.  I've seen a lot of people load up on store cards and it affects their ability to get better cards later.  Closing store cards out then hurts your overall credit... so IMO best case scenario is to just avoid store cards which is what I do.

FICO8 current as of : ----- EQ: --- TU: --- EX: ---
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Platinum $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 33 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@TRC_WA wrote:

@MarkyB wrote:


Nice. Do store cards report your payments? Do they help build credit as well like regular cards?


Yes they do but I've never been a fan of store cards... I much prefer the V/MC/DISC/Amex branded cards.  I only have the Kohl's and won't be getting any more.  I've seen a lot of people load up on store cards and it affects their ability to get better cards later.  Closing store cards out then hurts your overall credit... so IMO best case scenario is to just avoid store cards which is what I do.


Good to know they help your score. I definitely plan on obtaining some store cards once I qualify. Being able to finance expensive products is always a plus. Thank you for your feedback!

Message 34 of 255
lns1976
Regular Contributor

Re: How many accounts enough to build credit?

@MarkyB have you tried the prequal for Kohl's or Walmart?  You might already qualify to get in the door on one of those.


Fico 8 3/27/2022 EX: 611
Vantage TU/EQ 3/26/2022: 613/613
Message 35 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@lns1976 wrote:

@MarkyB have you tried the prequal for Kohl's or Walmart?  You might already qualify to get in the door on one of those.


No not yet. I'm very picky when it comes to applying and opening new accounts. In fact, I had filled out the Open Sky secured card application but backed out at the very end when it came time to click that submit button. I don't want to force anything. I will farm the Discover and Capital One secured cards I have along with the Self account. I would love to open a Citi secured card since they provide the Equifax fico score for free. I already get my Experian and Transunion fico scores every month for free so it would save me $40 a month. I just don't know how easy it is to get approved for it right now. I may wait a bit longer. 

Message 36 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?

So credit karma updated my transunion today with the self credit builder account. My vantagescore dropped 2 points cuz of it. Bummer. It's my only active account so I wasn't expecting a score drop. Anyway, nice to see changes being made.

 

I will keep updating my scores for anyone interested to see the process at work. I know there are many people that read threads to help themselves. I don't want to be the guy that only comes here for help but doesn't share any information for others that may be in the same position. I will start posting my fico scores as soon as I generate them.

 

28914AA0-FB8A-4FE0-8E90-60A73D7E7875.jpeg

 

Message 37 of 255
donkort
Valued Contributor

Re: How many accounts enough to build credit?

Do you know your FICO scores?

 

You can get a very comprehensive group of FICO scores here at MYFICO.

 

But you could get some Experian scores for free on the Experian website.  There would be a 7-day free trial which you would have to cancel.

 

If you join certain credit unions, and get one of their credit cards (example:  Navy Credit Union), you would get a free FICO score.

 

More credit-giving entities use FICO scores than they do Vantage scores.

 

 

 

 

FICO 8: EQ 810; TU 816; EX 822 as of 7/5/2022
Message 38 of 255
MarkyB
Regular Contributor

Re: How many accounts enough to build credit?


@donkort wrote:

Do you know your FICO scores?

 

You can get a very comprehensive group of FICO scores here at MYFICO.

 

But you could get some Experian scores for free on the Experian website.  There would be a 7-day free trial which you would have to cancel.

 

If you join certain credit unions, and get one of their credit cards (example:  Navy Credit Union), you would get a free FICO score.

 

More credit-giving entities use FICO scores than they do Vantage scores.

 

 

 

 


No, no fico scores yet. Not enough credit history. I know the vantagescore is pretty irrelevant but that's all I have to go by right now. As soon as I generate fico scores I will share them. 

I have a free experian membership which shows my monthly fico score. And discover shows me my monthly transunion fico score. The only one I need is the equifax fico. I know citi bank offers it for their credit card customers but I fear I won't get approved for their secured card right now so I don't want to risk the hard pull. I may have to bite the bullet and pay the $40 a month membership for the myfico account so I can view and compare all 3 fico scores side by side every month. 

Here's what I get when trying to view my experian and transunion fico scores....

38022AC4-6346-46C9-ACE3-6246C29C0EAB.jpeg

 

60F07E5D-A845-4ED3-9F11-2DA3AB1BCF91.jpeg

 

Message 39 of 255
RobynJ
Established Contributor

Re: How many accounts enough to build credit?

@MarkyB 

I finally have a score, I have to say I am stoked right now!FED9B0BA-09EE-4E00-BFE3-406612C6BE37.jpeg

 

B5ED53C6-4C27-41A8-BDF6-55FFE4E1F762.jpeg

 

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Message 40 of 255
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