How many CCs is considered Optimal for FICO Scoring?

[smallfry]

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@Anonymous wrote:

Ive had the CC for 9 years and the LOC for two years. Oldest credit closed. Two paid off car loans. Current car is a lease. Current mortgage is 350k. No lates,no negatives. Took me five years to get here, but well worth it.

Cheers,

Sub

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@smallfry wrote:

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@Anonymous wrote:

Sitting at 825EX/830EQ/824TU

I have 2 CCs.

Big brand CC with a $12K limit

Big brand Home lumber store with a $2500 limit

use 10% a month and pay in full using auto-pay.

cheers.

Sub

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How long have you had those cards? Paid off mortgages car loans? Oldest account on reports closed or open? TIA.

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Message Edited by sublime on 07-26-2009 08:23 PM

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Sorry to belabor this but you say oldest credit closed. I imagine it is still reporting on the credit reports right? How old is that? A 9 yo CC and 2 yo loc is fairly new.

[Anonymous]

I have three credit cards and just got a Macy's card to get a 40% discount on a purchase.  Getting a fourth card lowered my credit rating!

[Anonymous]

There are numerous factors that affect your credit score not mentioned on the average 5 steps to increase your score! As someone mentioned before, it is a scam. I have for many years studied the fico scores 2 to 3 times a month for many years to see what affect my scores and what improves it!. I am a real-estate investor and I own million of dollars in real-estate; and I can personally tell you, "yes there are steps to improve your score" however, they are to the best interests of the banks not yours. I'll put it as someone mentioned before, "Credit is a wonderful servant, but a terrible master. Who's the boss-- you or your credit.

For instance, If you keep an inactive account for 4 months, your score drops. If you use your overall credit limit or even an individual cl util above 35% your credit score drops. If you close an account your score will drop and most likely, even though the account supposedly should remain for 7 years, it will get deleted affecting your average on cc. However, if you have been late on that card, the reporting agencies --especially experian-- will make sure it remains there for 7 years; thus, affecting your credit score. If you do not keep a balance, so the bank can make some interest, that also lowers your score. The automated system takes that as you cannot handle credit which is why you always pay in full. I have experimented for many years, and by the way, they keep making harder for consumers so that we'll lose control of managing our credits. YOu think i'm lying thus far? Instead of always paying your full balance, pay a little bit more than the minimum and see how your score improves. If you have bad credit, have a trusted family member to add you as an authorized user, and tell them to hold on to your credit card as you just using their credit history to improve your score. You'll see how your score will go up drastically. I've done this many times to family members and friends. There are many more secrets.

[Edited: please do not post personal names or solicitations for business on the FICO forums.] 

Message Edited by Lel on 07-28-2009 09:08 AM

[Anonymous]

Hi All,

You say HSBC/Orchard is the exception. Do you know when they report? How can I find out when they report?

Thanks,

[mcgregorjt]

Ideally two credits cards are enough. The average American possesses 5-8 (and is drowning in debt). It all depends on your spending patters and ability to not over extend your usage. The ability to keep your debt to income ration low is key. If you have eight cards, there is more temptation, however, if on all cards D-Income is low and you are able to love comfortably, then 5-8 cards may work for you. I am 25yrs old and have 6 cards. Not one of my accounts is over 31% usage which keeps my score high. Six works for me now, when I was 18 I had one credit card and that was too much for me to handle. In the end, use what you know you can pay back.

[marty56]

I have 3 and its hard to keep up with which one to use each month.  I would say 2 or 3 makes you good to go.  I might also be tempted to have a backup Visa/MC card in case the primary CCC decides to play AA with you.  I would look at a CU credit card and next summer I will probably get one with my CU.

[Anonymous]

I have 3 credit cards and never had a capitol one card. So  i decided to apply for one. When the card arrived the APR was at 21.99%. I didn't know whether to cry or laugh at this. After i pulled myself together i contacted them and told them to cancel it, i can't say i was nice about it either. I am at a 10% with my other cards and my fico scores are good. I was just appalled to say the least. Has anyone else had such a negative outcome with them?

7/2009 EQ:775 TU: 790  

2/2009 EX: 785

[Anonymous]

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@Anonymous wrote:

I have 3 credit cards and never had a capitol one card. So  i decided to apply for one. When the card arrived the APR was at 21.99%. I didn't know whether to cry or laugh at this. After i pulled myself together i contacted them and told them to cancel it, i can't say i was nice about it either. I am at a 10% with my other cards and my fico scores are good. I was just appalled to say the least. Has anyone else had such a negative outcome with them?

7/2009 EQ:775 TU: 790  

2/2009 EX: 785

I am trying to rebuild my credit scores... Went to MyFICO which listed several credit card options for me... I selected CapitolOne... 0% for 1st 6 months then 11%... The  one I selected is living up to agreement..

Several CapitolOne credit cards were listed some with high interest rates, like your 21.99%

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[OptimalFICO]

Hi All,

You say HSBC/Orchard is the exception. Do you know when they report? How can I find out when they report?

Thanks,

Call HSBC/Orchard and ask them, they should be able to tell you when they report to the credit bureaus on your account

[Anonymous]

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@OptimalFICO wrote:

Hi All,

You say HSBC/Orchard is the exception. Do you know when they report? How can I find out when they report?

Thanks,

Call HSBC/Orchard and ask them, they should be able to tell you when they report to the credit bureaus on your account

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True - that makes sense for most everyone except HSBC/Orchard.  I called and they told me the 10th - but it wasn't.  They told my DH the first two weeks of the month (too funny!) but it wasn't even that.  So you will get an answer but it definitely was not accurate for us.  What is accurate is the info on this board - HSBC/Orchard reports the last day of the month (the last business day).  Since we followed that guideline, we have had smooth sailing.  Good luck!