Amount of new credit

[PersonalBanker89]

Hello all,

Thank you for reading my post. I pulled a FICO report today and my length of history and amount of new credit was listed as "not good" which is troubling me. I currently have 7 cards as follows: Pen Air Credit Union opened Oct 2011 with $3500 limit, Regions Bank opened  April 2013 with $3000 limit, Fidelity Amex opened April 2013 $1500 limit, Chase Freedom opened Feb 2014 with $1000 limit, Kohls opened April 2014 $300 limit, Navy Federal Signature opened August 2014 with $7500 limit. I also have a Chase BP card listed under my report opened in Feb 1984 and closed in Jan 2010 because my mom had me listed on it to build my credit from when i was a child. Also have an auto loan opened in Feb 2012 with a 7400 balance. I don't understand why my amount of new credit is listed "not good" as I obviously have a lot of new credit. Should I apply for another credit card? I pay off all my cards in full every month, but sometimes I get reported with a balance because of the reporting dates the cards use. My current score is a 670 because i've had 3 30 day lates on my auto loan the last one in November 2013 and i had one collection in March 2013 from a power company. Should I apply for more credit cards or what else should I do besides the obvious in just paying everything on time and waiting out the late pays and charge off to get older so not effecting my score as much. Thanks for all the help!

[coldnmn]

If you get more cards it will lower your AAoAs add inquiries and new TLs if approved. This will result in lower credit scores yet. Time and aging with your current credit is the best option in my opinion.

[jamesdwi]

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@PersonalBanker89 wrote:

Hello all,

Thank you for reading my post. I pulled a FICO report today and my length of history and amount of new credit was listed as "not good" which is troubling me. I currently have 7 cards as follows: Pen Air Credit Union opened Oct 2011 with $3500 limit, Regions Bank opened  April 2013 with $3000 limit, Fidelity Amex opened April 2013 $1500 limit, Chase Freedom opened Feb 2014 with $1000 limit, Kohls opened April 2014 $300 limit, Navy Federal Signature opened August 2014 with $7500 limit. I also have a Chase BP card listed under my report opened in Feb 1984 and closed in Jan 2010 because my mom had me listed on it to build my credit from when i was a child. Also have an auto loan opened in Feb 2012 with a 7400 balance. I don't understand why my amount of new credit is listed "not good" as I obviously have a lot of new credit. Should I apply for another credit card? I pay off all my cards in full every month, but sometimes I get reported with a balance because of the reporting dates the cards use. My current score is a 670 because i've had 3 30 day lates on my auto loan the last one in November 2013 and i had one collection in March 2013 from a power company. Should I apply for more credit cards or what else should I do besides the obvious in just paying everything on time and waiting out the late pays and charge off to get older so not effecting my score as much. Thanks for all the help!

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write goodwill letters and try to have the lates removed and try for pay for delete, it won't be easy but it will help a lot of you get them removed, it may require weekly letters to make it happen. 

[PersonalBanker89]

Thank you for the pointers! As far as applying for new credit cards do you think that is a good option since it is saying my amount of new credit is not good? I used the forecasting tool and it forecasted a score increase if I obtain more credit but I don't know if that is true... But I will try to write some forgiveness letters to my auto loan company. It is through Wells Fargo and I have heard they are pretty tough to get them to take it off. I am still paying on the loan so I am not sure if that's a disadvantage or not. I will also try to dispute the collections from the power company because i wasn;t even aware i had a bill outstanding when i moved from my apartment. They didnt even try to notify me and just sent me to collections. Luckily i had the myfico service and saw it before the collections agency even called me

[Chris679]

Amount of new credit is "not good" because you have so many new accounts. Time to lay low for a while,

[PersonalBanker89]

Aplied for the Discover It card last night and got auto approved! Time to hit the garden for about a year

[Anonymous]

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@PersonalBanker89 wrote:

Aplied for the Discover It card last night and got auto approved! Time to hit the garden for about a year

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Cool! Congratulations. I want that card in the future. Definitely lay low now. That new account "not good" thing will never go away if you keep getting cards one right after the other

[lhcole77]

"amount of new credit" is not good = you've applied for too much credit recently

applying for more won't improve this 

[b_diddy]

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@lhcole77 wrote:

"amount of new credit" is not good = you've applied for too much credit recently

applying for more won't improve this 

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+1

STOP. :-)