Getting a 3rd CC worth it?

[airborne07]

Right now I currently have 2CC's.  Capitol 1 ($3,050) and Discover ($2,200).  My Trans FICO is approx 752, Experian and Exquifax are mid 600's.  That is because there a charge off that I am in the process of having removed from those two.  I debating on whether or not it would be beneficial to get a 3rd card and if it would help my score in the long run.  I see there are quite a few people on here with numerous cards.  I am trying to be smart about this and do a little research before doing so.  Thoughts are welcomed as usual.

[Anonymous]

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@airborne07 wrote:

Right now I currently have 2CC's.  Capitol 1 ($3,050) and Discover ($2,200).  My Trans FICO is approx 752, Experian and Exquifax are mid 600's.  That is because there a charge off that I am in the process of having removed from those two.  I debating on whether or not it would be beneficial to get a 3rd card and if it would help my score in the long run.  I see there are quite a few people on here with numerous cards.  I am trying to be smart about this and do a little research before doing so.  Thoughts are welcomed as usual.

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First off if you don't mind, what's your AAOA look like? Utilization? Inquiries? How's the charge off coming along? 

Obviously you would want to wait till the charge off is gone to see how your scores and reports look like.

I'm still new here but it's usually 3 cards and an installment loan that seems optimal for FICO scores. 

No doubt more experienced members will chime in, just thought I'd get the ball rolling.

[EAJuggalo]

I'd get the second Cap One card, take the CLIs at 3 and possibly 6 months.  Then combine the limits if you have other cards you like better by then.  Conventional wisdom is three cards, figure out exactly what cards you want and check out the requirements for them, you might be closer than you think. especially if you get that charge off removed.

[airborne07]

Right now the only card that has a balance is Capitol One.  I will have that paid off in the near future. In regards to the charge off.  I should have it gone in the next couple of months or sooner.  I am most certainly going to wait until it removed before I make a move.  The charge off however is only on my Experian and Equifax reports.  Thanks for the info.

[driftless]

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@EAJuggalo wrote:

I'd get the second Cap One card, take the CLIs at 3 and possibly 6 months.  Then combine the limits if you have other cards you like better by then.  Conventional wisdom is three cards, figure out exactly what cards you want and check out the requirements for them, you might be closer than you think. especially if you get that charge off removed.

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+ 1 I would suggest checking the Capital One, or other cards that interest in, pre-qualified pages.

[jbsea]

Or a Barclaycard since they pull TU... Personally I dont like them but if you use that card a lot I guess they would be good to you.  So you might want to look into them.

[NRB525]

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@airborne07 wrote:

Right now the only card that has a balance is Capitol One.  I will have that paid off in the near future. In regards to the charge off.  I should have it gone in the next couple of months or sooner.  I am most certainly going to wait until it removed before I make a move.  The charge off however is only on my Experian and Equifax reports.  Thanks for the info.

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Good plan to wait until the CO is gone. That will make your file look a lot better, based on TU already being above 750.

Have you tried for a CLI with the Discover card yet? That is a SP and may be reliant on the TU score which Discover makes available to you on your monthly statement.

Which bank is affected by the chargeoff?

[airborne07]

I tried with Discover a couple of weeks ago and they gave me a $500.  They most certainly rely on the Trans Union score.  So think that is in my favor.  The charge off is with USAA bank but I am not stressin over it.  That's is the only negative I have.