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How many credit cards to obtain?

Treyday1
New Member

How many credit cards to obtain?

Wasup family. I'm just starting to rebuild my credit and want to know how many credit should I get. I have fingerhut line of credit and a capital one card. Is this ok or do I need more
7 REPLIES 7
gdale6
Moderator

Re: How many credit cards to obtain?

For rebuild minimum is 3 revolvers.

Message 2 of 8
Shooting-For-800
Senior Contributor

Re: How many credit cards to obtain?

I would say no more or less than 5 cards. 

 

at least 3 majors and no more than 2 store cards for the first 2 years.

 

Save your inquiries for decent companies:  Cap One, Merrick, Barclays, Discover, Amazon, Lowes, Target, Walmart...for the first few years.

 

Cap One can be your best friend (at least mine).  I started over 4 years ago and they have treated me like a king for being loyal and smart.

 

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture



Message 3 of 8
Treyday1
New Member

Re: How many credit cards to obtain?

What are considered major credit cards?
Message 4 of 8
BrutalBodyShots
Super Contributor

Re: How many credit cards to obtain?


@gdale6 wrote:

For rebuild minimum is 3 revolvers.


I don't really agree with this statement.  For maximum scoring benefit, 3+ revolvers are recommended.  For a rebuild, they aren't really necessary IMO.  I went through the first year or so of my rebuild with 1 revolver, taking my FICO scores up around 110-120 points from 619 to the 730's before I applied for 3 additional cards.  I actually think in some ways it's smarter to apply for cards a bit later when considering a rebuild.  For example, had I applied for those 3 cards when I had a 619 score maybe I would have been denied for 1 or 2.  Even I was approved for all 3, what would the limits have been?  Perhaps one of them would get stuck in CLI limbo forever like Capital One is known to do.  Instead I started my rebuild and when I did apply for 3 cards I was approved with SLs of 5 figures on 2 of them and $6000 on the final one.  The two with 5-figure SLs are now at $30,300 and $40,000 a year and a half later.  I seriously doubt had I been approved for those cards at the start of my rebuild that they would have grown to anywhere near that amount now.

Message 5 of 8
BrutalBodyShots
Super Contributor

Re: How many credit cards to obtain?


@Treyday1 wrote:
What are considered major credit cards?

Basically anything that's not a store card that can be used at any merchant that's from a reputable (non-predatory) company.  That's a very rough definition of course and there are exceptions.

Message 6 of 8
Shooting-For-800
Senior Contributor

Re: How many credit cards to obtain?


@Treyday1 wrote:
What are considered major credit cards?

Visa, Master Card, Discover, American Express

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2021.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship, Synchrony, Evergreen, & Venture



Message 7 of 8
iwan2
New Contributor

Re: How many credit cards to obtain?


@BrutalBodyShots wrote:

@gdale6 wrote:

For rebuild minimum is 3 revolvers.


I don't really agree with this statement.  For maximum scoring benefit, 3+ revolvers are recommended.  For a rebuild, they aren't really necessary IMO.  I went through the first year or so of my rebuild with 1 revolver, taking my FICO scores up around 110-120 points from 619 to the 730's before I applied for 3 additional cards.  I actually think in some ways it's smarter to apply for cards a bit later when considering a rebuild.  For example, had I applied for those 3 cards when I had a 619 score maybe I would have been denied for 1 or 2.  Even I was approved for all 3, what would the limits have been?  Perhaps one of them would get stuck in CLI limbo forever like Capital One is known to do.  Instead I started my rebuild and when I did apply for 3 cards I was approved with SLs of 5 figures on 2 of them and $6000 on the final one.  The two with 5-figure SLs are now at $30,300 and $40,000 a year and a half later.  I seriously doubt had I been approved for those cards at the start of my rebuild that they would have grown to anywhere near that amount now.


Did you request credit line increases, or did they provide them automotically? 

 

I had a $10k limit with Citibank before my credit score started to tank and this remained the same. When I first got my Discover card, they started at a $600 limit and moved me to $4500 over last 3 years, which is where it's at now. Capital One however, was always $800 (even before my credit tanked). Out of the blue, they increased me to $7,800. I'd love to increase my credit lines. I usually get a letter or see that I'm eligible for a credit line increase, but haven't seen this in a while. Should I ask? And if so, do they run a hard inquiry? 

 

Lastly, my credit scores are confusingly different. My one FICO (I think 3?) is around 751. Another is 731 (just dropped 12 points for some unknown reason, since nothing changed from previous month). My Vantage scores however according to CreditKarma are 795 and 800 respectively. I wonder if my low scores are because I don't have enough credit cards. I currently have 3. Citibank, Capital One, and Discover. Should I apply for another credit card? I have two inquiries on my report now (one a company just did without my approval). One I authorized for a loan.  Would appreciate any advice.

 

Thanks,

Starting Score: 630
Current Score: 801
Goal Score: 750

Message 8 of 8
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