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Recommended amount of Credit

Discussion in 'Credit Talk' started by cyborg, May 13, 2004.

  1. May 13, 2004 #1
    cyborg

    cyborg Member

    Hi guys!
    Im so glad i've found this forum! i've been reading through all the threads and you guys seem very knowledgeable. I use to have very very bad credit. Couldnt get wireless accounts, denied for all CC and CLI.. u name it.. for the past 2 years.. i've been trying to rebuild my credit. i have a Citibank Platinum Dividend @ 6750 and a MBNA WorldPoints @ 5700 . I just got approved for an AMEX BLUE last week! i've been trying every year to get that card and now i finally got one! I cant wait for it to come even though its initial limit is only 2200... My questions is this.. How many credit cards should i have open? I only have 3 now including the amex. My main concern is to build and raise my credit scores. any tips would be greatly appreciated.
     
  3. May 13, 2004 #2
    Mirage

    Mirage Well-Known Member

    I think the three you have are fine unless you feel the need for more credit cards.

    Give the Blue a chance to mature. I recommend a retail card of some sort.

    I guess at this time your FICO will go up with time, cc usage and ontime payments.

    May want to add one more cc in the furture to your mix as a back up for rate jacking or CL reduction. I recommend BofA.

    Congrats on the Blue!

    Best regards,
    Mirage
     
  4. May 13, 2004 #3
    cyborg

    cyborg Member

    thanks!...
    i was actually deciding between BofA and Chase..
    I guess i'll take a deeper look into boA some more...
     
  5. May 13, 2004 #4
    faztcobra

    faztcobra Well-Known Member

    I typically try to have CLs = to one year's salary. In my case, I have a little over. I hate having to keep up with a ton of cards, so my goal was to have all that spread among only 4 or 5 cards...I ended up with 5. The more cards you have, the less your average age of cards will be as well. You gain FICO points for averaging 2 years of history or longer on your cards.
     
  6. May 13, 2004 #5
    Hedwig

    Hedwig Well-Known Member

    Between Chase and BofA, definitely BofA!

    Chase is famous for rate jacking, etc. I got rid of all my Chase accounts.
     
  7. May 13, 2004 #6
    aikidokap

    aikidokap Well-Known Member

    Re: Re: Recommended amount of Credit

    Good lord...are you serious?

    Are you including a car loan, home...or just revolving cards?

    I can't imagine what I'd have that much on-tap revolving credit for.

    Your overall amount of credit granted doesn't affect your score...at least not to any degree.

    I personally know people that have very few cards...with very low limits....but have well over 700 scores on all three.

    aiki
     

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