91 People Helped
Member Since: May 2012
KrisKris89, there's no specific number of cards that you should or shouldn't have. The number of cards you have are far less important than how you use the cards you do have.
I would very strongly suggest that you don't close any of your credit card accounts, as others have suggested. This would ultimately hurt your score, significantly. Any credit card account you close will automatically lower your total credit limit, which will raise your utilization rate, and consequently lower your credit score. Even if you have cards that you don't use very much, keep them open and continue to use them every now and then for small purchases.
Also, do not get rid of your store/retail cards. With responsible use, they are just as useful in helping to improve your score as any other card would.
equaltemp's response was:
It's not the actual "number" of credit cards or other accounts you have that's importantant. In fact, the number of accounts you have is not a factor used in generated your score, at least not with FICO. It's the effect the accounts have on other factors of your score.
Don't fall into the trap of opening numerous accounts simply to raise your score. People who do that are looking for quick fixes and risk everything backfiring. Personally, I wouldn't worry about trying to obtain the "ideal" number of cards, because there isn't one. Time is your best friend when it comes to good credit.
When you initially open an account with Credit Karma, it clearly states that their scoring models may differ from those used by Transunion. So one shouldn't be surprised by the vast differences in scores between Credit Karma and Transunion. Even FICO's scoring model for Transunion differs from Transunion's model. Just as it does for the other 2 major credit reporting agencies. Different financial institutions will use different scoring models depending on what type of credit they're extending. You'd be hard-pressed to find any consistency among any of the credit scoring models out there.
If you paid it off and it's still showing a balance, then dispute it with the CRA's. You should have documentation from TD Bank that shows a "paid in full" status, or something to that effect.
The fact that TD Bank would not work with you on changing your payment date does not make them responsible for your late payments. You, and only you are the reason you have late payments.
equaltemp's reply was:
It states clearly on Credit Karma's website that the scoring model they use may differ from those used by the 3 major credit reporting agencies, among others. So it should be of no surprise when you see vast differences in your scores. It's important to read the "terms and agreement" sections.
Paying your collection accounts will very likely have no effect on your score, nor will it result in your collections being removed from your credit reports.
However, some collection agencies may be willing to remove your collections from your credit reports if you send them a PFD (pay for delete) letter.
Basically, it's a letter that states, in so many words, that you will be willing to pay off your collection accounts if they agree to remove the collections from your credit reports. You can find plenty of "pay for delete" letter samples online. Good luck!
No offense, but it seems you failed to read Credit Karma's "terms and agreement" section. If you had, you would've known that Credit Karma uses a different scoring model than Transunion, or any of the other major credit reporting agencies. Even a simple inquiry to Credit Karma would've provided you with this information.
I uinderstand people make mistakes, but frankly I'm astounded by the number of people who are unjustifiably blaming Credit Karma for something that is clearly their own fault. READ THE FINE PRINT! It's there for a reason.