My fico score is 747. How high will it go with having only credit cards?

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I have three credit cards with the oldest account about 2 years old. I do not need or want a car loan or a mortgage. What is the maximum score I can acheive with just keeping credit cards. Also, will I be considered a high risk since I have no other type of credit obligation? My credit limits are not very high on the accounts that I do have. At what Fico score should I apply for another card to receive a high limit account?

I carry hardly any balance on any of my accounts. I use them and pay off the balance at the end of the month just to have a ontime payment history.

  1. Reply
    May 14, 2011 at 12:13 am

    You already have 3 credit cards. So why do you need another card considering you do not carry any balances? More number of cards will lower your FICO score. 747 is considered as excellent credit, but I have seen folks with score exceeding 800 which is considered as super excellent credit score.

  2. Reply
    May 14, 2011 at 1:10 am

    If you show you can handle different types of credit at the same time, you are rewarded with a great credit score. In other words, get installment loans like vehicle, personal loan or mortgage. Get revolving credit like credit cards: Visa, Mastercard, Sears, Sunoco Gas, Costco. By mixing it up, you demonstrate you can manage your credit because you will have short term and long term credit with a fixed payment. As well as a “variable” monthly payment on your credit cards.

    Keep these accounts open with a balance of 70% or less and paid on time and you will witness your credit score climb to great heights.

  3. Reply
    May 14, 2011 at 1:54 am

    more credit cards you have may hurt you even if you don’t use them or pay off because they know you have credit cards can you met your debt each month in case of illness etc your credit score is good

  4. Reply
    Frank Castle
    May 14, 2011 at 2:04 am

    I suggest you to request to each bank to increase your limit.

    It is likely they will raise your credit limit and that will increase your credit score even more.

  5. Reply
    May 14, 2011 at 2:58 am

    Your FICO score is based on several things, History of re-payment,(with only 2 years that’s not really alot), Available credit (open credit cards with low or no balances) and type of credit (revolving,like credit cards, mortgages, secured loans and unsecured loans) The number of inquires also affects your score. 800 is the maximum score and with only credit cards your score will probably not get much higher. Getting into a car payment will increase your score, definitely if you go the term and pay it off.

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