What Credit Cards can I Apply for

What is a simple user trying to defend his good credit rating? Whilst you have not informed us of your credit rating, it can be expected that your scores have stayed at least high enough to allow you to repeat new accounts despite the probability that these new cards will not do much to help your scores.

The fact that you opened six new cards in two years more than anything else reminds me that you have to make your monthly payment on schedule and reliably and that you have full credit limit management over your credit use. Only these two methods alone are sufficient to guarantee good creditworthiness, irrespective of other less important determinants such as the number of new store openings and cards.

In order to reply to your query as to whether seven cards are too many, the best information I can give you comes from the FICO High achiever statistic, an assessment of the credit rating bubble in the customs and attribute of about 50 million US users who achieve over 785 points. The FICO base values vary from 300 to 850.

FICO top performers tended to have an FICO (drum rolls, please) of seven cards on averages! These include open and close cards as well as bank with and without credit. Unfortunately, an area where your experience does not match that of the top performers, but rather provides insights into an improvementable part of your credit profiles is contained in a series of statistical reports that indicate that FICO top performers have a long, well-established credit histories and rarely open new bank Accounts.

Twenty-five years ago on averaging, the oldest credit bank of a FICO service provider was opened and the youngest credit bank is 28 monthly. In total, the FICO service provider's credit portfolio is 11 years old. Just wait and administer the cards you have and continue to do what you did - pay on schedule every single Monday and keep a low credit utilisation rate (individual and combination credit/limit percentage) on all cards with credit.

Regarding your follow-up on whether it's a poor thing to have too many cards, it's important to realize that all rating computations aimed at how many of a certain kind of bank accounts you have come under the heading of "credit types", which is only about 10 per cent of your number.

That means that while it is good to have the "right" number of cards, this figure is very small in comparison to the three main category variables - payments behaviour (35 per cent), credit utilisation (30 per cent) and length of credit histories (15 per cent). The last three together make 80 per cent of your points.

Hopefully you will get away from this debate, which feels good about the way you have managed your credit, not only because you have the same number of cards as the FICO performers, but especially because you are able to get a point total that is high enough to get a number of cards within the last two years.

Well, in the future, if you can avoid the temptation to apply or receive bids for extra cards in the next two years, your "time span since your last bank opening " statistics will be exactly matched to the high number of 28 monthly - and you will be on your way to your own high credit value.