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fireBirdy79

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Getting more cards to raise my score
I am 26 years old with a credit score of 707 at the moment. A year ago I was on unemployment and opened three extra credit cards to transfer balances and enjoy the 0% intro apr while my income was low. Before this I had been using two credit cards for most of my transactions and always paying on time which had my credit score at 747. Now after seeing that my score only dropped by 40 pts. from opening these new cards and the little bit of discouragement that my score wasn't higher with the 8 year history (which has now dropped to 3.5 yr) I am considering opening two more cards and taking the hit on age and inquiries so that in 2 yrs my avg account age would be 4.5 yrs again and I'd have 7 cards. Am I viewing everything right that it appears the more cards I have the higher it should raise my credit score? This is all I can think of after going 8 years with 2 cards and 2 student loan all paid on time and only hitting 747. Thank you.

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If you're trying to hit a certain number (800 or whatever) you need to look at the types of credit you have in addition to just getting more credit.  This is how your credit score is calculated:  Payment history 35%, Utilization 30%, Credit history (age of account) 15%, Types of credit (credit card, auto, mortgage, installment, etc.) 10%, Inquiries 10%.  If you don't have different types of credit you may never get to the number you want.  Does this mean you should get an auto loan to help your score?  Of course not.  747 is a very good score, and you can probably get any credit you want with good interest rates already, so I'm not sure what you are shooting for.  

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Addison170

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Oops, I meant that 707 is a good score.*

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