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2 Credit Cards really needed?

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denver133
Frequent Contributor

2 Credit Cards really needed?

Here is what I have thats positive on my report:

 

US Bank Secured - $3,000. 1-Year anniversary in December. Never late

Chase Auto Loan - $37K start. Under $20k left and ahead on payments

Sallie Mae Student Loan - Current and paying

NelNet Student Loan - Current and paying

NelNet Student Loan - Current and Paying

 

Scores below are as of today but I will see a boost at the end of the week. Will a 2nd card really be beneficial for me?  

 

My plan is to send in another $2K next week to put my secured card at $5k till December when I call to try and get a PC on that card on the 12 month mark.  If I do get the PC, that would put me with one card at a $5k CL.  I am holding out to app for the Hyatt card from Chase when I get closer to 700.  Thoughts?    

 

 


My Cards: CSP: $5,000 // Hyatt: $5,000 // Cap1 Venture: $5,000 // US Bank Plat: $3,500 // Discover: $1,000 // AMEX BCE: $1,000 // Lowes: $5,500 // Furniture Row: $3,500 // Buckle Store Card: $750

Current MyFico Scores: EX 687 EQ 696 TU 687 Gardening from 5/15 till 5/16

Message 1 of 5
4 REPLIES 4
newmomnewme
Valued Contributor

Re: 2 Credit Cards really needed?

Credit card board might be able to offer more advice on which one to get,  but I do think you should get one more. Maybe a store card to boost your util?

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Message 2 of 5
09Lexie
Moderator Emerita

Re: 2 Credit Cards really needed?

You've listed the positive but what's the negatives holding your CS down?
Message 3 of 5
denver133
Frequent Contributor

Re: 2 Credit Cards really needed?

Here is what is still holding me back.  

 

This list shows the latest action.  Been working on these accounts since Feb 2013.  Had a collection from City of San Diego that has

 

OneMain Financial - Unpaid balance of $4,791. DOFD 5/12.  PFD 10/10/13 Still no response from them on any letters I have sent them.   Might try a DV.  

Chase Auto - 4 30 lates and 1 60 day late. GW 10/28/13

Sallie Mae - Was 180 days late but now current.GW 10/28/13

Amazon Card - C/O $0 balance - DOFD 4/12. GW 10/28/13

Shell/Citi - C/O $0 balance - DOFD 4/12. GW 10/28/13

Cap1/Best Buy - C/O $0 balance - DOFD 4/12 EO Office Response 10/28/13

Cap1 Card #1 - C/O $0.00 Balance - DOFD 4/12 EO Office Response 10/28/13

Cap1 CC #2 - C/O $0 balance - DOFD 4/12 EO Office Response 10/28/13

Cap1 CC #3 - C/O $0 balance - DOFD 4/12 EO Office Response 10/28/13

Cap1 CC #4 - C/O $0 balance - DOFD 4/12 EO Office Response 10/28/13


My Cards: CSP: $5,000 // Hyatt: $5,000 // Cap1 Venture: $5,000 // US Bank Plat: $3,500 // Discover: $1,000 // AMEX BCE: $1,000 // Lowes: $5,500 // Furniture Row: $3,500 // Buckle Store Card: $750

Current MyFico Scores: EX 687 EQ 696 TU 687 Gardening from 5/15 till 5/16

Message 4 of 5
09Lexie
Moderator Emerita

Re: 2 Credit Cards really needed?

Yes a second card would give you a better mix. IMO, I would wait until you get some responses back from your letters. If you are successful, the advice will be different. If unsuccessful, I would go with BoA or SDFCU for secured cc's. If you want to pick up a store card, just try the shopping cart trick. You dint need a bunch of cards, just one more.
Message 5 of 5
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