Need advice, should I apply for more than 1 cc?

[dman23]

I have the same question. I want to begin rebuilding my credit. I  just got my Experian score and it's 621. Currently I have a 3 year personal loan I got back in August to help rebuild my credit. I have a couple of negative items from that I believe should be dropping off soon. I have no credit cards and myfico suggested I apply for a credit card. I see so many people on here with several credit cards, so maybe more is better. Do I apply for 1,2,3 and should I apply at the same time? Mind you I'd rather have none, but to improve my credit score I will get one. If two improves my score faster I'll apply for 2...Thanks

OP,

I started a new thread for you and changed the title.  By doing so, responses can be tailored to your specific issue. 

~Lexie, myFICO Moderator

[jesseh]

Hi there, welcome to the forum!

Firstly, don't get a credit card unless you are certain you will use it responsibly. If you won't be able to pay your monthly card bills, you'll get yourself into debt and that will not help you credit score at all. 

Yes, I would say having 2-3 credit cards is beneficial to your credit score. Having different types of loans (your 'mix') counts for 10% of your credit score. 

First, do your research in the cards. Plan before acting. For each application the company will do a hard inquiry on your credit report, you shouldn't have more than a few of those per 6 months or you will appear desperate for credit. I don't like to apply for cards I have a high chance of being denied for, so check if the card you are applying for is meant for you. (some card comparison websites tell you the lowest score approved for the card)

Applying for multiple cards at the same time is called an 'app spree' and can be useful, search that term for more information on that.

[dman23]

Hi jesseh and thank you.

I looked up "app spree" and see that applying for cards at once has the least affect on your average age of account. Makes sense. I'm definitely doing my research and will be looking for a couple of credit cards that I have a good chance of being approved.

Thanks for your advice.

[Revelate]

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@dman23 wrote:

Hi jesseh and thank you.

I looked up "app spree" and see that applying for cards at once has the least affect on your average age of account. Makes sense. I'm definitely doing my research and will be looking for a couple of credit cards that I have a good chance of being approved.

Thanks for your advice.

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Get 2-3 to start and then sit on your hands for a year.  Jesseh does make a good point regarding using them responsibly, but when you're building you want at least 2 and typically 3 is slightly better for pure FICO purposes; frankly 3 revolving + 1 installment tradeline and you're effectively done on the big parts from a FICO perspective other than never missing a payment and letting time pass, and ideally since everything is time dependent in the algorithm, you want those cards open ASAP.