How many CC to build on?

Anonymous · ‎03-13-2017

I am working on repairing my credit. I currently have 0 revolving accounts (CCs). Within the past week, I have been approved for a Capital One Secured and Discover secured.

Would it be in my best interest to get 1 or 2 more cards now so that they can all age together or should I wait until I've established my credit a bit more and then go for some more cards?

AverageJoesCredit · ‎03-13-2017

One more wouldnt hurt might be beneficial but you have to decide if its worth it. What are your current scores etc. You might getter better advice with more info. Those 2 cards seem a great way to start , depending on your scores you might try for a a Boa secured as well or try getting in with Navy Fed.

Anonymous · ‎03-13-2017

@AverageJoesCredit wrote:
One more wouldnt hurt might be beneficial but you have to decide if its worth it. What are your current scores etc. You might getter better advice with more info. Those 2 cards seem a great way to start , depending on your scores you might try for a a Boa secured as well or try getting in with Navy Fed.

Current scores are in my signature. I was leaning towards the Bank of America Secured as I've heard it's a great secured option with a great company that would eventually graduate.

Anonymous · ‎03-13-2017

I agree with AJC. When I started with my rebuild (2 years after BK7), I started with 3 cards applied for within one month of each other so that they can age together. Also, I play the one card reporting small balance, all others report 0 game. And it seems to have helped me build my scores.

I have heard that the BOA secured is a good product that can grow after unsecuring. Also, NFCU is a great credit union, generous with limits and is usually considered a rebuilder's dream.

Good luck on whatever you decide.And Happy Building!

newhis · ‎03-13-2017

@Anonymous wrote:
I am working on repairing my credit. I currently have 0 revolving accounts (CCs). Within the past week, I have been approved for a Capital One Secured and Discover secured.

Would it be in my best interest to get 1 or 2 more cards now so that they can all age together or should I wait until I've established my credit a bit more and then go for some more cards?

If you have the money to secure another card go with BofA, just put the most you can because any increase you ask will be a HP. But 2 cards is good enough to rebuild. In the future, with better scores, you will get better and unsecured cards.

Do you have any open loans? If you don't check the SSL technique in Understanding FICO scoring area.

Then don't app for a year. If you can remove any baddies in this time will be great. Your score will increase if you are patient. Good luck.

Anonymous · ‎03-13-2017

To sort of echo the opinions above, I also suggest 3 cards for someone starting out and/or rebuilding.

Anonymous · ‎03-13-2017

You'll be great with 3 cards. 2 is good too. Let these build for a year before applying for anything else. Just make sure you're aware of Chase 5/24 and have a plan for that if you want any Chase cards later.

SouthJamaica · ‎03-13-2017

@Anonymous wrote:
I am working on repairing my credit. I currently have 0 revolving accounts (CCs). Within the past week, I have been approved for a Capital One Secured and Discover secured.

Would it be in my best interest to get 1 or 2 more cards now so that they can all age together or should I wait until I've established my credit a bit more and then go for some more cards?

Wait.

Unify FCU Platinum Visa Variable Rate 35k

TD Bank Business Solutions Visa (Bus) 25k

FNBO Evergreen Business Edition Visa (Bus) 20k

Liberty (formerly Evansville Teachers) FCU Platinum Prime Plus MC 15k

US Bank Triple Cash Rewards Visa (Bus) 12k

SEG-fenced credit union Platinum Visa 10500

Comenity AAA Travel Advantage Visa $6200

Members 1st FCU Low Rate Platinum Visa 5k

PLOC: Langley FCU 40k; Penfed CU 15k; NFCU 15k; Teachers FCU 15k; Affinity FCU 10k. BLOC: NFCU 5k

Total revolving limits 741200 (620700 reporting) FICO 8: EQ 703 TU 704 EX 691

Anonymous · ‎03-14-2017

I think you are perfectly fine right now with just the Discover and Capital one secured. I would keep those two cards let them age and wait until your scores improve to app for more. You are definitely going in the right direction.

Chris679 · ‎03-14-2017

@SouthJamaica wrote:
@Anonymous wrote:
I am working on repairing my credit. I currently have 0 revolving accounts (CCs). Within the past week, I have been approved for a Capital One Secured and Discover secured.

Would it be in my best interest to get 1 or 2 more cards now so that they can all age together or should I wait until I've established my credit a bit more and then go for some more cards?
Wait.

I agree here. To get your foot in the door sometimes you have to take what you can get, which you have already done. Now that you have that foot in the door you should be looking for accounts you want to keep long term rather than just applying for whatever you can get. I would wait 6-12 months and start looking for a local CU where you could get a low rate CC and LOC for your checking account. Those will both be a step in the right direction credit score wise and are both things you want to have available to you long term. Also at that time you can start trying to get the other cards unsecured. 6 more months (maybe less if you are lucky) you should be in good shape to apply for a couple of major cards that fit your needs. Good luck.