Question for the community,
I have been rebuilding my credit for about a year and half now. I just closed out my Matrix Discover card last month due to the fees. Right now I still have 5 cards, 1 secure, 4 unsecure. My Fico according to Walmarts free score is 650. Should I just continue to garden for a while or apply for a new card maybe something decent with rewards ?
I also am going to try and buy a house in the spring or at least start looking then. So I'm not sure if I want another few inquires. Currently have a decent ammount from my initial app spree but they are due to fall off in the winter/spring.
Accounts that I currently have Cap1 Secure opened in Jan 2012($400 Limit), Orchard bank Feb 2012($300), Credit One Feb 2012 ($600), Bar Clay Aug 2012 ($1250) and Walmart ($450) can't remeber when I got it but its been at least 8months. Total usage right now is $350 total spread out on 4/5 cards. Baddies include a GMAC loan for $3k that was settled, a Citi fin loan that was settled, and a Navy Federal card that I have not gotten a settlement yet but is $3.5k. Baddies are from 2008, have not had a missed payment or late in past 4 years. Before starting to rebuild my credit in 2012 I had a auto loan for 2 years that was paid on time every month.
current inquirys is about 16.
Not looking to get a new card because I need to purchase something. Would like to drop orchard bank with something that gives me a higher limit that will grow over time unlike the orchard card and matrix that I used to have. However I am looking at trying to purchase a house maybe spring time so I don't want to damage my credit with inquires if I probably wont qualify for a card at this time.
If its a possabilty I would most likey pay down all cards to 0 except 1 to give my score a small bump before applying next month.
IMHO its time to garden until after mortgage process is complete
Thanks for the responces, I was thinking the same thing. By spring next year most of my inq will fall off, most of my accounts will be 2+ years old, and should have my last baddie settled out at least. Maybe even get a GW letter to work by then. My Credit utilization is 22% right now according to Credit Karam. I know I'll get a decent boost once I get it down. Its reproting $900 used but really its at $300. Its hard with such low limits to use the credit and not get dinged for it. Last month I bought a grill with my walmart card. $300. Posted last day of my cycle so reported $300 balance. I have since paid it off. Happens with other cards too. Barclay reported $234 which was my grocery bill that I pay off soon as it posts but once again posted last day of the cycle.