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Credit Cards Discuss credit cards - user experiences, credit card rates, and which companies offer the best credit card. |
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#16
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I have about 6.....but I only use 2 of them.........and pay up every cent........the interest they charge aghast me
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#17
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Why do you keep the four that you don't use?
Doesn't make any sense to me to pay even the slightest annual fee for something I never use. |
#18
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Only get 3-4 OPEN accounts without any Fees. Make SMALL purchases on them each where you can and will pay them off every month. Build your credit...not a hole.
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#19
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I figure the amount YOU want is the correct number.
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#20
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In my opinion I would have up to three. Not saying that you need to have them all maxed out or tons of money spent on them, but have them just in case.
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#21
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3 is the suggested number to have for raising your credit score above 720 because the fico scoring system algorithms are constantly updated to reflect what an average consumer has.
So that is why you have read a ton of things recommending 3. The actual formula suggested for the fastest way to 720+ credit in an audio program I listened to once on credit was 1 mortgage, 1 installment loan, and 3 credit cards or revolving accounts. If you keep the payments current and don't fall behind, as well as, pay all of your other bills, that is supposed to reflect the types of credits the "average consumer has" and you will get a good credit score by making all your payments on time. That doesn't mean you can't have 300 credit cards or 1 credit card, no installment loans or 5 installment loans, 3 mortgages or no mortgages, and still have good credit. It's simply the current average consumer trend right now, which is probably going to go through another modification because a lot of people are now carrying more than 3 cards! |
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