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Member
Posts: 9
Registered: ‎08-16-2012
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Number of Accounts Reporting (Gardening Question)

I currently have 2 CCs and 1 Auto loan that will be reporting come Jan. I have decided to garden until the end of December 2013. Will picking up a secured card that would report for one year make enough of an impact to be worth it? or will the 3 accounts i have now be sufficent.

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Capital One Platinum MasterCard 500
NMAC Auto Loan 14k
TU 704 (11/27/12) EQ 682 (11/27/12) EX 652 (12/7/12)


Valued Contributor
Posts: 7,940
Registered: ‎10-21-2012
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Re: Number of Accounts Reporting (Gardening Question)


bmjohns31 wrote:

I currently have 2 CCs and 1 Auto loan that will be reporting come Jan. I have decided to garden until the end of December 2013. Will picking up a secured card that would report for one year make enough of an impact to be worth it? or will the 3 accounts i have now be sufficent.


Assuming all 3 tradelines were recently acquired, then the best guidance is to garden your recent accomplishments.  Ideally, this is your credit so you will have to weigh the pros and cons.  Some posters will encourgae additional credit since if you can take the hit now (credit score or inquiry-wise) then those effects or impacts will fade over time in the aggregate manner.  The bottom line, do you really "need" it.  In general, if you know that what you currently have is sufficient and can manage it wisely then gardening is not a bad option.

 

Not sure that acquiring a secured line will provide much substance to your current credit file other than (a) possibly lower your score - compounded by recent acquired credit (b) display the inquiry for 2 years and (c) not all creditors factor a secured line into their underwriting criteria.

 

You will be surprised on the more generous credit options that can be available to you in a 12-month span as opposed to obtaining secured credit today.

Member
Posts: 9
Registered: ‎08-16-2012
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Re: Number of Accounts Reporting (Gardening Question)

Thanks i think just holding on to what i have would be the best bet. Wanted to see if i was missing anything.

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Capital One Platinum MasterCard 500
NMAC Auto Loan 14k
TU 704 (11/27/12) EQ 682 (11/27/12) EX 652 (12/7/12)


Contributor
Posts: 139
Registered: ‎07-31-2012
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Re: Number of Accounts Reporting (Gardening Question)

If all 3 accounts are new or too recent then going into garden-mode might be a good idea. If only the auto loan is recent AND you won't apply/or need to apply for anything else (such as a house) AND the CCs have several months from being opened (6+) then you may apply for another card or two (that you know you have a fair chance of getting) and then go into the garden and let them all age together for at least a year.

It is personal preference the way someone builds credit, but I prefer to have several accounts opened around the same time so they all age together and the opening of more accounts down the road doesn't hit me as hard other than the inquiry.

As of Feb: AAoA 1 year, 10 months
CK TU: 740; Wal-Mart TU FICO: 721
CS EX: 715
8 CCs, 15 total accounts.
Negs on report: 1 30 day late aged 3 years
5 inquiries
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