How many credit cards should you have to get the maximum fico boost?

4 Comments

1. eyeswideopen37880 says:

   January 15, 2009 at 6:25 am

   To my knowledge, it doesn’t matter how many credit cards you have as long as you keep your debt to credit ratio as low as possible.
2. golferwhoworks says:

   January 18, 2009 at 8:30 am

   Eyeswide open is correct, but always keep the balance on revolveing lines very low to the available and your scores will jump
3. Alexander K says:

   January 19, 2009 at 12:28 am

   You never get a boost, as credit score takes time to accumulate, but the ideal number of credit cards is 3. If you have less than 3 the score goes down, if you have more than 3 the score may go down too. But if you already have more than three, do not close unused cards, just put them away. Since the length of time accounts established also matters, what also matters is your total debt/available credit ratio. So say you have 6 credit cards with total available credit of 35,000 and you have overall balance of 10,000 in 3 cards — that is a little less than 33% of your available credit — looks good. You close 3 unused cards, and your available credit goes down to 20,000, now your ratio is 50% — this is a borderline. Over 50% is definitely bad!
   So, if you have 3 cards, do not open new ones, if you have 6 but using 2-3, just leave other cards alone, unless terms become a burden such as annual fees etc. Then close non-needed cards.
4. dragonize says:

   January 19, 2009 at 11:56 pm

   I have found that paying more than the minimum balance on your credit card and pay on time your fico score will rise dramatically in six months. missing a payment or not paying more than the minimum payment will destroy your fico score. I would not have more than two cards. paying more than the minimum balance is the key.