How many individual credit accounts should you have on your credit report?

I am an authorized user on 3 major credit cards. I have one individual department store account and one individual student loan account. Should I remove myself as authorized user from 2 of the most recent accounts and get a major credit card individual account? Would that help/hurt my credit?

How many individual credit accounts should you have on your credit report?

2 of the posters gave their opinion, which is their opinion, but it didn%26#039;t answer your question. I%26#039;m going to give you the answer to your question, but first I%26#039;m going to tell you what makes up your score.

1. Payment history-35%

2. Total debt owed to available credit ratio-30%

3. Length of time establishing credit (average age of accounts)-15%

4. Types of credit established-10%

5. Inquiries and new accounts-10%

Ok, this is what you need to understand. Beginning back 2 months ago in September, one of the major credit bureaus no longer recognizes authorized users as a part of your credit score. Sometime next year, the other 2 agencies will follow suit, so it will reflect that you do not have any revolving accounts (credit cards) It will be up to you whether you want to remove yourself or not depending on how much you use the card, however in order to build credit for yourself, you would have to open one major account. The student loan is considered an installment loan, which satisfies that portion of it. A good example of a balanced mixture of credit would be 3 revolving (credit cards) and 1-2 installment loans.

A suggestion that I have about using credit cards is that they should be used lightly, what I mean by that is use only what can be paid off. A good way to use it would be to treat the card as if it had a $50 and only use $20 every month. Make sure that you pay it off on time and do it again the next month, and so on. This way, you%26#039;re building credit, but not going into debt at the same time.

How many individual credit accounts should you have on your credit report?

Dont obsess with your credit ( I Love Debt ) score. Pay as you go and you will win with money.

Credit card companies (Banks) make all the rules and can change the rules anytime they want.

Banks spend millions brainwashing people into thinking they need credit cards and a high I Love Debt score to make it in todays world. Thats just total crap.

Debt Free is Definitely the way to be!

How many individual credit accounts should you have on your credit report?

Credit scores are weird calculations. They do take into account the amount of credit that you have available whether you use it or not. The fewer credit cards that you own, the better your credit score will be. Also if you don%26#039;t plan to use a credit card that you own, ask the company to close the account. Having the availability to use the credit card will affect your credit score as well.

How many individual credit accounts should you have on your credit report?

None is best. Worrying about your fico score means you%26#039;re willing to go into debt. Going into debt means your paying interest and fees on a credit card. For what? Wouldn%26#039;t it be better to invest the principle, interest, and fees into yourself rather than paying the bank.

We as a society think we need credit. We don%26#039;t. You can live just fine with a zero fico score.

How many individual credit accounts should you have on your credit report?

I personally think a lot of posters are giving you bad information. My suggestion is to apply for a credit card in your own name since the previous posted stated the authorised user is no longer going to be a factor in calculating your credit score.

It is always better to have good credit, and you do not have to be in debt to have good credit.

How many individual credit accounts should you have on your credit report?

Smoovy is the only one who is correct.