How many cards to have and which ones?

[violetuniverse]

once i pay my wamu card off, i plan on using it here and there to keep it active.. i filed ch. 7 bk. what card is a good one for me to get to help rebuild credit and how many is not too many to have....also does paying cards like kay jewlers on time help your score as well?
my score is 654 as of now

[BassBoy]

The small store CC's will help your credit like any other CC, however if it were me, and I could get a CC from, let's say Capital One, I would go that way. Under this section of the forum (Rebuilding Credit), there is a thread that discusses "Recommeded Credit Cards" and this is a good resource.

It's hard to say exactly what CC's you should apply for because everyone's credit is different and while some may get approved, others may not. Sorry the answer couldn't be of more help.

The number of cards you should have should be no more than 3 and maybe 4.

There are some good websites, like bankrate.com and creditcards.com that can help you find a CC based on your credit rating (excellent, good, fair, bad, poor, and etc.). Score Match is a great site as well, It can help narrow a few CC's based on your credit score.

Now there are some cards I wouldn't bother with because of your BK. Chase, Bank of America, Discover, American Express, Citi..........you know, the big name CC's. These lenders will most likely deny anyone with a BK on their credit.

[Stilltheone]

We have the usual suspects...Capital One, Hooters, Orchard Bank and Target.

Not more than 4.

Good luck!

[laurannm]

Sort of off topic, but for those that have 3-4 cards, what types of balances do you carry on them, if any?

[Stilltheone]

Sort of off topic, but for those that have 3-4 cards, what types of balances do you carry on them, if any?

We had an emergency awhile back, so all of our cards (except Target) are maxed out. BUT, with our tax return next month, they will all be paid off. I really don't want to carry more than $100 balance.

[amatiboy]

Why only 3 to 4 cards? I went into bankruptcy in October of 08’ with about 9 credit/store cards with zero balance, since then 3 have been shut down but I’ve still got 2 credit cards and 4 store cards that are active from before I filed. I’d like to try getting more, but from what you’re saying I’m already pushing the limit or something.

Do your recommendations come from fears of people having maxed out cards or because it’s harder to get more credit after bankruptcy if you already have it?

[Flamingo]

The main thing is too much credit after filing a BK is not a good thing. Creditors will pass by someone amassing a lot of credit with a BK showing on their records as it could put them right back in the same spot they were previously.