How many CCs should i own?

[Smw72]

It has been 2 year since my chapter 7 and wondering how many cc i should own to rebuild my credit. I currently have a secured card through my credit union and a unsecured through capital one. Is it a good idea to own more? I do use these cards once a month and pay them off monthly. Thanks

Smw72

[Boscoe]

If you have been discharged for 2 years, have cleaned up your credit so no discharged debt is showing up and have stayed current since then, I would imagine your scores are in the upper 600's, no? What is your current score?

By now, you should not need the secured anymore. You have one card you use, maybe one additional to help your "utilization rate". One thing that helps raise your score is to have a low % of credit used. For example, you have a $5k credit limit but only $500 owed. That would be 10%, which is good. If you have 2 cards at $5k each but only owe $500, that would be a "utilization rate" of 5%, or real good.

But don't start applying for more than a few. It is not necessary, can lure you into more cc debt and lower your credit score.

[Smw72]

I checked my credit report and score a few months ago and it was at 525 with everything up to date. My credit union offers free credit counseling and will probably make an appointment to see them about my credit. Thanks for the reply.


Smw72

[AMISLANDER]

Good Question!

I have my Hooters ($1,200 line), with a $450 balance & my HSBC with a $500 balance and $3K line....so I gues I'm in that 5% range of sorts.

Am paying off that Hooter's balance & most likely closing the card because it's 29% and that darn $75 fee. It was good for a starting point but not needed now! Thank god I did rack up enough points to ge a $50 hooter's gift card...which means I only paid $25 for the year...plus some interest charges, but it was way worth it to get started & did come in handy!

[Minnymouth]

I would have no more than 2-3 cards at the most...... pay off monthly. Never charge more than 50% of the card loan value.

Having too much credit available can start the problem of "charging" all over again.

Just my opinion

[tradewiz50]

I would have no more than 2-3 cards at the most...... pay off monthly. Never charge more than 50% of the card loan value.

Having too much credit available can start the problem of "charging" all over again.

Just my opinion

Well only if your undisciplined regarding your credit usage.