If Rebuilding Credit, How Often Should I Apply For Credit Cards?

[AdPray123]

Hi Everyone,

I am working towards rebuilding my credit and wanted to know how often should I apply for a new credit card. The last time I applied for one was Jan 07. I only have this card (MasterCard) and am an auth user on a Macy's card my mom has. A friend of mine says to do one each year. Is this good advice? Should I apply for another regular credit card? Capital One sent me a "preapproved" offer. Any advice is always appreciated. This is where I get the most informative advice so far! Thanks...

[llecs]

All you need is 2 revolving and one store charge card. Any more than that and your scores won't go too far. I wouldn't recommend adding a card a year, unless you aren't going anywhere with the cards you have (e.g. no more CLIs possible and you need the CL or fees). Adding TLs will drop your avg. age and will drop your score. If you add a card a year, your avg. age won't increase too fast as with your score.

IMO, you may benefit by adding a revolving card. Later in the future, you may want to add another store charge to replace the one you are AU on.

[Anonymous]

Your subject line states rebuilding, so in order to get feedback you will probably want to post a synopsis of your credit picture (fico scores, curr utility, baddies, etc). Most here will be able to provide you feedback based on your credit picture as to who you may want to apply with. As always, however, YMMV. Good luck with your rebuilding efforts.

[AdPray123]

Thanks All,

My TR=589, EX=584, EQ=596. I pulled my report just now. I have a history of late payments and high util. I am paying down some old balances to help my score. I am a little confused on my scores. I will post another forum on that The card I opened last year was one specific for credit rebuilding and it has helped alot.

[marty56]

What is your util now.  I would not apply for any new credit if you a derog info that is less than 2 years old or high util.

[AdPray123]

My util is about 76%. I will pay those down to less than 30% before applying I guess. I just thought since I was in the process of rebuilding I should open another one but from the looks of me reading around these forums I can see not to right now. Thanks!

[Anonymous]

if you have a year and a half good history, i would pay down to under 50%(30% better ) and try a cap1 card(they pull all 3 but since you apply only every few years shouldnt be a problem) or go for a bofa platinum plus(likely to be offerd a semi secured with $99 deposit and $500 limit or secured card but it unsecures after year good payments and will grow with you)

If you can afford to put down a deposit i would go for bofa and then just wait until it unsecures in a year or so