11-16-2008 02:16 PM
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...
11-16-2008 02:50 PM
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.
11-16-2008 02:51 PM
11-16-2008 03:14 PM
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.
11-16-2008 03:18 PM
11-16-2008 03:41 PM
11-16-2008 09:19 PM
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
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.