What is a healthy number of cards to build with?

[mykalli]

Hi all,

Quick question. Like most, I'm looking to build a strong, positive credit history. I'm wondering if I need to apply for one more card.

I currently have:

• CapitalOne Cash Rewards $500
• Walmart $600
• Macy's $100
• Nordstrom $750

I was considering getting one ore unsecured card. (CreditOne Platinum). My reasoning is to get all my hard pulls grouped closely so they may fall off together while I garden a healthy amount of credit movement. Not sure if there is a sweet spot. Afraid of too many, but also weary of too few slowing the process. Any assistance is appreciated!

Thank you

[cwwatts1202]

They say 3-4 is ideal. I'd garden those and just try for CLI every so often to get to the $2,000 limit that helps your score.

[CashOnDelivery]

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@mykalli wrote:

Hi all,

Quick question. Like most, I'm looking to build a strong, positive credit history. I'm wondering if I need to apply for one more card.

I currently have:

• CapitalOne Cash Rewards $500
• Walmart $600
• Macy's $100
• Nordstrom $750

I was considering getting one ore unsecured card. (CreditOne Platinum). My reasoning is to get all my hard pulls grouped closely so they may fall off together while I garden a healthy amount of credit movement. Not sure if there is a sweet spot. Afraid of too many, but also weary of too few slowing the process. Any assistance is appreciated!

Thank you

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Just curious on why you would want to app for Credit One? How long have you had each card?

I also want to point out a few things (For what its worth):

-Apping just to "group" your inquiries together is not a good idea

-The current accounts you have are fine for now but your limits are really low

-Let your current accounts age a while (ideally at least 12-24 months) 

-Your scores seem to be all over the place (Assuming they are FICO) and chances of approval on most cards will be slim.

 --If approved, more than likely it'll be matched near your current limits

I know it sucks, but it's going to take some time establish a strong positive history.

[subzeroepsilon]

With those TLs already working for you, there is no need to sink to the depths of CreditOne. Believe me, I have been there and they will eat you alive with fees and other charges. It's not worth it.

[mykalli]

Thanks for the advice guys. I'm going to pass on the new card and continue building on the few cards I have currently. My short term goals:

• Utilize all  my current cards. Currently they all have a zero balance. From what I've seen on the forums, 1-9% kept as a balance on each card will work better for my scores.
• Apply for nothing new.
• As always, try and remove anything negative from my reports.
• Sit tight for next 12 months, utilize well, pay ontime and try to increase my credit limits on what I already have.

This seems to be the smarter plan. If there's something else I'm missing, I'd appreciate your input.

Thank you!

[qd]

How long have you had the CapitalOne card?  Have you tried going the email to EO office route to get a CLI with the CapOne card?

[cwwatts1202]

Actually you want go keep at small balance of 1-9% on one card, keep the rest at $0.

[mykalli]

Thanks for you response. The CapOne card is relatively new, just a few months old. I was thinking of waiting until I hit at least the 6 month mark to try an increase. Is there a better solution?

Thanks

[mykalli]

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@cwwatts1202 wrote:
Actually you want go keep at small balance of 1-9% on one card, keep the rest at $0.

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Thats good to know. Is the 1-9% based on the one card I'll use, or my entire credit available on all cards?

[guiness56]

You want overall utilization to be at 9% or under.