How many CCs is considered Optimal for FICO Scoring?

[Anonymous]

Oldest credit is 18 years.

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@smallfry wrote:

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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.

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[haulingthescoreup]

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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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HSBC/ Orchard bank cards typically update on the last business day of the month, reporting the balance as of that date. OK, I need to clarify that: they report the balance that shows on the last business day of the month. But they generally don't update (send the info) until another week or more later, and sometimes they just don't bother to update at all.

I emphasize bank cards, as in cards that have the Visa/ MC/ Discover/AmEx logo, because I have a Best Buy store card (no Visa/ MC logo), and it updates on its statement date.


edited in attempt to clarify the endlessly bewildering HSBC/ Orchard reporting cycle.

Message Edited by haulingthescoreup on 10-16-2009 03:27 AM

[Anonymous]

Having 3-4 credit cards should be ENOUGH and Good for your credit report.

I have 4 cards plus 1 store card from Walmart:

Credit Union Mastercard

Citi AA Mastercard

AMEX

BoA Visa

Walmart Store card..

[Anonymous]

Wow - this has been resurrected from a few months back!  Wonder if OP has bought a house .

Strictly responding to the Subject line:  How many CCs is considered Optimal for FICO scoring?

DH found himself with an EQ FICO of 802 with only one bank card (and a small CL at that).  His score went up to 804 when he added a $10,000 Alliant CC (with inquiry).

[Anonymous]

I have 1 Visa and 1 MC. each with 15,000 limits.

My Fico is 816.

It is how you manage them that matters and try not to use more than 50% 0f the credit limit.

[haulingthescoreup]

Wow, I'd have a stroke if I approached anywhere near 50% util. As would my lenders, and my FICO scores.

[marty56]

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@haulingthescoreup wrote:
Wow, I'd have a stroke if I approached anywhere near 50% util. As would my lenders, and my FICO scores.

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Or death by DW in my case.

[FicoScore626]

Have 1 First Premier MasterCard, 1 Macy's card, 1 Bloomingdale's and 1 JC Penny card. About to acquire two more credit cards (MasterCard/Visa) and then I'll focus on maintaining an managing them all perfectly.

[Anonymous]

I have several credit cards with $0.00 balances will it hurt my credit score to cancel them ?

[MarineVietVet]

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@Anonymous wrote:

I have several credit cards with $0.00 balances will it hurt my credit score to cancel them ?

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Hello and welcome.

Simply closing them will not hurt your score because your balances are zero and they will continue to report for up to 10 years after closing which helps your AAoA (Average Age of Accounts) and credit length history. Here is an excellent thread about Closing Credit Cards for more information.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

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