How many CCs is considered Optimal for FICO Scoring?

[Anonymous]

I hope this can help in the great "How Many Debate"

Me last week

1 HSBC Master Card   - $700 CL ($500 bal will be $350 once it updates)

1 Dillards store card   - $850 CL ($0 Balance)

1 Macy's store card   - $850 CL (Opened 2002 and unused since 2004, I thought it was closed)

4 Student Loans       - $8,229

1 Auto Loan             - $8353    (from $12,375)

1 30day late in 2005 on the dillards and a string of 90 day lates on 3 of the student loans

(Note: open all your statements even when your student loans are in deferment because if you aren't psychic it is hard to guess when they will come out )

Everything else is all good

Not a lot going on I know but my Credit History is 12yrs3mos old and my AAofA is 8 years

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This week I have had 6 inquires (as many as 6 and as little as 3 on each but 6 in all)

I had one new account a Barklays Master card CL$700

Equifax is the only one I have a FICO score for and it jumped 20 points.

My TransUnion FAKO didn't change (but is showing the new card)

Experian FAKO went up 18 points

I will be buying my TU and EX Ficos next Friday.

I have one more credit card I have been approved for (Capital One CL $1000) that hasn't hit yet I will let you know what the change is when it does but that will be all the credit shopping I feel I need to do for a while.

Edited to add more spaces. My post was a BLOB!

Message Edited by AmyBoo on 10-18-2008 12:49 PM

[Anonymous]

I work as a loan officer for a Credit Union.  We pull exclusively Experian here, but honest to God, I've seen a score of 815 without any CC's, just an mortgage with 180mo+trade and an auto loan.  75% of the scores in the 800's I've seen, have had 1-3 cards.  I've seen an 815 with a home loan, auto loan, and a Sam's club card at 15% util.  I'm sure by have a good CC mix you can improve your score, but honestly I think payment history is the biggest factor.  Personally, I have not seen a score in the 800's that had more than 3 cards yet.  Most people with 5-15 cards have been in the 780's max (783 is a very popular number).  I'm not saying you can't have an 800 with more than 3 cards, but personally that's what I've noticed (I've probably pulled about 8 scores 800+).  I've also seen a 25 y/o with one major CC at 5% util with a 731 with only 27mo trade history!

[Anonymous]

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@Anonymous wrote:
I work as a loan officer for a Credit Union.  We pull exclusively Experian here, but honest to God, I've seen a score of 815 without any CC's, just an mortgage with 180mo+trade and an auto loan.  75% of the scores in the 800's I've seen, have had 1-3 cards.  I've seen an 815 with a home loan, auto loan, and a Sam's club card at 15% util.  I'm sure by have a good CC mix you can improve your score, but honestly I think payment history is the biggest factor.  Personally, I have not seen a score in the 800's that had more than 3 cards yet.  Most people with 5-15 cards have been in the 780's max (783 is a very popular number).  I'm not saying you can't have an 800 with more than 3 cards, but personally that's what I've noticed (I've probably pulled about 8 scores 800+).  I've also seen a 25 y/o with one major CC at 5% util with a 731 with only 27mo trade history!

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That's interesting.

Well I had a score of 711 with 12 months of history: 2 CCs.

My third card, the Amex, pulled me down do 645. 

The 4th CircuitCity card costed me only 2 points.

[Anonymous]

I can say, with some level of certainty, that 47 is too many.

[Anonymous]

Good question.  Depends on the bureau I guess.

I have one BofA with a $27,300 CL and an Amex Blue with $10,000 CL;  both with zero balances.

When I pull my TU, it dings me for not having enough "Premium Bankcard Accounts".   WTF?

I do think that the bureaus like to see you in debt; if so, they score you higher.

But for me, my debt load is inversely proportional to my quality of sleep.

[haulingthescoreup]

Check out the FICO High Achievers thread in my siggy.

Generally 3 CC's.

And it's not a debt load if you don't have any debt on them. It's just available credit.


eta: sorry, I don't mean to be arguing with how you feel about this --emotions aren't targets for argument and debate; they're just there. I added the clarification about debt load vs available credit for any other readers.

Message Edited by haulingthescoreup on 11-16-2008 10:24 PM

[Not_the_Point]

I've been going with the 2 CC's (BoA and WaMu) and 1 Store Card(Sears) set-up myself.

One of your Credit Cards should also be from a major national bank like Bank of America or Chase.

I've considered getting one more credit card, but undecided as to which one to get. I had planned on getting an AMEX but given how unpredictable they are it seems more a liability than an asset to me. PenFed sounds really good though...

Message Edited by Not_the_Point on 11-18-2008 10:14 PM

[Anonymous]

Hey pushedtofar! I feel you. I haven't ben divorced or anything like that, but the damage to my credit i thought was un-repairable. I was wrong. I did bounce back and I believe you will too. I was in the low 400's and now on my way to the 700 Club.

I am rooting for you!