Best Answer: The answer you're searching for requires a boatload more information. Have you applied for some form of credit and was turned down? If so, what were the reasons? If you've been turned down, the rejection letter will tell you what creit bureaus they used to review your hisotory and per the Fair CVredit Reporting Act, you are entitled to a free credit report from those bureaus. Outside of your current 5 credit cards, what other credit lines do you have open? What is your past credit history?
Your credit doesn't plummet to "shaky" just beause you have five cards. Although, any more than 3 cards does tend to report as "too many open revolving credit accounts" on credit reports.Your score on the cards will mostly depend on past payment history & current balances versus total credit.
If you know your credit score is already "shaky" it sounds like you've reviewed at least one credit report. Are you sure all of the items on the credit report are yours? Are there any past issues you could dispute? Any credit lines that you closed that are still showing open?
Order your credit reports directly from Equifax, Trans Union or Experian. Per Federal law you may receive
one free per each comany per calendar year. Unless you're TOTALLY financially inept, don't waste your money on the websites or commercials that offer "free credit reports". In order for them to help you, you need to sign up for their pay services. They get you free credit reports that you can't guarantee come from each of the companies or just one. All three companies use their own verison of the FICO equation, plus, not every compnay reports to all three bureaus. That is something you can do yourself and for free. Once you review what the bureaus have to say, you can call them directly. You can also write dispute letters yourself and review financial help sites all for free. These credit helper companies will charge you an upfront or monthly fee.
I ordered mine from Equifax last week. You only have to pay a nominal fee if you want the credit score, otherwise the report itself is free. They will list on the report WHY your credit score sits where it is. That is the information you need to look at.
Without that information, your question is just too general and could be answered with 50 different answers.
Source(s): BSBA Finance & studying for CFP license