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creditmess

How many is perfect?

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I was wondering how many credit cards is perfect for your score?

Right now I have:

Orchard Bank - 300 limit/0 balance - charging on it monthly, paying it off monthly

Chase - 1500 limit/0 balance - had 499 on it and paid it off right away.

Chevron Gas Card - 300 limit/0 balance

and I just got approved for Lowes - 300 limit

Do you people think it's enough for now? I was thinking wait one more year or 2, charge those cards, pay them off and Apply for a nice, good card? What would be the ultimate card to have???

What I am planning to do is this:

With my Chase card, I get billed every 12th of the month. Since my utilities, phone, cable and all the living expenses are spread out thoughtout the month, I was thinking to put them all on my Chase card. I have that option via their website. This way, lets say my expenses are 300-400/month (I want to use it for everything including gas and grocery shopping), I get the bill every month and just pay it off at once. Then I wouldn't have all the utilities spread out thoguhtout the month. Just one payment to my card and in the same time I would build up credit.

Good idea???? what do you guys think?

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In my humble opinion, I wouldn't put my utilities on the card:

1. If you get stuck on month-for some unknown reason, you are left with a balance on your card.

2. If you don't keep a balance, you always have you full CL for an emergency.

I would pay my utlities every month with cash as they are fixed costs. Once in a while, I would charge something on my card just to keep it active, and pay it off in full.

I think this would help you get a higher score quicker.

As Dennis Miller says "That's just my opinion, I could be wrong..."

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Below are statistics from the Fair Isaac corporation...

Number of Credit Obligations

On average, today's consumer has a total of 11 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, or bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a credit bureau). Of these 11 credit obligations, 7 are likely to be credit cards and 4 are likely to be installment loans.

Past Payment Performance

On average, today's consumers are paying their bills on time. Fewer than 4 out of 10 have ever been reported as 30 or more days late on a payment. Only 2 out of 10 have ever been 60 or more days overdue on any credit obligation. 85% of all consumers have never had a loan or account that was 90+ days overdue, and less than 10% have ever had a loan or account closed by the lender due to default.

Credit Utilization

About 48% of credit card holders carry a balance of less than $1,000. About 10% are far less conservative in their use of credit cards and have total card balances in excess of $10,000. When we look at the total of all credit obligations combined (except mortgage loans), 54% of consumers carry less than $5,000 of debt. This includes all credit cards, lines of credit, and loans-everything but mortgages. Nearly 30% carry more than $10,000 of non-mortgage-related debt as reported to the credit bureaus.

Total Available Credit

The typical consumer has access to $12,190 on all credit cards combined. More than half of all people with credit cards are using less than 30% of their total credit card limit. Just over 1 in 8 are using 80% or more of their credit card limit.

Length of Credit History

The average consumer's oldest obligation is 13 years old, indicating that he or she has been managing credit for some time. In fact, we found that 1 out of 5 consumers who recently applied for credit, had credit histories of 20 years or longer. Only 1 in 20 consumers had credit histories shorter than 2 years.

- - -

Charles Barkley - I may be wrong but I doubt it...

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creditmess,

i put my utilities on my card and use it for cash because i like accumulating the 'Travel Reward' points. Even though i have a prime rate card i try to pay it off every month as well. u check out the deal where u can authorize chase to pay your minimum payment from your bank account if you 'forget' and therefore not be late? I'm also very mindful of the caveats of our fellow CICers.

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Whoa! 50-60? :shock:

Credit Mess- Kind of off the subject, but when you got the Chase card, were you initialy declined? Just wondering, trying to get one now and its been over a week and no answer yet :(

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"Past Payment Performance

On average, today's consumers are paying their bills on time. Fewer than 4 out of 10 have ever been reported as 30 or more days late on a payment. Only 2 out of 10 have ever been 60 or more days overdue on any credit obligation. 85% of all consumers have never had a loan or account that was 90+ days overdue, and less than 10% have ever had a loan or account closed by the lender due to default.

Credit Utilization

About 48% of credit card holders carry a balance of less than $1,000. About 10% are far less conservative in their use of credit cards and have total card balances in excess of $10,000. When we look at the total of all credit obligations combined (except mortgage loans), 54% of consumers carry less than $5,000 of debt. This includes all credit cards, lines of credit, and loans-everything but mortgages. Nearly 30% carry more than $10,000 of non-mortgage-related debt as reported to the credit bureaus. "

Hummmmmm,

So if there are MILLIONs of folks filing BK EVERY year...... If the financial folks in this country state that the "average" debt is higher.......

Then we now know WHY FICO scores are such BS!

One thing that the FICO model does not take into account are the millions of US consumers that don't use credit. So when they say you are in the bottom 15% of "US Consumers" it is not accurate.

Kinda like telling a college grad that he/she is in the bottom half of the graduating class..... hey! At least they went to college and got a degree! That puts them above the % of americans who never went to school!!

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50-60 open credit cards is ideal with no more than 3 in default/60days+late. Any less than will lower your FICO.

Uhm, where did you get that number from? :shock:

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50-60 open credit cards is ideal with no more than 3 in default/60days+late. Any less than will lower your FICO.

Uhm, where did you get that number from? :shock:

When I had that number of cards my FICO was 847. Now that I've acquired too much new credit and got 93 open revolving accounts with 97% utilization, my FICO has fallen down to 719. Go figure.

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Wait-I'm a little confused.

1. Why in the hell would someone want 50 credit cards, let alone 97??

2. Why wouldn't you just keep getting a higher limit on, say... five-ten?

You'd have to have a brief case to keep them all.

I would think that if a person's credit is that good, the income must be good, and you could just get cards with no limit, like the American Express Black card.

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When I had that number of cards my FICO was 847. Now that I've acquired too much new credit and got 93 open revolving accounts with 97% utilization, my FICO has fallen down to 719. Go figure.

I figure you're a liar.

:shock:

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When I had that number of cards my FICO was 847. Now that I've acquired too much new credit and got 93 open revolving accounts with 97% utilization, my FICO has fallen down to 719. Go figure.

Sorry Charlie- I don't buy that for a second. There's no way that your score is 719 with a utilization of 97%.

The calculations you're spouting off is completely inaccurate and I suggest you read up on the scoring process before offering up more advice.

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97% utilization on 93 credit cards...sounds a little wacko! Back in the day, I had about 75% utilization on 5 cards and they said I had too much credit. I just can't believe anyone would give you any freaking more cards. Unless you're Paris Hilton.

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