Credit Tips: Will more credit cards raise my FICO?

Posted On: December 1, 2004

Author: B. T.
Guest
Posted: Tue Feb 03, 2004 10:14 am
Post subject: Credit Limits on Three Cards

I have two bank cards (AMEX and Mastercard) with total limits of about $28000, and a Sears card with a $4,400 limit. Other than an $82,000 balance on a Home Equity Account (limit $150,000) my wife have no outstanding debt and only plan to use our home equity in the future if we need a loan. We are in our early 50s. The two bank credit cards get paid off every month, and we only use Sears when there is a 0% offer for 12 months for a TV, etc. My wife also has Kohls and Carson’s, which are used very infrequently. The question is: do we need any other credit cards to add to the “mix”? The oldest card at this time is AMEX from 1991. We canceled a number of cards a while back with older histories, but that is done. Our FICOs are in the 760s. I heard that more cards look good, especially if you keep the balances low, but I don’t se how adding a gas card or another Dept. store card is going to help us, especialy since we probably won’t use it, since AMEX and Mastecard are rewards cards.

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