Keeping FICO Score Up
Author: Ted
Posted: Wed Aug 13, 2003 2:41 pm
Post subject: Enough to Keep High FICO Score?
I have two bank cards, a Sears card, and a home equity loan. I use the two bank cards all the time, and the Sears card occasionally, when there are sales. The home equity loan gets paid at least $1000 every month ($130,000 limit with about $80,000 balance currently). I am never late on anything.
Are the two bank cards (Mastercard and AMEX), the Sears card, and the home equity loan enough to keep my credit history clean and my FICO score high, or do I need more cards?
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Author: Verne
Posted: Fri Aug 15, 2003 12:27 am
Post subject:
Ted,
Equifax considers 3 or 4 bank cards optimal. Having only 1 or 2 cards suggests too little credit experience and much over 6 cards, debt juggling.
Fico likes the happy medium closest to how the average cardholder behaves. Credit Usage of 25% to 37.5%, 3-4 bank cards, a mix of types of loans, a medium hard chair, a medium hard bed, and a medium-warm bowl of porridge.
Author: ted
Posted: Fri Aug 15, 2003 9:27 am
Post subject: Keeping FICO Score Up
Thanks, Verne! So I guess that means that I can get rid of one of the two other credit cards (Citibank Mastercard), and cut the bank cards down to three. How many times a year should I use the third bank card (Visa)? It has a $14,500 limit. Is twice a year for large purchases enough, and other than that, the sock drawer?
Author: Ted
Posted: Fri Aug 15, 2003 9:47 am
Post subject: Keeping FICO Score Up
Verne, I meant to mention that I have a third bank card (Visa), but I wanted to get rid of it. I have a fourth card (Citibank) that I also want to get rid of. If I keep the Visa, how often do I need to use it? If that is my third card, can I then get rid of the Citibank?
Sorry for the confusion, and I appreciate your avice.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Wed Aug 13, 2003 2:41 pm
Post subject: Enough to Keep High FICO Score?
I have two bank cards, a Sears card, and a home equity loan. I use the two bank cards all the time, and the Sears card occasionally, when there are sales. The home equity loan gets paid at least $1000 every month ($130,000 limit with about $80,000 balance currently). I am never late on anything.
Are the two bank cards (Mastercard and AMEX), the Sears card, and the home equity loan enough to keep my credit history clean and my FICO score high, or do I need more cards?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Verne
Posted: Fri Aug 15, 2003 12:27 am
Post subject:
Ted,
Equifax considers 3 or 4 bank cards optimal. Having only 1 or 2 cards suggests too little credit experience and much over 6 cards, debt juggling.
Fico likes the happy medium closest to how the average cardholder behaves. Credit Usage of 25% to 37.5%, 3-4 bank cards, a mix of types of loans, a medium hard chair, a medium hard bed, and a medium-warm bowl of porridge.
Author: ted
Posted: Fri Aug 15, 2003 9:27 am
Post subject: Keeping FICO Score Up
Thanks, Verne! So I guess that means that I can get rid of one of the two other credit cards (Citibank Mastercard), and cut the bank cards down to three. How many times a year should I use the third bank card (Visa)? It has a $14,500 limit. Is twice a year for large purchases enough, and other than that, the sock drawer?
Author: Ted
Posted: Fri Aug 15, 2003 9:47 am
Post subject: Keeping FICO Score Up
Verne, I meant to mention that I have a third bank card (Visa), but I wanted to get rid of it. I have a fourth card (Citibank) that I also want to get rid of. If I keep the Visa, how often do I need to use it? If that is my third card, can I then get rid of the Citibank?
Sorry for the confusion, and I appreciate your avice.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 8:27 PM
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