I believe the general consensus would probably 3-5 cards, with at least one of those being a retail card. Some others live by the rule of getting enough in CLs to equal a years worth of salary. Most important is just how many do you feel like paying on each month? For me, I don't like to have more than 2 CC bills to pay each month. That's my comfort level.
I think it depends on your circumstances. Many people think the optimal number for FICO score is 3-4 bank cards, one retail. I have many more than that. I have 4 or 5 gas cards, a handful of store cards (I keep them for the special extra % off it you use your card, etc). I also have about 6 MasterCard and Visas spread among three banks. (I think that's all I have right now). The important thing is to keep them paid off. I have two cards that I'm only using for balance transfers. I have two others that give me miles that I use for most day-to-day stuff, another that my husband uses for his stuff (what he doesn't want me to know he bought), and one that's just paid off and in the sock drawer. The important thing is to pay them off monthly. I don't care so much about the score, I want several cards with good limits so that if someone ticks me off I can take my business elsewhere. Others may have different ideas. If getting your FICO score to a certain point for things like mortgage or car is more important, then fewer cards with higher limits is probably better.
At present I have 4 cards. One of them being a retail card. I have a main card that I use and the other two are for emergencies. What I need to know what is the best avenue to increase one credit limit?
let me throw this into the mix 16 prime cards no store cards scores all over 760 what does that do to rational thinking in fico land
Use the card and make more than the minimum payment due. I've found that cards I don't use almost refuse to give me a CLI. Had a Sears card for 7 years now and used it minimally. Got turned down for CLIs several times. Used it 3 times in the last month and a half and got a modest CLI. Used BofA quite a bit for 9 months. Always made 3x min due payments and got a nice CLI recently. Providian, I almost never used and they wouldn't give me a CLI for anything. Not even to keep me as a customer after having had 2 different cards with them over a 3 year span. Use the card, which makes them $$ and they'll usually reward you.
WHAT-EVER YOU HAVE--ALWAYS HAVE A BACK-UP ABOUT 23 (wife and I combined)--DOWN FROM A HIGH OF 50+ (B.F.)--BEFORE F.I.C.O.
You can always call and ask for a credit limit increase, but you may want to ask first if they'll do it without pulling a hard inquiry.
This is one of my top negative factors affectin my score. This is what MyFICO.com says about it: On average, U.S consumers have between 4 and 5 bankcard charge accounts (including both open and closed) reported on their credit file. The FICO score evaluates the number of open and closed bankcard accounts you have. Having more bankcard accounts (Visa, MasterCard, Discover, American Express, Diners Club, etc.) than other consumers with credit histories of similar length represents higher risk compared to consumers with fewer bankcard accounts. Bankcards are a great convenience. But having more of them than you need may actually work against your score. We recommend moderation in credit. If you don't need it, or don't plan to use it, you're better off not applying for it. But I tend to lean to GEORGE's theory ...RNG
Re: Re: Number of cards Is 4 or 5 really good to establish some type credit for future buys such as a house or car or taking a loan for your kid college tuition?
Re: Re: Number of cards 24 open and 34 closed on EXP, 782 score with 12 inquiries in the past year. go figure?
