Credit card advice

January 19, 2018, 06:33 PM

bobtheelf

Credit card advice

quote:
Originally posted by smlsig:
I'm going to go against the crowd here and suggest you drop the two newer ones like you mentioned.

There are a lot of theories on what goes into earning a high fico score.
My personal opinion is to minimize your accounts and pay off your credit cards off each month. I know some will say that the ratio of available credit to the amount of used will affect the numbers but it has not affected me.

I only have two cards; one personal and one for my business. I always pay them off each month and my score has been +\- 835 for the past 10 years or so.

It's going to depend on the OP's other existing accounts and balances. I had fairly low utilization, but still carried a balance for a while, and my score was around 760. I paid them off and my score went up to about 810. It would probably be higher if I had a mortgage in my history or some other installment loan. If his utilization goes from 10% to 20% or more, it could impact his score.