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How many new CC is too many?


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Obviously, I am just starting this process. I have a very low FICO score and I want to increase it before next year when I plan on hopefully getting a construction loan.

I don't have any CC's at this point but I have applied at Orchard and First Premier and got approved for both.

Right now I have one bank loan and three SL's reporting, I haven't had a CC since 01/02 and had a bad experience with that (still trying to undo the damage on my CR). The point is, I really don't like CC but with the amazing FICO computations, I have learned that I have to have them in order to maximize my score---which I think really sucks!!!!!!!!!

How many new CC's is too many or how many CC's do I need to maximize my score (remember I don't have any right now)? Would I expect to see a big jump if I got some?

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There's not an exact formula, but based on what you said, I'd say stop for the moment. You will need to be paying on these new accounts for a year in order for them to have a major impact.

Welcome, and congrats on the new cards and entering the credit clean-up process.

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