How many CCs is considered Optimal for FICO Scoring?

[GypsyGal]

One major factor in the credit scoring models is the amount of available credit... Another way of saying the percentage of credit that you are using. When/If  you close one or more cards, you are reducing the amount of credit available to you, which will impact your score. 

Another factor is the length of credit history... I have heard that it takes two years for a new credit card to be considered an established account... (established account is my phraseology)... If you've had these cards for a long time, canceling them can reduce the length of your credit history, which will impact your score. 

I did not have enough credit cards, so I opened two new credit cards in April 2009. Once they had been in effect for a year the effect on my score seemed to improve... I am waiting to see what happens with the 2nd anniversary.

Since your inquiry was added to an old thread, I do not know if the credit counselors will see your inquiry. I recommend that you go to the primary screen and start a new thread. It will help the counselors answer your question if you provide more information. 

1. For the cards you are considering closing... when were they opened and what is the available credit? Also repeat the the current balance is $0.

2. For your other credit cards... when were they opened, what is the credit line and what is the current balance on each.

This will allow the counselors to better evaluate your situation and give you better advice.

Good luck,

[Anonymous]

having two creditcard like you do is enogh with those credit limits if you always keep your balances low under 10% of your credit line

[daylove]

1 or 2 tops

[haulingthescoreup]

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@daylove wrote:

1 or 2 tops

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This might be understandable for your peace of mind (which IMO is more important that your FICO score), but it is not correct for scoring. Three appears to be the magic number, as has been seen in many posts here.

[llecs]

IME it was 3. After a long credit hiatus, I added my first few CCs in rapid succession and all started with $0 balances. I saw gains for the first 3 and began to saw losses on 4+ and those losses got worse with each added one. Any damage is relatively temporary (year or less), though the impact on AAoA is long-lasting.

[Anonymous]

Umm, depends on what you want. I have 6+ CC's with >$100k total limit and > 800 fico score. I know other with more CC's and higher total limt with >800 credit score. Depends on what YOU wnat and need, actual balance vs. total limit, etc. Get my point?

[haulingthescoreup]

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@Anonymous wrote:

Umm, depends on what you want. I have 6+ CC's with >$100k total limit and > 800 fico score. I know other with more CC's and higher total limt with >800 credit score. Depends on what YOU wnat and need, actual balance vs. total limit, etc. Get my point?

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Hi, welcome to the forums!

Per the thread title, the question was how many CC's are optimal for FICO scoring, as opposed to individual taste. 

[Anonymous]

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@llecs wrote:

IME it was 3. After a long credit hiatus, I added my first few CCs in rapid succession and all started with $0 balances. I saw gains for the first 3 and began to saw losses on 4+ and those losses got worse with each added one. Any damage is relatively temporary (year or less), though the impact on AAoA is long-lasting.

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DH's experience was very similar. 

Saw significant gain when opening his first, minor gain when opening his second, no score change when adding his third. 

Subsequent cards showed a FICO loss. 

(At one point Macy's randomly started reporting that he's an AU on my almost two year "young" card - he lost 10 points on the day that card was reported- we removed him as AU and he gained the 10 points back on the day that change was reported).

+100 on the impact on AAofA being long-lasting.

[smallfry]

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@haulingthescoreup wrote:

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@daylove wrote:

1 or 2 tops

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This might be understandable for your peace of mind (which IMO is more important that your FICO score), but it is not correct for scoring. Three appears to be the magic number, as has been seen in many posts here.

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With 3 you can let 1 report and still be under the less than half reporting threshold. So in normal circumstances 3 would be ideal. If you are playing the balance transfer game you might need 6. Personal taste. However I have read 3 is enough to pull over 800 scores.

[Anonymous]

I am of the belief that 3-6 cards is the ideal number to have.  It takes awhile to build up to 6 cards though if you do not want to destroy your credit with inquiries and shortened history.  Apply for a card that is truly needed once a year until you have at least 4.  For you, you only have 2 more to go.