CL Increase vs. New CC

[b1gr3dmachin3]

Hi all, new to these forums and just registered! I'm not really sure whether I should try to get a CL increase on my CC, apply for a new CC, or just simply wait.

Here is my situation. I figured I would get a secured CC but I took a chance and I applied and was approved of my first and only credit card (BoA Cash Rewards) for 700$ in November of last year. Since I had no prior credit or job history whatsoever, the only reason I could think of as to why I was approved was because I have an account with BoA for a few years with a decent balance and many transactions. As of now, I have no negatives and pay my bill in full each month right away. I also always have a credit utilization of 10% or lower. I also have 3 hards inquiries. The only place I have looked for my credit score is a free website called credit.com which gives me a score once a month. My current score is 703 (last updated June), although I'm not sure how accurate it is. I think my main problem with my credit is my young history.

Obviously I want to build my credit up as fast as I can, but I'm not sure what my next action should be. If I get a new card, I know that will lower the AAoA and thus will reduce my score but I would like to expand my portfolio as I think that will help me build credit faster.

Any advice for me would be greatly appreciated, thank you!

[09Lexie]

Welcome to the forum! You can do both, request a CLI, wait for it to update on your cr and then app for new cc's . What type of cc are you looking for? Travel, cash back etc

[kilj0y]

If BOA does hard pulls for CLI, I would say app for another card that way it can age if your going to use a HP, but if it is a SP go ahead with the SP CLI then wait for it to update then do a HP for a new CC.

[b1gr3dmachin3]

My main focus to just to build my credit the best I can to apply for auto loan/mortgage in the future so rewards are not that big of an issue to me, although I guess I would like cash back. How many CC's would you recommend applying for and which ones do you think I would be approved for given my current credit state? Does CL increase improve my credit? Thanks

[b1gr3dmachin3]

How would I know if BOA does a hard pull for the CLI?

[tjrssibelle]

By calling them and ask; word of caution though the CSR may tell you it's a SP but it most definitely will end up as an HP. That's what happened im case, I got the CLI but with a HP from TU. I disputed it and I got a letter saying that it would be removed in 60 days. I haven't check an updated report yet though.

[b1gr3dmachin3]

Okay thanks, I'll call them up and see what they say.

[b1gr3dmachin3]

I've been doing a lot of research but still can't decide if I should pull the trigger on app for a new CC. If I do though, then I have to decide how many and which ones. So many decisions lol