Question by Miss Dee: How many credit lines does the average person need?
My credit score is in the mid 700’s; I have zero credit card debt and would like to boost my score up to the 800’s for future use.
I recently got a new credit card with the credit line of $ 10,500.00 (which I don’t intend on maxing out). Will this one credit card suffice for boosting my score; or should I get an additional card (i.e. AMEX)?
I understand asking for too much credit at once can lower your score.
Answer by Adam L
First, why boost your score to the 800s? With mid 700s credit, you can qualify for best-rate car loans, mortgages, etc… Having a higher rating really doesn’t get you much more than a higher rating.
Overall, one card is enough. The only reason to get an AMEX is if their card offered some nice perks – better than your Visa or MC.
Then, you would use the AMEX in places where you could, and the Visa/MC where you couldn’t.
What do you think? Answer below!