No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Ok so new guy here, might have seen my other post regarding my IT approval for $6,000 today.
I have a question as the best way to move forward and plan my FICO building journey.
Before today I only had 1 open cc account...... it is a Cap 1 Platinum with a $300 limit. I have been auto PIF for the last 9 months but because I use it a lot (trying to rebuild) I am always near the limit.
I also have 1 closed Chase account from 2008-ish they shut me down after a couple lates (1 60 day) and only paying minimum payment. That was $2500 limit and I currently owe $884.
My goal is to BT the Chase account to my new Discover so I can pay that off without the interest.
My real question is , should I try applying for another Prime card somewhere now or wait a couple months. I only have the 1 inquiry on my report from Discover right now.
So do I apply for another card or 2 to help my credit UTL? Or garden the Cap 1 and Discover for at least a couple months?
Also should I apply for a CLI on the Cap1?
My Stats:
myFico: 673 Income: $40K
Wait a few months. With a $6,000 line reporting more lenders may be willing to extend you similar lines. Applying now with your limited positive history, you would be unlikely to replicate the Discover approval.
Thanks SnackTracker....I think I knew that was the best course of action, I just needed someone wiser than me to tell me.
Anytime! I think you did yourself a big favor by getting that Discover, and 6 months from now with some of that debt paid down you will be in a fantastic position for some more cards.
As usual, excellent advice!
Congrats!!
Snack is totally right.
There is also a chance that you might see a couple preapproved offers with that Discover reporting. Keep the util low and in a few months check your reports and scores for a couple cards you might want to add.
@SnackTrader wrote:Wait a few months. With a $6,000 line reporting more lenders may be willing to extend you similar lines. Applying now with your limited positive history, you would be unlikely to replicate the Discover approval.
+1 Excellent advice!
Gardening it will result in a rather healthy yield come harvest time in the fall! Give yourself that time, pull your scores, and then evaluate where you want to go from there.