3 credit cards vs 1

[Anonymous]

Yup.  As I said in the other thread where we were discussing this, for me the number one reason to have more than one card is to not have your eggs all in one basket as to protect yourself from being left out in the cold if AA hits and/or your only card gets closed down.  When I scooped up several cards back in 2016 at the start of my rebuild that was the only reason why and additional Fico points weren't even a consideration to be honest.  I get it that everyone has different goals, though.

[dunn2500]

thats my goal...to just hover @ 780 - 800...anything above means nothing......

[Anonymous]

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@dunn2500 wrote:

thats my goal...to just hover @ 780 - 800...anything above means nothing......

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Eh, I mean, yes and no.  If you're the type of person that is conservative with your credit and only uses it when you need it, I agree.  If you are quick with your trigger finger and tend to open lots of accounts, it could mean something as there's less buffer there to absorb credit-seeking.

[Anonymous]

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@dunn2500 wrote:

thats my goal...to just hover @ 780 - 800...anything above means nothing......

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@dunn2500 then acquire 4-5 cards and an SSL, if you want, then lock yourself in the garden for a couple years, you'll be there, as long as your file is clean. 

[jamie123]

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@Anonymous wrote:

Yup.  As I said in the other thread where we were discussing this, for me the number one reason to have more than one card is to not have your eggs all in one basket as to protect yourself from being left out in the cold if AA hits and/or your only card gets closed down.  When I scooped up several cards back in 2016 at the start of my rebuild that was the only reason why and additional Fico points weren't even a consideration to be honest.  I get it that everyone has different goals, though.

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IMHO you should, if you can, open at least 5 CCs early on in your credit building. It will make your AAoA bulletproof after 5 years or so plus you get those points off the table that you would otherwise lose if you only have one CC.

I have 10 active CCs and 3 closed CCs. My AAoA is currently 4 yrs. 9 mos. and it hardly moves when I add a new account now. I'm riding the AAoA gravy train now and won't ever have to worry about my AAoA again.