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Contributor
sc2761
Posts: 93
Registered: ‎04-13-2011

Apply for 3rd card or not?

Hi all, The wife and I were d/c chapt 7 on 7/2010.  We applied and were approved for cap one cards on 12/2010 with $2000 limits which are now at $2500 each.  Then we applied for HSBC 2% rewards MC's in 8/2011 and were approved for $300 line each.  We were contemplating whether we should apply for a third card now vs just waiting until we receive some better pre-approval offers.  The HSBC cards have not hit our reports yet.  Both the cap one and HSBC pulled TU (cap one pulled the other bureau's as well).  We have pretty low inquiries on all the reports (5 or less).  Would a third card at this point help our rebuilding and scores?  Is a 3rd card necessary right now.  We just want to be in a position to be able to either refi our current mortgage (not reaffimed) to a lower rate in the future if possible or be in position to get a rental property after more income is coming in.  What 3rd card is recommended?  I was declined for a Barclays priceline in between the cap one and the HSBC due to not enough credit history post BK.  What does everyone think?  Any feedback is greatly appreciated.  Thanks as always!!!!


Starting Score: After BK d/c of 7/7/10: EQ Fico 629; TU Fico 579; EX Quizzle 610
Current Score 11/30/13: All Fico's EQ 668; TU 689; EX 666; and Barclay's Fico showing 650
Goal Score: 700 for all

12/2010: Cap One Platinum MC $3500; 8/2011: Cap One Quicksilver One MC ($1000); 4/2012: Barclays Rewards MC ($7500); 12/2013: Logix Platinum Rewards Visa ($15000); 12/2013: DCU Platinum Rewards Visa ($3000).

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Regular Contributor
castlefox
Posts: 227
Registered: ‎12-09-2010

Re: Apply for 3rd card or not?

[ Edited ]

Idk if I am reading your post wrong but I would just like to say that you and your wife have different credit reports and there fore credit scores. 

 

A third card would add a larger credit line, but I think that is about it as far as helping you rebuild right away.  In the short term your AAoA would drop. 

 

I would think that a third card would help someone rebuild but, it depends on when you want to be in a position to refi for your morage.  If it sooner than later I understand as it is best to not have as little inq. as possible.

 

I dont think a third card is needed if you are able to keep your utilization low. 

 

 

 

MyFICO score- Equifax - 12.03.11 - 780 Experian 12.03.11 - 763
(FAKO Scores) EXP PLUS Score Dec 2011. 748
Advanced Risk Score 2.0 (NextGen) 793 Dec 2010
Vantage Score (2011) MAR = 771 Jun = 771 Sept= 788 Dec= 773
2012 MAR = 782 JUN=783 Dec = 789
2013 Mar-796 Jun-799 Dec- 797
Contributor
sc2761
Posts: 93
Registered: ‎04-13-2011

Re: Apply for 3rd card or not?

I understand the credit reports/scores for my wife and I are different.  We just happened to apply for the same cards from the same creditors.  We are looking longterm rebuilding to be ready to buy/refi a home, I'd say 3 years out at this point.  We do keep the utilization low.  Aiming for 9% and less on one card and no balance reporting on the other.  So maybe best to wait 6mo or so to see if better pre-approval offers come in vs getting another subprime card right now?


Starting Score: After BK d/c of 7/7/10: EQ Fico 629; TU Fico 579; EX Quizzle 610
Current Score 11/30/13: All Fico's EQ 668; TU 689; EX 666; and Barclay's Fico showing 650
Goal Score: 700 for all

12/2010: Cap One Platinum MC $3500; 8/2011: Cap One Quicksilver One MC ($1000); 4/2012: Barclays Rewards MC ($7500); 12/2013: Logix Platinum Rewards Visa ($15000); 12/2013: DCU Platinum Rewards Visa ($3000).

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