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Established Contributor
Posts: 731
Registered: ‎08-12-2011
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Do I need 2nd and 3rd card after 1st w/ $5,000 limit?

[ Edited ]

I've just received a new CC with a $5,000 limit, BBVA Compass Clearpoints Visa. This is my only active open CC tradeline now, it just reported to EX today for November. I'd like to get another card or two to help build a solid CC history. Not having a CC was holding my score way down.

 

I do have a few very small balance CO accounts which should fall off in 2 years. Lots of SL, several paid off. Lots of 120+ day lates on the Nelnet undergraduate loans when they denied forbearance and did not notify me. Those lates will be two years old in Feb 2013, not that it matters that much for the 90+ marks.

 

SW EQ is 672 without the new CC TL reporting.

EX FACO just jumped from 603 to 651

 

BBVA used an internal scoring method i've never seen.  Gave me a 651 TU on range of 209 - 897 with 8 tiers. I was barely in the 4th best range. 44% of people are in the top two. 55% in the top three. 66% in the top four. 34% in the lowest four tiers.

 

Any suggestions or approaches on the one or two other cards that I can start with?

 

 

Valued Contributor
Posts: 1,910
Registered: ‎11-17-2012
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Re: Do I need 2nd and 3rd card after 1st w/ $5,000 limit?

Hey!

 

Approach-wise, I would let your current card age at the very least 6 months to show positive payment history and experience with a nice credit limit :smileyhappy: Also it'll let a lot of those baddies age and fall off..

 

I would highly recommend the Chase Freedom, but your baddies make me wonder if they would fall into the "seriously delinquent" category...hopefully another member can clarify! 5x rotating categories and a good way for you personally to step into CSP once all the baddies drop off!

 

Any store card, if you're itching for one this holiday season! Walmart seems to have great reviews due to their free montly TU FICO!

 

AMEX would be a good one too! That 5,000 limit gives you a good chance of them matching or exceeding it!

 

Best of luck!

Capital One Quicksilver World Mastercard $20k | JCPenney Gold $10k | Shell Drive for Five $800 | Chase Freedom Visa Signature $9.8k | TD Bank Easy Rewards Visa Signature $5k | Chase Sapphire Visa Signature $10k | American Express Blue Sky $13.7k | Discover IT $13k | SavingStar American Express $14.8k | American Express BCE $11.3k

FICOS: EX 759 EQ 704 TU 754 VantageScore 3.0: EX 746 EQ 747 TU 747 Credit Sesame (EX) 756 Credit.com (EX) 784
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Do I need 2nd and 3rd card after 1st w/ $5,000 limit?


daybreakgonesXe wrote:

Hey!

 

Approach-wise, I would let your current card age at the very least 6 months to show positive payment history and experience with a nice credit limit :smileyhappy: Also it'll let a lot of those baddies age and fall off..

 

I would highly recommend the Chase Freedom, but your baddies make me wonder if they would fall into the "seriously delinquent" category...hopefully another member can clarify! 5x rotating categories and a good way for you personally to step into CSP once all the baddies drop off!

 

Any store card, if you're itching for one this holiday season! Walmart seems to have great reviews due to their free montly TU FICO!

 

AMEX would be a good one too! That 5,000 limit gives you a good chance of them matching or exceeding it!

 

Best of luck!


I agree with everything mentioned by daybreakgonesXe.  I would definately go for an Amex Charge card product if you're in the mood... it will grow with you over time, and will look very favorable on your reports if approved.   Try for Chase Freedom in 6 months to a year.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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