I Tried To Search It Online But Most Of The Answers Were Vague..we Know The Optimal Debt To Credit Limit Ratio..but How Many Credit Cards We Should Have And What Is The Best Mix For Them ? And How Much Should Be The Optimal Credit Limit For The Highest Possible Fico....??
Thank You

I love this question. First of all, it does not take a ton of credit cards to establish credit and for those who have a good history of credit, they can tell you that all it takes is time, consistency, and dedication. Your story sort of comes down strong (like the way I felt when I first started to rebuild). If you can give us a better idea of where you are coming from, we could get a much clearer idea of of where you are trying to get to with your credit.

You should have enough cards that you can maintain without having trouble. For example, If I had 10 cards but was having trouble keeping them active and remembering due dates, then I would have too many cards. I would have to close some of them to make life easier. The most important factor of having good credit is payment history. As long as you are making your payments on-time and not applying for credit from left to right, you will be fine.

You have very good questions. You don't need "X" number of cards to grow you FICO score. The way to grow your score is to secure a credit card from a TIER 1 financial institution and grow your limit through CLI's. Most limits on Credit Cards are basically 20% of your gross income, i.e. if you make $60K the max limit on the card that you can achieve is $20K. If you don't qualify for a Tier One Card then get a secured card and work your way up to a Unsecured Tier One card.

You can have 1 credit card with a $100K limit that is better than 10 cards with a $5K limit each assuming that you have had these cards the same amount of time. So its not the amount of cards you have its the limit you have on the cards you currently possess.

hello Everyone, Since A Lot Of Us Are Asking Questions About Credit Cards On The Review Board, I Think This Will Be A Better Place For Us To Share The Info Instead Of Mixing The Two. It Does Not Make A Difference Which Credit Card That You Would Like To Discuss, All You Have To Do Is Click "post Reply" And Ask Away. Please, Please, Try Not To Start A "new Topic" On A Particular Credit Card Because There Are Over 600 Cards On Financial Globe, Which Will Cause This Forum To Go Over-board. All You Have To Do Is Post Here And Watch The Thread Grow.

I See That A Few Postings Are Going To Be Removed From The Review Board, And Yoyo11 Had A Question In Regards To Orcahrd And How Often Do They Post. Yoyo11, Hjm331 Could Have Never Said It Any Better, Orchard Is Very Slow With Posting To Our Credit Reports. I Just Took A Look At My Report And They Have Not Posted For April 08', But I Bet If I Did Not Make A Payment, They Will Probably Have That Posted By Today And Retro All The Other Months. They Kill Me With Their Reportings, I Will Be Glad When I Am Able To Give This Card Up.

I Tried To Search It Online But Most Of The Answers Were Vague..we Know The Optimal Debt To Credit Limit Ratio..but How Many Credit Cards We Should Have And What Is The Best Mix For Them ? And How Much Should Be The Optimal Credit Limit For The Highest Possible Fico....??
Thank You

My AMEX green Meya is nice, don't get me wrong, but nothing better than my Visa Signatures, at this level the Signature Cards have more perks. The difference starts at the Gold Level. I must admit Prestige has bitten me hard but I have worked hard to get here and I want to be on track to at least be considered for the Gold.

Where you separate yourself is at the Platinum Level. Yes, its $450 a year and its steep but it unlocks all the doors that other cards don't with the exception of the Black Card.

That is about average, and it seems to be fair, but when the fees are like I mentioned above, that is when I think it is outrageous.

Basically, for all of those who are dying to get rewards cc's from tier one creditors, I would hope that you are a business owner, heavy frequent traveler with good income, or is working with a company that requires you to travel, other than that, it is worthless to apply for any card and pay $150-450 in annual fees. You might as well shake the hands to those applying for the Tribute, Aspire, Rewrds660...etc. I don't see any difference.

I have to say that I like my Amex Green. Sure it has a $95 annual fee, but I have no interest. If you break that $95 down per month, you pay about $8 per month.

Basically, for all of those who are dying to get rewards cc's from tier one creditors, I would hope that you are a business owner, heavy frequent traveler with good income, or is working with a company that requires you to travel, other than that, it is worthless to apply for any card and pay $150-450 in annual fees. You might as well shake the hands to those applying for the Tribute, Aspire, Rewrds660...etc. I don't see any difference.

Same perks somewhat of a Visa Signature, more exclusiveness though, accepted into all major airport lounges, no questions asked, Concierge service is better than Visa Signature, and let us not forget, $450 annual fee...........

What are some of the benefits that the AMEX Platinum has to offer?

Interjack I will assume you are carrying the Gold. How long have you had your Gold before you saw the link to upgrade to Platinum ? I have been told that with perfect payments you can upgrade to Gold in as little as 6 months. Platinum I know will take time...............

sounds like a great idea......thanks a lot...

i got the regular red card(500$ limit)....i heard that there is a trick that you use the store card couple times,then pay it off..then go to target and try to use your own debit card.....then you get a preapproaval for traget visa...what do you think...?

I am not sure about that one. I know that people reported using a debit card and getting a pre-approval; but I do not know if they had the Red Card already.

I would just wait the 6 months and see if they will upgrade you; that way you only have one trade and you don't have another inquiry.

Everytime I log in I get a link on my main acct screen that says "Upgrade to Platinum"

Recently received the AMEX green Charge Card. Has been objective of mine since I got into the credit game. My question is: With perfect payments, how long will it take before I can apply for a Gold Card or be invited to apply ? From that point how long before maybe getting invited for the Platinum Card. I'm aware of the $125 annual fee for the gold and the $450 fee for the platinum.

If I were to be invited for the Platinum card I would give up my two Visa Signature Card, well maybe not, because of the time involved.......

Thanks